<SEC-DOCUMENT>0001445546-12-003725.txt : 20120823
<SEC-HEADER>0001445546-12-003725.hdr.sgml : 20120823
<ACCEPTANCE-DATETIME>20120823114807
ACCESSION NUMBER:		0001445546-12-003725
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120823
DATE AS OF CHANGE:		20120823
EFFECTIVENESS DATE:		20120823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST ENHANCED EQUITY INCOME FUND
		CENTRAL INDEX KEY:			0001291334
		IRS NUMBER:				300261406

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21586
		FILM NUMBER:		121051433

	BUSINESS ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS L.P.
		STREET 2:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS L.P.
		STREET 2:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust/Fiduciary Asset Management Covered Call Fund
		DATE OF NAME CHANGE:	20040526

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust/Fiduciary Asset Management Covered Call Income Fund
		DATE OF NAME CHANGE:	20040521
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>SEMI-ANNUAL REPORT FOR REGISTERED INVESTMENT COMPANIES
<TEXT>
<PAGE>      PAGE  1
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001 A000000 FIRST TRUST ENHANCED EQUITY INCOME FUND
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002 B000000 Wheaton
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008 A000002 CHARTWELL INVESTMENT PARTNERS LP
008 B000002 S
008 C000002 801-54124
008 D010002 BERWYN
008 D020002 PA
008 D030002 19312
010 A000001 BNY MELLON INVESTMENT SERVICING (US) INC.
010 B000001 84-1761
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19809
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-007221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
012 A000001 BNY MELLON INVESTMENT SERVICING (US) INC.
012 B000001 84-1761
012 C010001 WILMINGTON
012 C020001 DE
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013 A000001 DELOITTE & TOUCHE LLP
<PAGE>      PAGE  2
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
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020 A000001 KEEFE, BRUYETTE & WOODS, INC.
020 B000001 13-1964616
020 C000001     34
020 A000002 INSTINET, LLC
020 B000002 13-2625132
020 C000002     25
020 A000003 CV BROKERAGE, INC.
020 B000003 38-1786572
020 C000003     20
020 A000004 MORGAN KEEGAN & CO., INC.
020 B000004 64-0474907
020 C000004     16
020 A000005 B RILEY CO.
020 B000005 26-0673644
020 C000005     13
020 A000006 BANK OF NEW YORK CO.
020 B000006 13-5160382
020 C000006     12
020 A000007 ISI GROUP
020 B000007 00-0000000
020 C000007      9
020 A000008 AMOCO CR
020 B000008 00-0000000
020 C000008      9
020 A000009 SANFORD C. BERNSTEIN & CO., LLC
020 B000009 13-4132953
020 C000009      9
020 A000010 SUSQUEHANNA CAPITAL GROUP
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020 C000010      8
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022 C000001      3602
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022 A000002 PACIFIC CREST SECURITIES, LLC
022 B000002 26-4424531
<PAGE>      PAGE  3
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025 A000001 JPMORGAN CHASE & CO.
025 B000001 13-2624428
025 C000001 E
025 D000001    6714
025 A000002 BANK OF NEW YORK CO.
025 B000002 13-5160382
025 C000002 E
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<PAGE>      PAGE  9
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SIGNATURE   JAMES M. DYKAS
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>exhibit_77q.txt
<DESCRIPTION>ADVISORY AND SUB-ADVISORY AGREEMENTS
<TEXT>

                      ADVISORY AND SUB-ADVISORY AGREEMENTS

    BOARD CONSIDERATIONS REGARDING CONTINUATION OF INVESTMENT MANAGEMENT AND
                            SUB-ADVISORY AGREEMENTS

The Board of Trustees of First Trust Enhanced Equity Income Fund (the "Fund"),
including the Independent Trustees, approved the continuation of the Investment
Management Agreement (the "Advisory Agreement") between the Fund and First Trust
Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the
"Sub-Advisory Agreement" and together with the Advisory Agreement, the
"Agreements") among the Fund, the Advisor and Chartwell Investment Partners (the
"Sub-Advisor"), at a meeting held on June 10-11, 2012. The Board determined that
the continuation of the Agreements is in the best interests of the Fund in light
of the extent and quality of the services provided and such other matters as the
Board considered to be relevant in the exercise of its reasonable business
judgment.

To reach this determination, the Board considered its duties under the
Investment Company Act of 1940, as amended (the "1940 Act"), as well as under
the general principles of state law in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. To assist the Board in its evaluation of the Agreements, the
Independent Trustees received a separate report from each of the Advisor and the
Sub- Advisor in advance of the Board meeting responding to a request for
information from counsel to the Independent Trustees. The reports, among other
things, outlined the services provided by the Advisor and the Sub-Advisor
(including the relevant personnel responsible for these services and their
experience); the advisory and sub-advisory fees for the Fund as compared to fees
charged to other clients of the Advisor and the Sub-Advisor and as compared to
fees charged by investment advisors and sub-advisors to comparable funds;
expenses of the Fund as compared to expense ratios of comparable funds; the
nature of expenses incurred in providing services to the Fund and the potential
for economies of scale, if any; financial data on the Advisor and the
Sub-Advisor; any fall out benefits to the Advisor and the Sub-Advisor; and
information on the Advisor's and the Sub-Advisor's compliance programs.
Following receipt of this information, counsel to the Independent Trustees posed
follow-up questions, and the Independent Trustees and their counsel then met
separately to discuss the information provided by the Advisor and the
Sub-Advisor, including the supplemental responses. The Board applied its
business judgment to determine whether the arrangements between the Fund and the
Advisor and among the Fund, the Advisor and the Sub-Advisor are reasonable
business arrangements from the Fund's perspective as well as from the
perspective of shareholders. The Board considered that shareholders chose to
invest or remain invested in the Fund knowing that the Advisor and the
Sub-Advisor manage the Fund. The Board also considered that the Agreements were
approved by shareholders of the Fund at a meeting held in December 2010.

In reviewing the Agreements, the Board considered the nature, extent and quality
of services provided by the Advisor and the Sub-Advisor under the Agreements.
The Board considered the Advisor's statements regarding the incremental benefits
associated with the Fund's advisor/sub-advisor management structure. With
respect to the Advisory Agreement, the Board considered that the Advisor is
responsible for the overall management and dministration of the Fund and
reviewed the services provided by the Advisor to the Fund, including the
oversight of the Sub-Advisor. The Board noted the compliance program that had
been developed by the Advisor and considered that it includes a robust program
for monitoring the Sub-Advisor's compliance with the 1940 Act and the Fund's
investment objective and policies. With respect to the Sub-Advisory Agreement,
the Board reviewed the materials provided by the Sub-Advisor and considered the
services that the Sub-Advisor provides to the Fund, including the Sub-Advisor's
day-to-day management of the Fund's investments. In light of the information
presented and the considerations made, the Board concluded that the nature,
extent and quality of services provided to the Fund by the Advisor and the
Sub-Advisor under the Agreements have been and are expected to remain
satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has
managed the Fund consistent with its investment objective and policies.

The Board considered the advisory and sub-advisory fees paid under the
Agreements. The Board considered the advisory fees charged by the Advisor to
similar funds and other non-fund clients, noting that the Advisor does not
provide advisory services to other funds with investment objectives and policies
similar to the Fund's, but does provide services to certain separately managed
accounts with investment objectives and policies similar to the Fund's. The
Board noted that the Advisor charges a lower advisory fee rate to the separately
managed accounts, as well as the Advisor's statement that the nature of the
services provided to the separately managed accounts is not comparable to those
provided to the Fund. The Board considered the sub-advisory fee and how it
relates to the Fund's overall advisory fee structure and noted that the
subadvisory fee is paid by the Advisor from its advisory fee. The Board also
considered information provided by the Sub-Advisor as to the fees it charges to
other clients with investment objectives and policies similar to the Fund's,
noting that, while none of the other clients are registered investment
companies, the sub-advisory fee rate is within the range of the fee rates
charged by the Sub-Advisor to these other clients. In addition, the Board
received data prepared by Lipper Inc. ("Lipper"), an independent source, showing
the advisory fees and expense ratios of the Fund as compared to the advisory
fees and expense ratios of a peer group selected by Lipper and similar data for
a separate peer group selected by the Advisor. The Board also received advisory
fee and expense ratio data for a peer group of funds compiled by Morningstar
Associates, LLC ("Morningstar"), an independent source. The Board noted that the
Lipper, Advisor and Morningstar peer groups included only two overlapping peer

<PAGE>

funds. The Board discussed with representatives of the Advisor the limitations
in creating a relevant peer group for the Fund, including that (i) the Fund is
unique in its composition, which makes assembling peers with similar strategies
and asset mix difficult; (ii) most peer funds do not employ an
advisor/sub-advisor management structure; and (iii) many of the peer funds are
larger than the Fund, which causes the Fund's fixed expenses to be higher on a
percentage basis as compared to the larger peer funds. The Board took these
limitations into account in considering the peer data. In reviewing the peer
data, the Board noted that the Fund's contractual advisory fee was above the
median of both the Lipper and Advisor peer groups and equal to the median of the
Morningstar peer group.

The Board also considered performance information for the Fund, noting that the
performance information included the Fund's quarterly performance report, which
is part of the process that the Board has established for monitoring the Fund's
performance and portfolio risk on an ongoing basis. The Board determined that
this process continues to be effective for reviewing the Fund's performance. In
addition to the Board's ongoing review of performance, the Board also received
data prepared by Lipper comparing the Fund's performance to the Lipper peer
group, as well as to a larger peer universe and to two benchmarks. In reviewing
the Fund's performance as compared to the performance of the Lipper peer group
and Lipper peer universe, the Board took into account the limitations described
above with respect to creating a relevant peer group for the Fund. The Board
also considered the Fund's dividend yield as of March 30, 2012. In addition, the
Board compared the Fund's premium/discount over the past eight quarters to the
average and median premium/discount of the Advisor peer group over the same
period, noting that the Fund's premium/discount was generally indicative of the
asset class and market events.

On the basis of all the information provided on the fees, expenses and
performance of the Fund, the Board concluded that the advisory and sub-advisory
fees were reasonable and appropriate in light of the nature, extent and quality
of services provided by the Advisor and Sub-Advisor under the Agreements.

The Board noted that the Advisor has continued to invest in personnel and
infrastructure and considered whether fee levels reflect any economies of scale
for the benefit of shareholders. The Board noted the Advisor's statement that
economies of scale in providing services to the Fund are not available at
current asset levels. The Board determined that due to the Fund's closed-end
structure, the potential for realization of economies of scale as Fund assets
grow was not a material factor to be considered. The Board also considered the
costs of the services provided and profits realized by the Advisor from serving
as investment advisor to the Fund for the twelve months ended December 31, 2011,
as set forth in the materials provided to the Board. The Board noted the
inherent limitations in the profitability analysis, and concluded that the
Advisor's estimated profitability appeared to be not excessive in light of the
services provided to the Fund. In addition, the Board considered fall-out
benefits described by the Advisor that may be realized from its relationship
with the Fund, including the Advisor's compensation for fund reporting services
pursuant to a separate Fund Reporting Services Agreement.

The Board considered that the Sub-Advisor had continually reinvested its capital
to build a large, experienced group of professionals to serve its clients,
including the Fund. The Board noted the Sub-Advisor's statement that economies
of scale in providing services to the Fund are not available at current asset
levels. The Board considered that the sub-advisory fee rate was negotiated at
arm's length between the Advisor and the Sub-Advisor, an unaffiliated third
party. The Board also considered data provided by the Sub-Advisor as to the
profitability of the Sub-Advisory Agreement to the Sub-Advisor. The Board noted
the inherent limitations in the profitability analysis and concluded that the
profitability analysis for the Advisor was more relevant, although the
profitability of the Sub-Advisory Agreement appeared to be not excessive in
light of the services provided to the Fund. The Board considered fall-out
benefits realized by the Sub-Advisor from its relationship with the Fund,
including soft-dollar arrangements, and considered a summary of such
arrangements. Based on all of the information considered and the conclusions
reached, the Board, including the Independent Trustees, unanimously determined
that the terms of the Agreements continue to be fair and reasonable and that the
continuation of the Agreements is in the best interests of the Fund. No single
factor was determinative in the Board's analysis.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>exhibit_77c.txt
<DESCRIPTION>MATTERS SUBMITTED TO A VOTE OF SHAREHOLDERS
<TEXT>

                SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of the Common Shares of First Trust
Energy Income and Growth Fund, First Trust Enhanced Equity Income Fund, First
Trust/Aberdeen Global Opportunity Income Fund, First Trust Mortgage Income Fund,
First Trust Strategic High Income Fund II, First Trust/Aberdeen Emerging
Opportunity Fund, First Trust Specialty Finance and Financial Opportunities
Fund, First Trust Active Dividend Income Fund, First Trust High Income
Long/Short Fund, First Trust Energy Infrastructure Fund and Macquarie/First
Trust Global Infrastructure/Utilities Dividend & Income Fund was held on April
18, 2012 (the "Annual Meeting"). At the Annual Meeting, Richard E. Erickson and
Thomas R. Kadlec were elected by the Common Shareholders of the First Trust
Enhanced Equity Income Fund as Class II Trustees for a three-year term expiring
at the Fund's annual meeting of shareholders in 2015. The number of votes cast
in favor of Mr. Erickson was 18,342,607, the number of votes against was 541,429
and the number of abstentions was 1,089,128. The number of votes cast in favor
of Mr. Kadlec was 18,340,901, the number of votes against was 543,135 and the
number of abstentions was 1,089,128. James A. Bowen, Niel B. Nielson and Robert
F. Keith are the other current and continuing Trustees.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
