First Trust Enhanced Equity Income Fund issues notice regarding September 2021 distribution

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WHEATON, Illinois – (COMMERCIAL THREAD) – The Board of Trustees of First Trust Enhanced Equity Income Fund (the “Fund” (NYSE: FFA), CUSIP 337318109, has previously approved a managed distribution policy for the Fund (the “Managed Distribution Plan”) in accordance with based on relief received from the Securities and Exchange Commission which allows the Fund to make periodic distributions of long-term capital gains more frequently than is otherwise permitted in respect of its common shares subject to certain conditions.

The Fund has declared a distribution payable on September 30, 2021 to shareholders of record on September 23, 2021, with an ex-dividend date of September 22, 2021. This notice is intended to provide you with information on the sources of the allocations. You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or the terms of its Managed Distribution Plan.

The following tables show the estimated current distribution amounts and cumulative distributions paid during the year to date for the Fund from the following sources: net investment income (“NII”); short-term net realized capital gains (“STCG”); long-term net realized capital gains (“LTCG”); and the return of capital (“ROC”). These estimates are based on information projected up to September 30, 2021, are calculated on the basis of generally accepted accounting principles (“GAAP”) and include net investment income not distributed at the end of the previous fiscal year. The amounts and sources of distributions are expressed per common share.

5 years Avg.

annualized

Running

Annual

Total

Funds

Funds

Tax

Total current

Current allocation ($)

Current distribution (%)

Dist. Price like a

To recover

Teleprinter

Cusip

End of the year

Distribution

NII

STCG

LTCG

ROCK (2)

NII

STCG

LTCG

ROCK(2)

% of net asset value(3)

on the net asset value(4)

FFA

337318109

12/31/2021

$ 0.31500

$ 0.05576

$ 0.25924

17.70%

82.30%

5.95%

14.90%

Total

Accumulation

Accumulation

Tax

Funds

Funds

Tax

Accumulation

Fiscal year

Cumulative distributions for the current year ($)

Cumulative distributions Fiscal YTD (%)

Fiscal year

Distributions as

Cumulative total for the current financial year

To recover

Teleprinter

Cusip

End of the year

Division(1)

NII

STCG

LTCG

ROCK (2)

NII

STCG

LTCG

ROCK(2)

a% of the net asset value(3)

on the net asset value(4)

FFA

337318109

12/31/2021

$ 0.94500

$ 0.16727

$ 0.77773

17.70%

82.30%

4.46%

19.56%

(1) Includes the last quarterly distribution paid on September 30, 2021.

(2) The Fund considers that it has distributed more than its income and net realized capital gains; therefore, part of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money you have invested in the Fund is returned to you. A return of capital distribution does not necessarily reflect the performance of the Fund’s investments and should not be confused with “return” or “income”.

(3) Based on the Net Asset Value (“NAV”) at August 31, 2021.

(4) Total returns are until August 31, 2021.

The amounts and sources of distribution shown in this notice are estimates only and are not provided for tax reporting purposes. The actual amounts and the sources of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to change depending on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year which will tell you how to report these distributions for federal income tax purposes. You should not use this notice as a substitute for your Form 1099-DIV.

First Trust Advisors LP (“FTA”) is a federally registered investment advisor and acts as the investment advisor to the Fund. FTA and its affiliate First Trust Portfolios LP (“FTP”), a brokerage firm registered with FINRA, are private companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $ 213 billion as of August 31, 2021 through mutual funds, exchange-traded funds, closed-end funds, mutual funds and managed accounts distinct. FTA is the supervisor of the First Trust mutual funds, while FTP is the sponsor. FTP is also a distributor of UCITS units and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Chartwell Investment Partners, LLC (“Chartwell”) acts as the Fund’s investment sub-advisor and is an investment firm focused on relationships with institutional clients, sub-advisers and private clients. The company is a research-driven equity and fixed income manager with a disciplined and team-oriented investment process. As of August 31, 2021, Chartwell had approximately $ 11.6 billion in assets under management.

Main risk factors: Past performance is no guarantee of future results. Investment returns and the market value of an investment in the Fund fluctuate. Stocks, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be suitable for all investors.

The securities held by a fund, as well as the shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. The shares of a fund could lose value or underperform other investments because of the risk of loss associated with these market movements. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious diseases or other public health issues, recessions or other events could have a significant negative impact on a person. funds and its investments. Such events can affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of respiratory disease known as COVID-19 in December 2019 caused significant volatility and declines in global financial markets, causing losses for investors. While vaccine development has slowed the spread of the virus and allowed the resumption of “reasonably” normal business activity in the United States, many countries continue to impose lockdowns in an attempt to slow the spread. In addition, there is no guarantee that the vaccines will be effective against emerging variants of the disease.

Shares of closed-end investment companies such as the Fund frequently trade at a discount to their net asset value. The Fund cannot predict whether its common shares will trade at, below or above NAV.

The Fund may sell (sell) covered call options on all or a portion of the equity securities held in the Fund portfolio. The use of options may force the Fund to sell portfolio securities at inappropriate times or at prices other than current market values, may limit the amount of appreciation that the Fund can achieve on an investment, or may cause the Fund to hold an equity security that it could otherwise sell.

The premiums resulting from the writing (writing) of call options and from dividend and interest payments made by the securities in the Fund’s portfolio can vary considerably over time.

An adverse event affecting an issuer of equity securities, such as an adverse earnings report, may decrease the value of a particular equity security held by the Fund. In addition, the prices of equity securities are sensitive to general movements in the stock market and a decline in the stock market may depress the prices of the equity securities to which the Fund is exposed. There can be no assurance that the issuers of equity securities in which the Fund invests will declare dividends in the future or that if declared, they will remain at current levels. There can be no assurance that the portion of distributions paid to holders of Common Shares of the Fund will consist of tax-advantaged eligible dividend income.

Investment in non-US securities is subject to the risk of currency fluctuations and to the economic and political risks associated with such foreign countries.

The Fund may not invest 25% or more of its total assets in securities of issuers from a single sector. If the Fund focuses on one sector, it may present more risk than if it were broadly diversified across many sectors of the economy.

The risks associated with investing in the Fund are described in the report to shareholders and other regulatory documents.

The information presented is not intended to constitute an investment recommendation or advice to any particular person. By providing this information, First Trust does not undertake to give advice in a fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for independently assessing investment risks and exercising independent judgment in determining whether investments are appropriate for their clients.

Forward-looking statements

Certain statements made in this press release that are not historical facts are called “forward-looking statements” under US federal securities laws. Actual future results or events may differ materially from those anticipated in forward-looking statements due to many factors. In general, the words “believe”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “” and similar expressions identify forward-looking statements, which are generally not not historical in nature. Forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ from those anticipated in forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund assumes no responsibility to publicly update or revise any forward-looking statements.


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