0001291334 2025-12-30 2026-06-30 0001291334 2026-06-30 0001291334 FFA:AsiaRiskMember 2025-12-30 2026-06-30 0001291334 FFA:CurrentMarketConditionsRiskMember 2025-12-30 2026-06-30 0001291334 FFA:CyberSecurityRiskMember 2025-12-30 2026-06-30 0001291334 FFA:DepositaryReceiptsRiskMember 2025-12-30 2026-06-30 0001291334 FFA:EquitySecuritiesRiskMember 2025-12-30 2026-06-30 0001291334 FFA:EuropeRiskMember 2025-12-30 2026-06-30 0001291334 FFA:IncomeRiskMember 2025-12-30 2026-06-30 0001291334 FFA:IndustryAndSectorRiskMember 2025-12-30 2026-06-30 0001291334 FFA:InflationRiskMember 2025-12-30 2026-06-30 0001291334 FFA:InvestmentRiskMember 2025-12-30 2026-06-30 0001291334 FFA:ManagementRiskAndRelianceOnKeyPersonnelMember 2025-12-30 2026-06-30 0001291334 FFA:MarketDiscountFromNetAssetValueMember 2025-12-30 2026-06-30 0001291334 FFA:MarketRiskMember 2025-12-30 2026-06-30 0001291334 FFA:NonUSSecuritiesRiskMember 2025-12-30 2026-06-30 0001291334 FFA:OperationalRiskMember 2025-12-30 2026-06-30 0001291334 FFA:OptionsRiskMember 2025-12-30 2026-06-30 0001291334 FFA:PotentialConflictOfInterestRiskMember 2025-12-30 2026-06-30 0001291334 FFA:REITRiskMember 2025-12-30 2026-06-30 0001291334 FFA:SmallAndOrMidCapitalizationCompaniesRiskMember 2025-12-30 2026-06-30 shares iso4217:USD shares pure false N-2 N-CSRS 0001291334 First Trust Enhanced Equity Income Fund 2026-06-30 -0.0929 Number of Common Shares outstanding (unlimited number of Common Shares has been authorized) 19988085 24.65 22.36 <span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund’s investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund pursues its investment objective by investing in a diversified portfolio of equity securities. Under normal market conditions, the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">portfolio of common stocks of U.S. corporations and U.S. dollar-denominated equity securities of non-U.S. issuers, in each case that </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells) covered call options on </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">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 </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">liabilities, including the value of call options written (sold). There can be no assurance that the Fund will achieve its investment </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">objective. The Fund may not be appropriate for all investors.</span> <div id="xdx_800_ecef--RiskFactorsTableTextBlock_zAmjwBw6Z1ef" style="margin-top: 15pt"><span style="font: bold 10pt Times New Roman; color: #000000">Principal Risks</span></div> <div style="line-height: 11.5pt; margin-top: 3.5pt; text-align: left"> <div style="margin-top: 3pt"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">assurance that the Fund will achieve its investment objective. The following discussion summarizes the principal risks associated with </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investing in the Fund, which includes the risk that you could lose some or all of your investment in the Fund. The Fund is subject to the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">informational requirements of the Securities Exchange Act of 1934 and the 1940 Act and, in accordance therewith, files reports, proxy </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">statements and other information that is available for review.  The order of the below risk factors does not indicate the significance of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">any particular risk factor.</span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--AsiaRiskMember_zXNsKhBCez46" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Asia Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers, in addition to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the risks associated with investments in non-U.S. securities generally. Many Asian economies have experienced rapid growth and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain of these economies </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many aspects of the private </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">negative impact on the Fund.</span></div> <div id="xdx_8A6_zxc5nw9bkkyk"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_895_ecef--RiskTextBlock_hcef--RiskAxis__custom--CurrentMarketConditionsRiskMember_zvtIBk5tWgVf" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Current Market Conditions Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Current market conditions risk is the risk that a particular investment, or shares of the Fund in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Potential future </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed </span></div> </div> <div style="clear: both"> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> <div> <div><span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_3"></span> <div style="page-break-after: always; position: relative"> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="float: left; margin-left: 36pt; margin-top: 1pt; width: 540pt; min-height: 654pt"> <div style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">conflicts between Russia and Ukraine in Europe and among the United States, Israel, Iran, Hamas, Hezbollah and other militant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Russia, Europe, the Middle East, the United States, and other nations. Such events may also disrupt global trade and supply chains, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">and could result in disruptions in the trading markets.</span></div> <div id="xdx_8A8_zD1t5DPZTH0g" style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_896_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_zkrPD3psOwAd" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Cyber Security Risk</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">. The Fund is susceptible to operational, information security and related risks through breaches in cyber security. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or Sub-Advisor, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">not directly control the cyber security systems of issuers or third party service providers. Cyber security incidents may also trigger </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Artificial intelligence (“AI”) and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">machine learning technologies used by the Fund, the Advisor or third-party service providers may allow the unintended introduction of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">vulnerabilities into infrastructures and applications, which could exacerbate these risks or result in cyber incidents that implicate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">personal data. The Fund and its shareholders could be negatively impacted as a result of these cyber risks associated with AI </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">technologies. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. Cyber security </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">issuers, and in turn, the value of the Fund.</span></div> <div id="xdx_8AB_zoRuXqKO4bPh"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--DepositaryReceiptsRiskMember_zVfO6Sd81EF5" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Depositary Receipts Risk</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">. Depositary receipts represent equity interests in a foreign company that trade on a local stock exchange. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</span></div> <div id="xdx_8A8_zu3RIupbRZi8"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquitySecuritiesRiskMember_z1ZfoGPT0jO7" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Equity Securities Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The value of the Fund’s shares will fluctuate with changes in the value of the equity securities in which the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund invests.  Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">condition of an issuer or the general condition of the relevant stock market or when political or economic events affecting the issuers </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">or their industries occur.  An adverse event affecting an issuer, such as an unfavorable earnings report, may depress the value of a </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">particular equity security held by the Fund. Also, the prices of equity securities are sensitive to general movements in the stock market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">and a drop in the stock market may depress the prices of equity securities to which the Fund has exposure.  Common stock prices may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">occur in only a particular country, company, industry or sector of the market.</span></div> <div id="xdx_8A2_zhrSiTstzNXd"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> </div> <div style="clear: both"> </div> </div> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> </div> <div> <div><span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_4"></span> <div style="page-break-after: always; position: relative"> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="float: left; margin-left: 36pt; margin-top: 1pt; width: 540pt; min-height: 654pt"> <div id="xdx_898_ecef--RiskTextBlock_hcef--RiskAxis__custom--EuropeRiskMember_zgk6FEwUrdQi" style="line-height: 11.5pt; text-align: left"><span style="font: bold 10pt Times New Roman; color: #000000">Europe Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund is subject to certain risks associated specifically with investments in securities of European issuers, in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">addition to the risks associated with investments in non-U.S. securities generally. The economies and markets of European countries </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are often closely connected and interdependent, and political or economic disruptions in European countries, even in countries in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Europe are member states in the European Union (the “EU”), and the member states no longer control their own monetary policies by </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">money supply and official interest rates for the Euro, is exercised by the European Central Bank. Decreasing imports or exports, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">member country on its sovereign debt and/or an economic recession in an EU member country may have significant adverse effects on </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the economies of EU member countries and the EU and Europe as a whole. Separately, the EU faces issues involving its membership, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">structure, procedures and policies. The exit of one or more member countries from the EU, such as the departure of the United </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Kingdom referred to as “Brexit”, could place the departing member’s currency and banking system under severe stress or even in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">jeopardy. An exit by other member countries will likely result in increased volatility, illiquidity and potentially lower economic growth </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">in the affected markets, which may adversely affect the Fund’s investments.</span></div> <div id="xdx_8AA_zwzMyRcPbrld" style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div style="line-height: 11.5pt; text-align: left"> <div id="xdx_891_ecef--RiskTextBlock_hcef--RiskAxis__custom--IncomeRiskMember_zuPqR9e6jMxd" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Income Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Net investment income paid by the Fund to its common shareholders is derived from the premiums it receives from </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">writing (selling) call options and from the dividends and interest it receives from the equity securities and other investments held in the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund’s portfolio and short-term gains thereon.  Premiums from writing (selling) call options and dividends and interest payments made </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">by the securities in the Fund’s portfolio can vary widely over time.  Dividends on equity securities are not fixed but are declared at the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">discretion of an issuer’s board of directors.  There is no guarantee that the issuers of the equity securities in which the Fund invests will </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">declare dividends in the future or that if declared they will remain at current levels.  The Fund cannot assure as to what percentage of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the distributions paid on the common shares, if any, will consist of qualified dividend income or long-term capital gains, both of which </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are taxed at lower rates for individuals than are ordinary income and short-term capital gains.</span></div> <div id="xdx_8A7_zlvACT1y4HV6"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt; line-height: 11.5pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryAndSectorRiskMember_zoZDFhR3Qe58" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Industry and Sector Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund may not invest 25% or more of its total assets in securities of issuers in any single industry.  If </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the Fund is focused in an industry, it may present more risks than if it were broadly diversified over numerous industries of the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">economy.  Individual industries may be subject to unique risks which may include, among others, governmental regulation, inflation, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">technological innovations that may render existing products and equipment obsolete, competition from new entrants, high research and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">development costs, and rising interest rates.</span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div style="margin-top: 8pt"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund may invest 25% or more of its total assets in securities of issuers in a single sector. Currently, the Fund makes significant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investments in equity securities of companies in the information technology sector. Information technology companies produce and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">provide hardware, software and information technology systems and services.  Information technology companies are generally </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">subject to the following risks: rapidly changing technologies and existing product obsolescence; short product life cycles; fierce </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">patterns; evolving industry standards; and frequent new product introductions and new market entrants.  Information technology </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">experienced management or marketing personnel. Information technology company stocks, particularly those involved with the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">internet, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance. In addition, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs.  </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Information technology companies also face competition for services of qualified personnel and heavily rely on patents and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">intellectual property rights and the ability to enforce such rights to maintain a competitive advantage.</span></div> <div id="xdx_8A2_zYQLU7GeWbI7"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_ztHRLTD7cQ46" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Inflation Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. Inflation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.</span></div> <div id="xdx_8A7_z9nqXab5BKc6"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentRiskMember_zTaueYLGEtbb" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Investment Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">principal invested.  An investment in Common Shares represents an indirect investment in the securities owned by the Fund.  The value </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably.  Common Shares at any </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">point in time may be worth less than the original investment, even after taking into account the reinvestment of Fund dividends and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">distributions.  When the Advisor or Sub-Advisor determines that it is temporarily unable to follow the Fund’s investment strategy or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">that it is impractical to do so (such as when a market disruption event has occurred and trading in the securities is extremely limited or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">absent), the Fund may take temporary defensive positions.</span></div> <div id="xdx_8AC_ziyIOANycCX5"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt; line-height: 11.5pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8pt; text-align: left"> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskAndRelianceOnKeyPersonnelMember_zM2qiL9Yrxhh" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Management Risk and Reliance on Key Personnel.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> In managing the Fund’s investment portfolio, the Fund’s portfolio managers will </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">apply investment techniques and risk analyses that may not produce the desired result.  Additionally, the implementation of the Fund’s </span></div> </div> </div> <div style="clear: both"> </div> </div> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> </div> <div> <div><span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_5"></span> <div style="page-break-after: always; position: relative"> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="float: left; margin-left: 36pt; margin-top: 1pt; width: 540pt; min-height: 654pt"> <div style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">whom have unique talents and experience and would be difficult to replace.  The loss or interruption of the services of a key member </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of the portfolio management team could have a negative impact on the Fund.</span></div> <div id="xdx_8A6_z1LXKUBQQhWd" style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_89F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueMember_zmpHjnRQ4rQb" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Market Discount from Net Asset Value. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Shares of closed-end investment companies such as the Fund frequently trade at a discount </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">from their net asset value.  The Fund cannot predict whether its common shares will trade at, below or above net asset value.</span></div> <div id="xdx_8A7_zqMG76qVfql4"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_zvhPCI92DIvk" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Market Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Investments held by the Fund, as well as shares of the Fund itself, are subject to market fluctuations caused by real or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments as a result of the risk </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">spread on the Fund’s shares may widen and the returns on investment may fluctuate.</span></div> <div id="xdx_8A1_zEi1Nyxy8C21"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_892_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonUSSecuritiesRiskMember_zle2x0k86JB1" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Investing in securities of non-U.S. issuers may involve certain risks not typically associated with investing </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">in securities of U.S. issuers. These risks include: (i) there may be less publicly available information about non-U.S. issuers or markets </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">due to less rigorous disclosure or accounting standards or regulatory practices; (ii) non-U.S. markets may be smaller, less liquid and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">more volatile than the U.S. market; (iii) the economies of non-U.S. countries may grow at slower rates than expected or may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">experience a downturn or recession; (iv) the impact of economic, political, social or diplomatic events as well as of foreign </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">governmental laws or restrictions and differing legal standards; (v) certain non-U.S. countries may impose restrictions on the ability of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">non-U.S. issuers to make payments of principal and interest to investors located in the United States due to blockage of non-U.S. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">currency exchanges or otherwise; and (vi) withholding and other non-U.S. taxes may decrease the Fund’s return. Foreign companies </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, there </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be difficulty in obtaining or enforcing a court judgment abroad, including in the event the issuer of a non-U.S. security defaults or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">enters bankruptcy, administration or other proceedings. These risks may be more pronounced to the extent that the Fund invests a </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">significant amount of its assets in companies located in one region.</span></div> <div id="xdx_8AB_zyjdeGnMAPQh"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_894_ecef--RiskTextBlock_hcef--RiskAxis__custom--OperationalRiskMember_zaTT2akU6lh" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Operational Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">to execute its investment process and calculate or disseminate its NAV in a timely manner. The Fund relies on third parties for a range </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">objectives. Although the Fund and the Advisor seek to reduce these operational risks through controls and procedures, there is no way </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">to completely protect against such risks.</span></div> <div id="xdx_8A0_zKb3mbrOaZHk"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_ziAZYeSPnTed" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Options Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The use of options involves investment strategies and risks different from those associated with ordinary portfolio </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">securities transactions.  The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund’s </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">portfolio as determined to be appropriate by the Fund’s Sub-Advisor, consistent with the Fund’s investment objective. The prices of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">instrument, or in interest or currency exchange rates, including anticipated volatility, which in turn are affected by fiscal and monetary </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">policies and by national and international political and economic events.  In addition, there may at times be an imperfect correlation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">certain options. The ability to successfully implement the Fund’s investment strategy depends on the Sub-Advisor’s ability to predict </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment, or may cause the Fund to hold an equity security that it might otherwise sell. There can be no assurance that a liquid </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">market for the options will exist when the Fund seeks to close out an option position. Additionally, to the extent that the Fund </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">purchases options pursuant to a hedging strategy, the Fund will be subject to additional risks.</span></div> <div id="xdx_8A7_zKqHLs4KCzY6"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> </div> <div style="line-height: 11.5pt; margin-top: 8.5pt; text-align: left"> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--PotentialConflictOfInterestRiskMember_zybzMOSaNfw1" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Potential Conflicts of Interest Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> First Trust, Chartwell and the portfolio managers have interests which may conflict with the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">interests of the Fund.  In particular, First Trust and Chartwell currently manage and may in the future manage and/or advise other </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment funds or accounts with the same or substantially similar investment objectives and strategies as the Fund. </span></div> <div id="xdx_8A5_ztZ86e1GdHJj"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt; line-height: 11.5pt"> </span></div> </div> </div> <div style="clear: both"> </div> </div> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> </div> <span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_6"></span> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div id="xdx_894_ecef--RiskTextBlock_hcef--RiskAxis__custom--REITRiskMember_zbA5UFXoL1K7" style="line-height: 11.5pt; text-align: left"><span style="font: bold 10pt Times New Roman; color: #000000">REIT Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Real estate investment trusts (“REITs”) typically own and operate income-producing real estate, such as residential or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">regulatory occurrences affecting companies in the real estate sector. Additionally, REITs may have limited diversification due to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment in a limited number of properties or a particular market segment and are subject to the risks associated with obtaining </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">financing for real property. REITs are also subject to the risk that the real estate market may experience an economic downturn </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">REITs may also have a relatively small market capitalization which may result in their shares experiencing less market liquidity and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT’s future earnings </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">change based upon investors’ collective perceptions of future earnings, the value of the Fund will generally decline when investors </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">anticipate or experience rising interest rates. Additionally, certain REITs charge management fees, which may result in layering of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">management fees paid by the Fund.</span></div> <div id="xdx_8A5_z3cTUQqXUHwg" style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndOrMidCapitalizationCompaniesRiskMember_z812JjmDfE3d" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Small- and/or Mid-Capitalization Companies Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Small and/or mid-capitalization companies may be more vulnerable to adverse </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">general market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">greater market risk than larger, more established companies.</span></div> <div id="xdx_89A_ecef--RiskTextBlock_zHYiKuc3oufk"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--AsiaRiskMember_zXNsKhBCez46" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Asia Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund is subject to certain risks specifically associated with investments in the securities of Asian issuers, in addition to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the risks associated with investments in non-U.S. securities generally. Many Asian economies have experienced rapid growth and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">trade, and economic conditions in other countries within and outside Asia can impact these economies. Certain of these economies </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be adversely affected by trade or policy disputes with its major trade partners. There is also a high concentration of market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">concentration of investors and financial intermediaries. Certain Asian countries have experienced and may in the future experience </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political instability, armed conflict and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">social instability as a result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions involving </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">North Korea and any outbreak of hostilities involving North Korea could have a severe adverse effect on Asian economies. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many aspects of the private </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">negative impact on the Fund.</span></div> <div id="xdx_895_ecef--RiskTextBlock_hcef--RiskAxis__custom--CurrentMarketConditionsRiskMember_zvtIBk5tWgVf" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Current Market Conditions Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Current market conditions risk is the risk that a particular investment, or shares of the Fund in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">central banks have raised interest rates; however, the Federal Reserve has begun to lower interest rates and may continue to do so. U.S. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Potential future </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Additionally, challenges in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">commercial real estate markets, including high interest rates, declining valuations and elevated vacancies, could have a broader impact </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which could have a negative impact on the Fund’s investments and operations. The change in administration resulting from the 2024 </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed </span></div> <div style="clear: both"> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> <span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_3"></span> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">conflicts between Russia and Ukraine in Europe and among the United States, Israel, Iran, Hamas, Hezbollah and other militant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Russia, Europe, the Middle East, the United States, and other nations. Such events may also disrupt global trade and supply chains, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">increase sanctions and other governmental actions, and contribute to volatility in oil and natural gas markets. The hostilities and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be adversely impacted by trade disputes, including the imposition of tariffs, and other matters. For example, the United States has </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. A public health crisis and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">and could result in disruptions in the trading markets.</span></div> <div id="xdx_896_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_zkrPD3psOwAd" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Cyber Security Risk</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">. The Fund is susceptible to operational, information security and related risks through breaches in cyber security. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">suffer data corruption or lose operational capacity, any of which could result in a material adverse effect on the Fund or its </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">shareholders. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">denial-of-service attacks through efforts to make network services unavailable to intended users. Emerging threats like ransomware or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">zero-day exploits could also cause disruptions to Fund operations. In addition, cyber security breaches of the issuers of securities in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which the Fund invests or the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or Sub-Advisor, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">as applicable, among many other third-party service providers, can also subject the Fund to many of the same risks associated with </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">direct cyber security breaches. Further, errors, misconduct, or compromise of accounts of employees of the Fund or its third-party </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">service providers can also create material cybersecurity risks. Although the Fund has established risk management systems designed to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">not directly control the cyber security systems of issuers or third party service providers. Cyber security incidents may also trigger </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund obligations under data privacy laws, potentially increasing notification and compliance burdens. Artificial intelligence (“AI”) and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">machine learning technologies used by the Fund, the Advisor or third-party service providers may allow the unintended introduction of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">vulnerabilities into infrastructures and applications, which could exacerbate these risks or result in cyber incidents that implicate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">personal data. The Fund and its shareholders could be negatively impacted as a result of these cyber risks associated with AI </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">technologies. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. Cyber security </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">incidents affecting issuers in whose securities the Fund invests may also have a negative impact on the value of the securities of such </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">issuers, and in turn, the value of the Fund.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--DepositaryReceiptsRiskMember_zVfO6Sd81EF5" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Depositary Receipts Risk</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">. Depositary receipts represent equity interests in a foreign company that trade on a local stock exchange. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquitySecuritiesRiskMember_z1ZfoGPT0jO7" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Equity Securities Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The value of the Fund’s shares will fluctuate with changes in the value of the equity securities in which the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund invests.  Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">condition of an issuer or the general condition of the relevant stock market or when political or economic events affecting the issuers </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">or their industries occur.  An adverse event affecting an issuer, such as an unfavorable earnings report, may depress the value of a </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">particular equity security held by the Fund. Also, the prices of equity securities are sensitive to general movements in the stock market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">and a drop in the stock market may depress the prices of equity securities to which the Fund has exposure.  Common stock prices may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">occur in only a particular country, company, industry or sector of the market.</span></div> <div id="xdx_898_ecef--RiskTextBlock_hcef--RiskAxis__custom--EuropeRiskMember_zgk6FEwUrdQi" style="line-height: 11.5pt; text-align: left"><span style="font: bold 10pt Times New Roman; color: #000000">Europe Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund is subject to certain risks associated specifically with investments in securities of European issuers, in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">addition to the risks associated with investments in non-U.S. securities generally. The economies and markets of European countries </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are often closely connected and interdependent, and political or economic disruptions in European countries, even in countries in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Europe are member states in the European Union (the “EU”), and the member states no longer control their own monetary policies by </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">directing independent interest rates for their currencies. In these member states, the authority to direct monetary policies, including </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">money supply and official interest rates for the Euro, is exercised by the European Central Bank. Decreasing imports or exports, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">member country on its sovereign debt and/or an economic recession in an EU member country may have significant adverse effects on </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the economies of EU member countries and the EU and Europe as a whole. Separately, the EU faces issues involving its membership, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">structure, procedures and policies. The exit of one or more member countries from the EU, such as the departure of the United </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Kingdom referred to as “Brexit”, could place the departing member’s currency and banking system under severe stress or even in </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">jeopardy. An exit by other member countries will likely result in increased volatility, illiquidity and potentially lower economic growth </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">in the affected markets, which may adversely affect the Fund’s investments.</span></div> <div id="xdx_891_ecef--RiskTextBlock_hcef--RiskAxis__custom--IncomeRiskMember_zuPqR9e6jMxd" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Income Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Net investment income paid by the Fund to its common shareholders is derived from the premiums it receives from </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">writing (selling) call options and from the dividends and interest it receives from the equity securities and other investments held in the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Fund’s portfolio and short-term gains thereon.  Premiums from writing (selling) call options and dividends and interest payments made </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">by the securities in the Fund’s portfolio can vary widely over time.  Dividends on equity securities are not fixed but are declared at the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">discretion of an issuer’s board of directors.  There is no guarantee that the issuers of the equity securities in which the Fund invests will </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">declare dividends in the future or that if declared they will remain at current levels.  The Fund cannot assure as to what percentage of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the distributions paid on the common shares, if any, will consist of qualified dividend income or long-term capital gains, both of which </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are taxed at lower rates for individuals than are ordinary income and short-term capital gains.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryAndSectorRiskMember_zoZDFhR3Qe58" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Industry and Sector Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The Fund may not invest 25% or more of its total assets in securities of issuers in any single industry.  If </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">the Fund is focused in an industry, it may present more risks than if it were broadly diversified over numerous industries of the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">economy.  Individual industries may be subject to unique risks which may include, among others, governmental regulation, inflation, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">technological innovations that may render existing products and equipment obsolete, competition from new entrants, high research and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">development costs, and rising interest rates.</span></div> <div style="margin-top: 8pt"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund may invest 25% or more of its total assets in securities of issuers in a single sector. Currently, the Fund makes significant </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investments in equity securities of companies in the information technology sector. Information technology companies produce and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">provide hardware, software and information technology systems and services.  Information technology companies are generally </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">subject to the following risks: rapidly changing technologies and existing product obsolescence; short product life cycles; fierce </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">patterns; evolving industry standards; and frequent new product introductions and new market entrants.  Information technology </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">experienced management or marketing personnel. Information technology company stocks, particularly those involved with the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">internet, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance. In addition, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">information technology companies are particularly vulnerable to federal, state and local government regulation, and competition and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs.  </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Information technology companies also face competition for services of qualified personnel and heavily rely on patents and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">intellectual property rights and the ability to enforce such rights to maintain a competitive advantage.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_ztHRLTD7cQ46" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Inflation Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. Inflation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.</span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentRiskMember_zTaueYLGEtbb" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Investment Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> An investment in the Fund’s Common Shares is subject to investment risk, including the possible loss of the entire </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">principal invested.  An investment in Common Shares represents an indirect investment in the securities owned by the Fund.  The value </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably.  Common Shares at any </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">point in time may be worth less than the original investment, even after taking into account the reinvestment of Fund dividends and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">distributions.  When the Advisor or Sub-Advisor determines that it is temporarily unable to follow the Fund’s investment strategy or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">that it is impractical to do so (such as when a market disruption event has occurred and trading in the securities is extremely limited or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">absent), the Fund may take temporary defensive positions.</span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskAndRelianceOnKeyPersonnelMember_zM2qiL9Yrxhh" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Management Risk and Reliance on Key Personnel.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> In managing the Fund’s investment portfolio, the Fund’s portfolio managers will </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">apply investment techniques and risk analyses that may not produce the desired result.  Additionally, the implementation of the Fund’s </span></div> <div style="clear: both"> </div> <div style="float: left; margin-bottom: 5pt; width: 100%"> </div> <hr style="border-style: none; margin: 40pt 0.25pt 0.25pt; clear: both"/> <span id="xx_97d6b203-9d17-4015-823d-a626ba375ae6_AI-AddILBsforsemi-4_5"></span> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="clear: both"> </div> <div style="line-height: 11.5pt; text-align: left"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">whom have unique talents and experience and would be difficult to replace.  The loss or interruption of the services of a key member </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of the portfolio management team could have a negative impact on the Fund.</span></div> <div id="xdx_89F_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueMember_zmpHjnRQ4rQb" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Market Discount from Net Asset Value. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Shares of closed-end investment companies such as the Fund frequently trade at a discount </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">from their net asset value.  The Fund cannot predict whether its common shares will trade at, below or above net asset value.</span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_zvhPCI92DIvk" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Market Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Investments held by the Fund, as well as shares of the Fund itself, are subject to market fluctuations caused by real or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">perceived adverse economic conditions, political events, regulatory factors or market developments, changes in interest rates and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments as a result of the risk </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">spread on the Fund’s shares may widen and the returns on investment may fluctuate.</span></div> <div id="xdx_892_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonUSSecuritiesRiskMember_zle2x0k86JB1" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> Investing in securities of non-U.S. issuers may involve certain risks not typically associated with investing </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">in securities of U.S. issuers. These risks include: (i) there may be less publicly available information about non-U.S. issuers or markets </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">due to less rigorous disclosure or accounting standards or regulatory practices; (ii) non-U.S. markets may be smaller, less liquid and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">more volatile than the U.S. market; (iii) the economies of non-U.S. countries may grow at slower rates than expected or may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">experience a downturn or recession; (iv) the impact of economic, political, social or diplomatic events as well as of foreign </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">governmental laws or restrictions and differing legal standards; (v) certain non-U.S. countries may impose restrictions on the ability of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">non-U.S. issuers to make payments of principal and interest to investors located in the United States due to blockage of non-U.S. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">currency exchanges or otherwise; and (vi) withholding and other non-U.S. taxes may decrease the Fund’s return. Foreign companies </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, there </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">may be difficulty in obtaining or enforcing a court judgment abroad, including in the event the issuer of a non-U.S. security defaults or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">enters bankruptcy, administration or other proceedings. These risks may be more pronounced to the extent that the Fund invests a </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">significant amount of its assets in companies located in one region.</span></div> <div id="xdx_894_ecef--RiskTextBlock_hcef--RiskAxis__custom--OperationalRiskMember_zaTT2akU6lh" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Operational Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">processes and technology or systems failures. These errors or failures may adversely affect the Fund’s operations, including its ability </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">to execute its investment process and calculate or disseminate its NAV in a timely manner. The Fund relies on third parties for a range </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">of services, including custody, valuation, administration, transfer services, securities lending and accounting, among many others. Any </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">objectives. Although the Fund and the Advisor seek to reduce these operational risks through controls and procedures, there is no way </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">to completely protect against such risks.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_ziAZYeSPnTed" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Options Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> The use of options involves investment strategies and risks different from those associated with ordinary portfolio </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">securities transactions.  The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund’s </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">portfolio as determined to be appropriate by the Fund’s Sub-Advisor, consistent with the Fund’s investment objective. The prices of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">instrument, or in interest or currency exchange rates, including anticipated volatility, which in turn are affected by fiscal and monetary </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">policies and by national and international political and economic events.  In addition, there may at times be an imperfect correlation </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">certain options. The ability to successfully implement the Fund’s investment strategy depends on the Sub-Advisor’s ability to predict </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment, or may cause the Fund to hold an equity security that it might otherwise sell. There can be no assurance that a liquid </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">market for the options will exist when the Fund seeks to close out an option position. Additionally, to the extent that the Fund </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">purchases options pursuant to a hedging strategy, the Fund will be subject to additional risks.</span></div> <div id="xdx_89C_ecef--RiskTextBlock_hcef--RiskAxis__custom--PotentialConflictOfInterestRiskMember_zybzMOSaNfw1" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Potential Conflicts of Interest Risk.</span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> First Trust, Chartwell and the portfolio managers have interests which may conflict with the </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">interests of the Fund.  In particular, First Trust and Chartwell currently manage and may in the future manage and/or advise other </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment funds or accounts with the same or substantially similar investment objectives and strategies as the Fund. </span></div> <div id="xdx_894_ecef--RiskTextBlock_hcef--RiskAxis__custom--REITRiskMember_zbA5UFXoL1K7" style="line-height: 11.5pt; text-align: left"><span style="font: bold 10pt Times New Roman; color: #000000">REIT Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Real estate investment trusts (“REITs”) typically own and operate income-producing real estate, such as residential or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">commercial buildings, or real-estate related assets, including mortgages. As a result, investments in REITs are subject to the risks </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">associated with investing in real estate, which may include, but are not limited to: fluctuations in the value of underlying properties; </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">defaults by borrowers or tenants; market saturation; changes in general and local operating expenses; and other economic, political or </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">regulatory occurrences affecting companies in the real estate sector. Additionally, REITs may have limited diversification due to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">investment in a limited number of properties or a particular market segment and are subject to the risks associated with obtaining </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">financing for real property. REITs are also subject to the risk that the real estate market may experience an economic downturn </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">generally, which may have a material effect on the real estate in which the REITs invest and their underlying portfolio securities. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">REITs may also have a relatively small market capitalization which may result in their shares experiencing less market liquidity and </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">greater price volatility than larger companies. Increases in interest rates typically lower the present value of a REIT’s future earnings </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">change based upon investors’ collective perceptions of future earnings, the value of the Fund will generally decline when investors </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">anticipate or experience rising interest rates. Additionally, certain REITs charge management fees, which may result in layering of </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">management fees paid by the Fund.</span></div> <div id="xdx_897_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndOrMidCapitalizationCompaniesRiskMember_z812JjmDfE3d" style="margin-top: 8pt"><span style="font: bold 10pt Times New Roman; color: #000000">Small- and/or Mid-Capitalization Companies Risk. </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">Small and/or mid-capitalization companies may be more vulnerable to adverse </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">general market or economic developments, and their securities may be less liquid and may experience greater price volatility than </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to </span><span style="color: #000000; font-family: Times New Roman; font-size: 10pt">greater market risk than larger, more established companies.</span></div> <div id="xdx_89A_ecef--RiskTextBlock_zHYiKuc3oufk"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div> <div id="xdx_89A_ecef--RiskTextBlock_zHYiKuc3oufk"><span style="color: #000000; font-family: Times New Roman; font-size: 10pt"> </span></div>