UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21586

First Trust Enhanced Equity Income Fund
(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

Registrant's telephone number, including area code: (630) 765-8000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Following is a copy of the annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

First Trust

Enhanced Equity Income Fund (FFA)

Annual Report

For the Year Ended

December 31, 2025

Table of Contents

First Trust Enhanced Equity Income Fund (FFA)

Annual Report

December 31, 2025

At a Glance	2
Portfolio Commentary	3
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	20
Additional Information	21
Investment Objective, Policies and Risks	23
Board of Trustees and Officers	30
Privacy Policy	32

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and/or Chartwell Investment Partners, LLC (“Chartwell” or the “Sub-Advisor”) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust Enhanced Equity Income Fund (the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Managed Distribution Policy

The Board of Trustees of the Fund has approved a managed distribution policy for the Fund (the “Plan”) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly distribution in the amount of $0.3875 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund’s performance during any particular period but is expected to correlate with the Fund’s performance over time. Accordingly, you should not draw any conclusions about the Fund’s investment performance from the amount of any distribution or from the terms of the Plan. The Board of Trustees may amend or terminate the Plan at any time without prior notice to shareholders.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See “Principal Risks” in the Investment Objective, Policies, and Risks section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of First Trust and Chartwell are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

Page 1

First Trust Enhanced Equity Income Fund (FFA)

“AT A GLANCE”

As of December 31, 2025 (Unaudited)

Fund Statistics
Symbol on New York Stock Exchange	FFA
Common Share Price	$22.02
Common Share Net Asset Value (“NAV”)	$23.72
Premium (Discount) to NAV	(7.17 )%
Net Assets Applicable to Common Shares	$474,115,273
Current Quarterly Distribution per Common Share(1)	$0.3875
Current Annualized Distribution per Common Share	$1.5500
Current Distribution Rate on Common Share Price(2)	7.04 %
Current Distribution Rate on NAV(2)	6.53 %

Common Share Price & NAV (weekly closing price)

Performance
		Average Annual Total Returns
	1 Year Ended 12/31/25	5 Years Ended 12/31/25	10 Years Ended 12/31/25	Inception (8/26/04) to 12/31/25
Fund Performance(3)
NAV	20.24 %	12.91 %	12.47 %	9.25 %
Market Value	14.05 %	12.08 %	13.07 %	8.64 %
Index Performance
S&P 500® Index	17.88 %	14.42 %	14.82 %	10.49 %
Cboe S&P 500® BuyWrite Monthly Index	8.91 %	9.33 %	7.31 %	5.64 %

Top Ten Holdings	% of Total Investments
Apple, Inc.	9.2%
Microsoft Corp.	9.1
NVIDIA Corp.	7.1
Alphabet, Inc., Class C	6.7
JPMorgan Chase & Co.	4.2
Broadcom, Inc.	3.7
Amazon.com, Inc.	2.5
Eli Lilly & Co.	2.1
Cisco Systems, Inc.	1.9
Coca-Cola (The) Co.	1.9
Total	48.4%

Sector Allocation	% of Total Investments
Information Technology	36.6%
Financials	14.8
Communication Services	11.4
Health Care	9.2
Consumer Discretionary	8.7
Industrials	6.7
Consumer Staples	4.8
Utilities	2.2
Energy	1.9
Materials	1.9
Real Estate	1.8
Total	100.0%

Fund Allocation	% of Net Assets
Common Stocks	98.4%
Common Stocks - Business Development Companies	0.9
Call Options Written	(0.1)
Net Other Assets and Liabilities	0.8
Total	100.0%

(1)

Most recent distribution paid through December 31, 2025. Subject to change in the future.

(2)

Distribution rates are calculated by annualizing the most recent distribution paid through the report date and then dividing by Common Share Price or NAV, as applicable, as of December 31, 2025. Subject to change in the future.

(3)

Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

Page 2

Portfolio Commentary

First Trust Enhanced Equity Income Fund (FFA)

Annual Report

December 31, 2025 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to the First Trust Enhanced Equity Income Fund (the “Fund”). First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Sub-Advisor

Chartwell Investment Partners, LLC (“Chartwell”), a wholly-owned subsidiary of Raymond James Investment Management, is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. Chartwell is the portfolio manager of the Fund.

Portfolio Management Team

Douglas W. Kugler, CFA

Senior Portfolio Manager

Jeffrey D. Bilsky

Senior Portfolio Manager

Commentary

First Trust Enhanced Equity Income Fund

The Fund’s investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S. corporations and U.S. dollar-denominated equity securities of non-U.S. issuers in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells) covered call options on a portion of the Fund’s Managed Assets. “Managed Assets” means the total asset value of the Fund minus the sum of the Fund’s liabilities, including the value of call options written (sold). There can be no assurance that the Fund’s investment objective will be achieved. The Fund may not be appropriate for all investors.

Market Recap

Stock markets continued their rally in 2025. After rising over 25% in each of the last two years, the S&P 500® Index (the “Index”) rose another 17.88% (on a total return basis) in 2025. This brings the three-year total return for calendar years 2023 - 2025 to 86.11%, which is the second highest three-year stretch since the three-year period ending in 1999. While in the first half of this year the Index was up a solid 6.20%, the second half accelerated to an 11.00% return. The Index rose steadily throughout the last six months of 2025 led mainly by the Communication Services, Health Care and Information Technology sectors. This increase happened despite continued geo-political turmoil both domestically and internationally and, in our opinion, was mostly driven by better-than-expected corporate profits and an overall healthy domestic economy despite some signs of weakness being seen by companies within their lower income customers. The concentration of returns in the Index from a small group of larger capitalization stocks has been something that has been written about for a number of years. Overall, 2025 continued that trend with the “Magnificent Seven” (Apple, Inc., Microsoft Corp., Tesla, Inc., Meta Platforms, Inc., Alphabet, Inc., NVIDIA Corp., and Amazon.com, Inc.) contributing about 43% of the Index’s total return for the year. However, something was different in the second half of the year compared to the first half - small-cap stocks performed better than large-cap stocks as shown by the Russell 2000® Index rising just under 15% for the back half of 2025 versus the Index’s 11% return. We believe this could be the “broadening out” of performance that many market experts have hoped to see.

Page 3

Portfolio Commentary (Continued)

First Trust Enhanced Equity Income Fund (FFA)

Annual Report

December 31, 2025 (Unaudited)

Performance Analysis

		Average Annual Total Returns
	1 Year Ended 12/31/25	5 Years Ended 12/31/25	10 Years Ended 12/31/25	Inception (8/26/04) to 12/31/25
Fund Performance(1)
NAV	20.24 %	12.91 %	12.47 %	9.25 %
Market Value	14.05 %	12.08 %	13.07 %	8.64 %
Index Performance
S&P 500® Index	17.88 %	14.42 %	14.82 %	10.49 %
Cboe S&P 500® BuyWrite Monthly Index	8.91 %	9.33 %	7.31 %	5.64 %

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.

Performance Summary

For the 12-month period ended December 31, 2025, the Fund’s net asset value (“NAV”) and market value returns(1) were 20.24% and 14.05% on a total return basis, respectively. The Index returned 17.88% on a total return basis over the same period. The covered call options program had a slight negative influence on the Fund’s return for the period, which we would expect given the Index’s and the Fund’s strength during the period. Overall, the equity portfolio outperformed the Index during the period despite two broad themes in the market being headwinds to performance. As we have written about in the past, our approach in managing the Fund is to create a portfolio with a yield that is higher than that of the market while also having an overall valuation that is lower than that of the market. This causes the portfolio to have a slight tilt towards the value side of the value/growth continuum. For the period, the Russell 1000® Value Index trailed its Growth counterpart by approximately 2.6 percentage points. Another headwind was that higher-yielding stocks lagged lower-yielding stocks as shown by a Bank of America Merrill Lynch study. This study segmented the Index into those stocks with the highest yields and those with the lowest yields and compared their relative performance. For the period, the 200 stocks in the Index with the lowest yields outperformed the 200 stocks in the Index with the highest yields by almost 6 percentage points.

Specifically, within the equity portfolio, positive stock selection was the driver of the outperformance with a smaller positive impact from the allocation of investments between sectors and groups. Positively impacting allocation was an overweight to the Banks group combined with an underweight to the Consumer Discretionary sector which was one of the worst-performing sectors in the Index. Also helping sector allocation was an underweight to the Health Care sector. These beneficial allocations were offset by the Fund’s holding of Cash and a slight overweight in the Consumer Staples sector. Stock selection, as previously mentioned, was the main driver of the

(1)

Page 4

Portfolio Commentary (Continued)

First Trust Enhanced Equity Income Fund (FFA)

Annual Report

December 31, 2025 (Unaudited)

equity portfolio’s outperformance. The strongest stock selection occurred in the Financials and Industrials sectors where the Fund was overweight Goldman Sachs Group Inc. (56.61%), Morgan Stanley (45.18%), Caterpillar Inc. (60.30%) and Vertiv Holdings Co-Class A (42.80%). Weak stock selection occurred in the Health Care sector and the Banks group and was caused by overweights in United Health Group Inc. (-33.11%), Danaher Corp. (-23.80%), Huntington Bancshares, Inc. (10.77%) and not holding Citigroup, Inc. (70.37%)

Market Outlook

As has happened many times in the past, the equity markets rose in the face of the proverbial “wall of worry” this year. At the start of the year, there were questions about what the newly elected administration’s impact would be on the economy, (e.g. tariffs), on the nation’s social fabric (e.g. immigration) and the world’s geo-politics. The impacts on these areas, and others, have been significant to say the least. However, the equity markets, even with one significant (but short-lived) drawdown, continued to go higher. The domestic economy and the U.S. consumer remained resilient and shrugged off the impact of tariffs, as companies found ways to mitigate the effect to their bottom-lines. Corporate investment in artificial intelligence (“AI”) was breath-taking during the period and most likely helped support the economy and the markets. The passage of some economically stimulative legislation which will have its impact in 2026, three 25 basis point reductions in the Federal Funds rate in 2025, the prospect for additional cuts, and better than expected corporate profits, provided additional fuel to the market. However, there continue to be “worries” for the markets to deal with in the upcoming year: Will the newly named Chairman of the Federal Reserve Board and the Board itself be able to maintain the independence that the markets would like to see? Continued geo-political uncertainties (i.e. Greenland, Iran, China, Ukraine); Questions around the U.S. economy (i.e. softening job market, where is inflation headed, bifurcated (“K”-shaped) economy); Will the adoption of AI be large enough and effective enough to justify the enormous amount of money being spent? Will the slight broadening of the performance of the equity markets continue and maybe expand further?

History tells us that the market will find a way to deal with these issues and continue its upward march. This is our base-case scenario. There can always be a “black swan” event that could have an outsized impact on the economy and the markets, but unless such an event occurs, we believe that the domestic economy and the consumers within it will remain resilient. That should support continued strong corporate profit growth that would underpin the equity markets. However, given the current valuation of the market, the length and size of the current rally, and the history of the market during the second year of the presidential cycle and mid-term elections, we believe that the volatility the market saw in April 2025 has a good chance of being repeated.

While we await a clearer view of the future, we will continue to manage the Fund with the objective of providing a high level of current income and gains and, to a lesser extent, capital appreciation over the market cycle.

Managed Distribution Policy

The Fund’s managed distribution policy (the “Plan”) permits the Fund to make periodic distributions of long-term capital gains as frequently as quarterly each tax year. The plan has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. However, the Advisor believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. Under the Plan, the Fund currently intends to continue to pay a recurring quarterly distribution in the amount of $0.3875 per Common Share that reflects the distributable cash flow of the Fund. Based on the $0.3875 per share quarterly Common Share distribution, the annualized distribution rate as of December 31, 2025 was 6.53% at NAV and 7.04% at market price. For the 12-month period ended December 31, 2025, 6% of the distributions were characterized as ordinary income and 94% were categorized as realized gain. The final determination of the source and tax status of all 2025 distributions will be made after the end of 2025 and will be provided on Form 1099-DIV. The foregoing is not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

Page 5

First Trust Enhanced Equity Income Fund (FFA)

Portfolio of Investments

December 31, 2025

Shares	Description	Value
COMMON STOCKS – 98.4%
	Aerospace & Defense – 0.7%
2,500	TransDigm Group, Inc.	$3,324,625
	Air Freight & Logistics – 1.3%
21,000	FedEx Corp. (a)	6,066,060
	Banks – 6.3%
390,000	Huntington Bancshares, Inc. (a)	6,766,500
61,000	JPMorgan Chase & Co. (a)	19,655,420
17,500	PNC Financial Services Group (The), Inc.	3,652,775
		30,074,695
	Beverages – 2.3%
125,000	Coca-Cola (The) Co. (a)	8,738,750
140,000	Primo Brands Corp. (a)	2,289,000
		11,027,750
	Biotechnology – 1.7%
36,000	AbbVie, Inc. (a)	8,225,640
	Broadline Retail – 2.4%
50,000	Amazon.com, Inc. (a) (b)	11,541,000
	Capital Markets – 3.0%
8,000	Goldman Sachs Group (The), Inc. (a) (c)	7,032,000
40,000	Morgan Stanley (a)	7,101,200
		14,133,200
	Chemicals – 1.3%
14,000	Linde PLC (a)	5,969,460
	Communications Equipment – 2.5%
21,500	Arista Networks, Inc. (b) (c)	2,817,145
117,500	Cisco Systems, Inc. (a)	9,051,025
		11,868,170
	Consumer Finance – 0.9%
18,000	Capital One Financial Corp. (c)	4,362,480
	Consumer Staples Distribution & Retail – 1.1%
5,800	Costco Wholesale Corp. (a)	5,001,572
	Diversified Telecommunication Services – 1.9%
150,000	AT&T, Inc.	3,726,000
125,000	Verizon Communications, Inc.	5,091,250
		8,817,250
	Electric Utilities – 2.2%
42,500	American Electric Power Co., Inc. (a)	4,900,675
155,000	PPL Corp. (a)	5,428,100
		10,328,775
	Electrical Equipment – 1.9%
34,700	nVent Electric PLC	3,538,359
33,500	Vertiv Holdings Co., Class A (c)	5,427,335
		8,965,694
	Entertainment – 1.6%
25,000	Netflix, Inc. (a) (b)	2,344,000

See Notes to Financial Statements

Page 6

First Trust Enhanced Equity Income Fund (FFA)

Portfolio of Investments (Continued)

December 31, 2025

Shares	Description	Value
COMMON STOCKS (Continued)
	Entertainment (Continued)
20,100	Take-Two Interactive Software, Inc. (b) (c)	$5,146,203
		7,490,203
	Financial Services – 1.6%
22,000	Visa, Inc., Class A (a)	7,715,620
	Ground Transportation – 1.1%
70,000	Canadian Pacific Kansas City Ltd. (a)	5,154,100
	Health Care Equipment & Supplies – 0.8%
40,000	Medtronic PLC	3,842,400
	Health Care Providers & Services – 2.1%
7,800	McKesson Corp. (a)	6,398,262
10,400	UnitedHealth Group, Inc.	3,433,144
		9,831,406
	Hotels, Restaurants & Leisure – 3.5%
61,000	Carnival Corp. (a) (b)	1,862,940
73,000	Las Vegas Sands Corp. (c)	4,751,570
21,000	McDonald’s Corp. (a)	6,418,230
40,000	Starbucks Corp. (c)	3,368,400
		16,401,140
	Insurance – 1.9%
16,500	Arthur J. Gallagher & Co.	4,270,035
15,000	Chubb Ltd. (a)	4,681,800
		8,951,835
	Interactive Media & Services – 7.8%
100,000	Alphabet, Inc., Class C (a)	31,380,000
8,800	Meta Platforms, Inc., Class A (a)	5,808,792
		37,188,792
	IT Services – 1.8%
22,000	International Business Machines Corp. (a)	6,516,620
23,000	Okta, Inc. (b) (c)	1,988,810
		8,505,430
	Life Sciences Tools & Services – 1.1%
9,000	Thermo Fisher Scientific, Inc.	5,215,050
	Machinery – 1.7%
14,000	Caterpillar, Inc. (a)	8,020,180
	Metals & Mining – 0.6%
56,700	Freeport-McMoRan, Inc. (a) (c)	2,879,793
	Oil, Gas & Consumable Fuels – 1.9%
20,500	Chevron Corp.	3,124,405
50,000	Exxon Mobil Corp. (a)	6,017,000
		9,141,405
	Pharmaceuticals – 3.4%
9,000	Eli Lilly & Co. (a) (c)	9,672,120
61,000	Merck & Co., Inc. (a)	6,420,860
		16,092,980

See Notes to Financial Statements

Page 7

First Trust Enhanced Equity Income Fund (FFA)

Portfolio of Investments (Continued)

December 31, 2025

Shares	Description	Value
COMMON STOCKS (Continued)
	Semiconductors & Semiconductor Equipment – 12.3%
50,000	Broadcom, Inc. (a)	$17,305,000
36,800	Marvell Technology, Inc. (c)	3,127,264
14,500	Micron Technology, Inc. (c)	4,138,445
180,000	NVIDIA Corp. (a) (c)	33,570,000
		58,140,709
	Software – 10.6%
9,300	CrowdStrike Holdings, Inc., Class A (a) (b) (c)	4,359,468
88,900	Microsoft Corp. (a)	42,993,818
15,000	Oracle Corp.	2,923,650
		50,276,936
	Specialized REITs – 1.8%
107,000	Gaming and Leisure Properties, Inc.	4,781,830
30,000	Lamar Advertising Co., Class A	3,797,400
		8,579,230
	Specialty Retail – 1.7%
1,100	AutoZone, Inc. (b)	3,730,650
21,000	Dick’s Sporting Goods, Inc. (a)	4,157,370

SEC Form N-CSR filed by First Trust Enhanced Equity Income Fund