Board Approves New and Interim Investment Sub-Advisory Agreements for First Trust Enhanced Equity Income Fund

First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees (the “Board”) of First Trust Enhanced Equity Income Fund (the “Fund”), voted to approve a new investment sub-advisory agreement with Chartwell Investment Partners LLC (“Chartwell”), investment sub-advisor to the Fund, subject to shareholder approval. The parent company of Chartwell, TriState Capital Holdings (“TriState”), has signed a definitive agreement to be acquired by Raymond James Financial, Inc. (“Raymond James”), pursuant to which Raymond James will acquire substantially all the assets of TriState for certain compensation (the “Transaction”), subject to regulatory requirements and other customary closing conditions. The closing of the Transaction (“Closing”), which is anticipated to occur during the second quarter of 2022, may operate as an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the Fund’s existing sub-advisory agreement with Chartwell, which may result in the automatic termination of such agreement in accordance with its terms. Therefore, in anticipation of the Closing, the Board approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Fund, FTA and Chartwell. The New Sub-Advisory Agreement will be submitted to shareholders of the Fund for approval at a special meeting of shareholders of the Fund that will occur during the first quarter of 2022 and would take effect upon such shareholder approval or the Closing of the Transaction, whichever may occur later. In addition, to avoid any interruption of investment sub-advisory services if the Closing occurs prior to receipt of shareholder approval of the New Sub-Advisory Agreement, the Board approved an interim investment sub-advisory agreement with Chartwell which would be effective upon the Closing and remain in effect for a maximum period of 150 days (“Interim Agreement”). The Interim Agreement and the New Sub-Advisory Agreement would be substantially similar to the Fund’s current investment sub-advisory agreement. The Transaction is not expected to impact the day-to-day operations of the Fund, and the portfolio managers of the Fund will remain the same. There can be no assurance that the necessary percentage of the shareholders of the Fund will vote to approve the new investment sub-advisory agreement.