<SEC-DOCUMENT>0001445546-19-001239.txt : 20190305
<SEC-HEADER>0001445546-19-001239.hdr.sgml : 20190305
<ACCEPTANCE-DATETIME>20190305165026
ACCESSION NUMBER:		0001445546-19-001239
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190305
DATE AS OF CHANGE:		20190305
EFFECTIVENESS DATE:		20190305

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21586
		FILM NUMBER:		19659185

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust/Fiduciary Asset Management Covered Call Income Fund
		DATE OF NAME CHANGE:	20040521
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ffa_ncsr.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Investment Company Act file number<U>&#9;811-21586&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>&#9; First Trust Enhanced Equity Income
Fund&#9;</U><BR>
(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400<BR>
<U>&#9; Wheaton, IL 60187&#9;</U><BR>
(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">W. Scott Jardine, Esq.<BR>
First Trust Portfolios L.P.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400<BR>
<U>&#9; Wheaton, IL 60187&#9;</U><BR>
(Name and address of agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">registrant's telephone number, including
area code:<U>&#9;(630) 765-8000</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of fiscal year end: <U>December
31</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of reporting period: <U>December 31, 2018</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Form N-CSR is to be used by management
investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report
that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking
roles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A registrant is required to disclose
the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to
respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management
and Budget (&quot;OMB&quot;) control number. Please direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington,
DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Item 1. Reports to Stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-weight: normal">The Report to Shareholders
is attached herewith.</FONT></P>



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Income Fund (FFA)</DIV><DIV
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Year Ended</DIV><DIV
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31, 2018</DIV><DIV
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</DIV><DIV
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<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income
Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
<DIV
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<TABLE
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<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SHLetter-TOCshareholderletter-4_1">Shareholder Letter</A></FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
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</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:11pt;padding-right:2pt;padding-top:6pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">2
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#FPO-TOCFPO-4_1">At a Glance</A></FONT></DIV><HR
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</TD><TD
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#PC-TOCcommentary-4_1">Portfolio Commentary</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOI-SOIfooter-4_1">Portfolio of Investments</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SAL-SALfooter-4_1">Statement of Assets and Liabilities</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOP-SOPfootnote-4_1">Statement of Operations</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOC-SOCfooter-4_1">Statements of Changes in Net Assets</A></FONT></DIV><HR
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</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#FiHi-FiHifooter-4_1">Financial Highlights</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#NTF-TOCnotes-4_1">Notes to Financial Statements</A></FONT></DIV><HR
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</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#Audit-TOCauditletter-4_1">Report of Independent Registered Public Accounting Firm</A></FONT></DIV><HR
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">20
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#AI-TOCadditionalinfo-4_1">Additional Information</A></FONT></DIV><HR
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</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#TO-TOCtrustees-4_1">Board of Trustees and Officers</A></FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
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</TD><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">25
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#PP-TOCprivacy-4_1">Privacy Policy</A></FONT></DIV><HR
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noshade="noshade">
</TD><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">27
</TD></TR></TABLE>
</DIV>
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</DIV>
<HR
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<A name="TOC_2">
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<DIV
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<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;z-index:-1;" type="Block">
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Caution Regarding
Forward-Looking Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">This report contains
certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. (&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;) and/or Chartwell Investment Partners, LLC (&#8220;Chartwell&#8221; or the
&#8220;Sub-Advisor&#8221;) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current
or historical fact. For example, forward-looking statements include the use of words such as &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221;
&#8220;plan,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;would&#8221; or other words that convey uncertainty of future events or outcomes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;) to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place
undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly
revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Managed Distribution
Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of
the Fund has approved a managed distribution policy for the Fund (the &#8220;Plan&#8221;) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic
distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly
distribution in the amount of $0.285 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year
end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund&#8217;s performance during any particular period but is expected to correlate with the
Fund&#8217;s performance over time. Accordingly, you should not draw any conclusions about the Fund&#8217;s investment performance from the amount of any distribution or from the terms of the Plan. The Board of
Trustees may amend or terminate the Plan at any time without prior notice to shareholders.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Performance and Risk
Disclosure</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">There is no assurance
that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund
shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See &#8220;Risk Considerations&#8221; in the Additional Information section of this report for a
discussion of certain other risks of investing in the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Performance data quoted
represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com </FONT>or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold,
may be worth more or less than their original cost.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Advisor may also
periodically provide additional information on Fund performance on the Fund&#8217;s web page at <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">How to Read This
Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">This report contains
information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund&#8217;s performance and investment approach.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">By reading the portfolio
commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund&#8217;s performance. The statistical information that follows may help you
understand the Fund&#8217;s performance compared to that of relevant market benchmarks.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">It is important to keep
in mind that the opinions expressed by personnel of First Trust and Chartwell are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the
period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory
filings.</DIV>
</DIV>
<DIV
style="margin-top:99pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 1</DIV>
</DIV>
</DIV>
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</DIV>
<HR
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<A name="SHLetter-TOCshareholderletter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;" type="OverlapColorBlock">
<DIV
style="padding-left:6pt;width:97.78%;" type="Block">
<DIV
style="color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder Letter</DIV>
</DIV>
</DIV>
<DIV
style="margin-top:16pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income
Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Letter from the Chairman and
CEO</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Dear Shareholders,</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">First Trust is pleased
to provide you with the annual report for the First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;), which contains detailed information about the Fund for the twelve months ended December 31, 2018,
including a market overview and performance analysis. We encourage you to read this report carefully and discuss it with your financial advisor.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">As I wrote in my June
2018 letter, investors were hoping for another strong year in the markets for 2018. For the entire year, however, increased market volatility was the norm for U.S. and global markets. Despite the volatility, August
was a strong month for stocks, and the Dow Jones Industrial Average (&#8220;DJIA&#8221;) finished the month just under its previous high in January 2018. At the close of the third quarter in September, the markets had
moved higher into positive territory. In fact, all three major U.S. indices (the Nasdaq Composite Index, the DJIA and the S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index) hit record levels during the third quarter. Yet, in October, markets were again very volatile, surprising
analysts and investors alike. Both global markets and U.S. markets fell on fears of slowing growth, trade wars and higher interest rates. The DJIA was down 5% for October and the MSCI EAFE Index, an index of stocks in
21 developed markets (excluding the U.S. and Canada), was down 9% for the month. However, investors cheered as November ended, and the DJIA climbed 617 points (2.5%) to its biggest one-day gain in eight months. The
MSCI EAFE Index ended November down slightly. December held its own shocks as it became the worst December for stocks since the Great Depression. The DJIA and the MSCI EAFE Index ended December with year-to-date
returns of -3.48% and -13.79%, respectively.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Based on continued
strong job growth and the economic outlook in the U.S., the Federal Reserve (the &#8220;Fed&#8221;) raised interest rates in March, June and September. At their September meeting, the Fed indicated the possibility of
one additional rate hike in 2018 and three more in 2019. At their November meeting, the Fed did not raise interest rates. However, at their December 19<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">th</SUP> meeting, the Fed did raise interest rates by 25 basis points. Analysts and investors will be watching to see what the Fed
does with rates in 2019.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">While trade tensions
have had an impact on markets around the world and could continue to do so in the future, our economists believe that the long-term impact of U.S. tariffs will be to encourage countries to come back to the table and
talk about more equal trade. Despite market volatility, we continue to believe that the combination of low interest rates, low inflation and strong corporate earnings still point to a positive economic environment and
further growth, though we understand that past performance can never guarantee future performance.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">We continue to believe
that you should invest for the long term and be prepared for market movements, which can happen at any time. You can do this by keeping current on your portfolio and by speaking regularly with your investment
professional. Markets go up and they also go down, but savvy investors are prepared for either through careful attention to investment goals.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Thank you for giving
First Trust the opportunity to be a part of your financial plan. We value our relationship with you and will report on the Fund again in six months.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Sincerely,</DIV>
<DIV
style="margin-top:2pt;text-align:Left;width:144pt;">
<IMG src="img15d3e8cc4.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">James A. Bowen</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Chairman of the Board of Trustees</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Chief Executive Officer of First Trust
Advisors L.P.</DIV>
</DIV>
<DIV
style="margin-top:119pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 2</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="FPO-TOCFPO-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">&#8220;AT A GLANCE&#8221;
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">As of December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:5pt;">
<DIV
style="float:left;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:97.67%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:3pt;padding-top:4pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;" bgcolor="#003E87">Fund Statistics
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:12pt;padding-top:4pt;text-align:center;vertical-align:bottom;width:17.86%;" bgcolor="#003E87">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Symbol on New York Stock Exchange
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:33.21pt;padding-right:12pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">FFA
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Common Share Price
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$12.92
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Common Share Net Asset Value (&#8220;NAV&#8221;)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$13.89
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Premium (Discount) to NAV
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:30.34pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">(6.98)%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Net Assets Applicable to Common Shares
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:3pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$277,443,007
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Quarterly Distribution per Common Share<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:21pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$0.2850
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Annualized Distribution per Common Share
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:21pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$1.1400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Distribution Rate on Common Share Price<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:33pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">8.82%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;
padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Distribution Rate on NAV<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:33pt;padding-right:12pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">8.21%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:48%;" type="Block"><DIV
style="background-color:#003E87;border:2px Solid #003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:1.55%;text-align:left;
text-decoration:none;text-transform:none;">Common Share Price &amp; NAV (weekly closing price)</DIV>
<DIV
style="margin-left:3.88%;margin-top:9pt;text-align:Center;width:92.25%;">
<IMG src="img72fec9e85.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;<BR>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;">&nbsp;
<DIV
style="clear:both;padding-top:21pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: #000000 0.5pt solid; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #FFFFFF; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 6pt 2pt 4pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 40%; background-color: #003E87">Performance
</TD><TD STYLE="line-height: 10pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 15%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 15%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 15%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 15%; background-color: #003E87">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 2pt; text-align: center; vertical-align: bottom">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 3pt 6pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 3pt 6pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">Average Annual Total Return</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding: 2.12pt 0 2pt; text-align: left; vertical-align: bottom">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 0 2pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">1 Year Ended<BR>
12/31/18
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 0 2pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">5 Years Ended<BR>
12/31/18
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 0 2pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">10 Years Ended<BR>
12/31/18
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 0 2pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">Inception (8/26/04)<BR>
to 12/31/18
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 6pt 2pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; background-color: #B2B2B2">Fund Performance<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 6pt 1.25pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">NAV
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">-9.19%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">5.37%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">10.20%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">6.16%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">Market Value
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 1.25pt 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">-13.86%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">6.69%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">11.96%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 1.25pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">5.29%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 6pt 2pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; background-color: #B2B2B2">Index Performance
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 6pt 1.25pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">-4.38%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">8.49%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">13.12%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">8.10%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 4pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">CBOE S&amp;P 500 BuyWrite Monthly Index<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP>
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">-4.77%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">5.08%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt 12pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">7.96%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 4pt 7pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">5.03%
</TD></TR></TABLE>
</DIV>
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</DIV>
</DIV>
<DIV
style="float:left;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;" bgcolor="#003E87">Top Ten Holdings
</TD><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:6pt;padding-right:4pt;padding-top:6pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;" bgcolor="#003E87">% of Total<BR>
Investments
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Microsoft Corp.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;">5.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Apple, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">4.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">JPMorgan Chase &amp; Co.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">3.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">UnitedHealth Group, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.8
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Merck &amp; Co., Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.8
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Thermo Fisher Scientific, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.6
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Pfizer, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Chevron Corp.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Intel Corp.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.2
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:6pt;
padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Carnival Corp.
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10pt;padding-right:4pt;
padding-top:1.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.0
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:16pt;padding-right:6pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Total
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;
padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">30.4%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;" bgcolor="#003E87">Sector Allocation
</TD><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:6pt;padding-right:4pt;padding-top:6pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;" bgcolor="#003E87">% of Total<BR>
Investments
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Information Technology
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;">22.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Health Care
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">15.2
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Financials
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">14.1
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Consumer Discretionary
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">11.1
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Communication Services
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">9.1
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Industrials
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">8.0
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Energy
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">6.7
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Consumer Staples
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">6.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Utilities
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">3.0
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Real Estate
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.8
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:6pt;
padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Materials
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14pt;padding-right:4pt;
padding-top:1.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">0.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:16pt;padding-right:6pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Total
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;
padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">100.0%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="clear:both;">
<DIV
style="clear:both;width:100%;" type="Block">
</DIV>
</DIV>
<DIV
style="padding-top:112.5pt;width:94%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:5pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Most recent distribution paid or declared through 12/31/2018. Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:1pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of 12/31/2018.
Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:1pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per
share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of
future results.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:1pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(4)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">BXM is the ticker for this index and was how the index was referenced in previous reports.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:normal;line-height:12pt;margin-top:10pt;text-align:right;text-decoration:none;text-transform:none;">Page 3</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="PC-TOCcommentary-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Portfolio Commentary<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:11pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Advisor</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Advisors L.P.
(&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;) is the investment advisor to the First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;). First Trust is responsible for the ongoing monitoring of the
Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and providing certain administrative services necessary for the management of the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Sub-Advisor</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Chartwell Investment
Partners, LLC (&#8220;Chartwell&#8221;), a wholly-owned subsidiary of TriState Capital Holdings, Inc., is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process.
Chartwell is the portfolio manager of the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Portfolio Management
Team</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Douglas W. Kugler, CFA</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Principal, Senior Portfolio
Manager</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Peter M. Schofield, CFA</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Principal, Senior Portfolio
Manager</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Commentary</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity
Income Fund</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity
securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S.
corporations and U.S. dollar-denominated equity securities of non-U.S. issuers in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells)
covered call options on a portion of the Fund&#8217;s Managed Assets. &#8220;Managed Assets&#8221; means the total asset value of the Fund minus the sum of the Fund&#8217;s liabilities, including the value of call
options written (sold). There can be no assurance that the Fund&#8217;s investment objective will be achieved. The Fund may not be appropriate for all investors.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Market Recap</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (the &#8220;Index&#8221;) declined -4.38% (inclusive of dividends) for the 12-month period ended December 31,
2018, breaking a streak of nine consecutive years of positive total returns. This was despite the Index reaching an all-time high of 2,930.75 on September 20, 2018. From that high the market proceeded to decline 19.8%
reaching its low for the year on December 24, 2018 and barely avoiding entering into the first &#8220;bear&#8221; market (off more than 20% from its high) in over a decade. While there were many factors that drove
this precipitous decline, two stood out to us. First, we believe there were fears of a global economic slowdown driven by the &#8220;trade war&#8221; with China and weakness in Europe stemming from the ongoing
&#8220;Brexit&#8221; negotiations. Second, we believe the market became worried that the Federal Reserve (the &#8220;Fed&#8221;), by continuing to increase short-term interest rates along with reversing their
&#8220;quantitative easing&#8221; policies, could possibly drive the domestic economy into a recession. In our view, the combination of these (and other) factors drove the Index to its worst December performance since
1931. In our June 30, 2018 letter in the Semi-Annual Report, we described the extreme volatility of the Index in the first quarter of 2018. That level of volatility returned in the fourth quarter of 2018 with the
Index seeing price only moves of: -6.9%, +1.8%, -9.2% in October, November, and December, respectively. Another measure of volatility shows that during 2018 the Index moved more than 1% up or down from its previous
day&#8217;s close 64 times, including 20 times when the market moved by 2% up or down from the previous close. In all of 2017, 1% moves occurred only eight times while there were no 2% moves. Meanwhile, the domestic
economy and corporate earnings continued on solid footing. The employment picture continued to be strong, the consumer continued to spend and corporations benefited from strong sales, relatively tame wage inflation
and the lower tax rates which were passed late last year. The 10-year U.S. Treasury yield saw volatility as well but generally rose during the first three quarters of the year. However, as recession fears began to
rise, the yield retreated. The yield rose from 2.43% at the start of the year and reached a high of 3.23% in early November before the aforementioned recession fears drove it down to close at 2.68% on December 31,
2018. The Fed continued raising the Fed Funds rate, increasing it by 1.0% over the course of the year to a still relatively low range of 2.25% to 2.50%. However, these increases combined with a slower increase in
longer-term rates brought about a flattening of the yield curve which exacerbated fears of a possible domestic recession. Meanwhile, the price of a barrel of West Texas Intermediate (WTI), the domestic benchmark price
for oil, started the year at $60.42 per barrel. And, while it generally rose through October, reaching a high of $76.41 per barrel, increasing fears of a possible global economic slowdown occurring sooner than
expected and excess inventories brought the price down significantly to close at $45.41 per barrel at year end.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:8pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 4</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="PC-TOCcommentary-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Portfolio Commentary (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:11pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:23pt;text-align:left;text-decoration:none;text-transform:none;">An OPEC meeting in late
November where the cartel decided to reduce production helped the price of oil find a bottom during the last weeks of the year.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Performance Summary</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">For the 12-month period
ended December 31, 2018, the Fund&#8217;s net asset value (&#8220;NAV&#8221;) and market value total returns<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP> were -9.19% and -13.86%, respectively, on a total return basis. The Index returned -4.38% on a total return basis over the
same period. The covered call options program had a negative influence on the Fund&#8217;s return during the period. As we&#8217;ve discussed, there were several periods of very rapid and large price movements in the
market during the year which made it difficult for the program to perform up to our expectations. As discussed in the past, the Fund&#8217;s portfolio tends to favor higher-yielding and value-oriented stocks given our
emphasis on providing high current income and our predilection to invest in stocks which we believe to be undervalued when compared to their fundamentals. These leanings caused the Fund to face several broad-based
headwinds that hurt the portfolio&#8217;s relative performance. While the headwind impacting higher-yielding stocks was not as strong as previous years, the headwind facing value-oriented stocks when compared to
growth-oriented stocks was still significant. As an example of this, the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Growth Index returned -1.52% while the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Value Index returned -8.28% for the year (both inclusive of dividends). Within the portfolio, the largest detractor to
relative performance was stock selection within the Consumer Discretionary and Communication Services sectors. Not holding Amazon.com was the largest negative contributor, while holdings in Carnival Corp., Alibaba
Group Holding Ltd., Lions Gate Entertainment Corp., and Electronic Arts, Inc. were weak. Also hurting relative performance were holdings in the Technology firm, Applied Materials, Inc. and the Transportation firm,
FedEx Corp. Positive contributions to relative performance came from stock selection in the Bank sector where not holding either Citigroup Inc. or Wells Fargo &amp; Company helped along with holding SVB Financial
Group. In addition, stock selection in the Health Care sector with holdings of Merck &amp; Co., Inc., Thermo Fisher Scientific, Inc. and Pfizer, Inc. was beneficial.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Market Outlook</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The year 2018 was the
first negative total return year for the Index in the last 10 years. It has been quite a rally over those last 10 years with the market up just over 13% annualized (inclusive of dividends). The question then for 2019
is can the Index get back to its &#8216;winning&#8217; ways? While recession fears have grown, from the indicators we watch, we do not believe a recession is imminent. However, the longevity of this economic expansion
combined with slowing growth internationally (China, Europe) does give us some concern that something could tip the U.S. economy into recession. At this point, the largest risk we see to the economic expansion is if
the current trade tensions between the United States and China grow into something more significant. Among other risks, in our opinion, are the Fed raising rates too fast and Europe slowing more dramatically if the
&#8220;Brexit&#8221; issue continues to drag on or is resolved in a manner which significantly disrupts business on the Continent. While corporate earnings have been very strong during the first three quarters of
2018, exceeding 20%, it appears as if the fourth quarter&#8217;s growth will slow and expectations for earnings growth in 2019 have also declined. Despite the apparent slowing in corporate earnings growth, earnings
are still rising, and when combined with the market&#8217;s decline, valuations have become more reasonable. We believe these reductions in valuation and growth expectations have been good for the overall market and
may well form a base from which the market could rise. In our view, absent any unexpected significant economic slowing, corporate earnings should continue to improve this year on the back of lower taxes and solid
consumer spending, but corporations could slow down investment due to uncertainty surrounding global trade and that would likely have ripple effects that could further slow earnings growth. Overall though, we believe
that companies have learned how to operate well in the low gross domestic product growth environment and that the uptick in mergers and acquisitions will continue as will strong stock repurchases which should help
companies in their search for earnings growth.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Our belief is that
without any significant global trade reducing actions being taken by the United States (or any of its larger trading partners), or a policy mistake by the Fed, the economy should continue to grow at a reasonable, but
not overly strong rate, and corporate profits should continue to grow as well. We believe this could provide a solid backdrop for the market going forward despite the uncertainties surrounding geopolitics, fears of
recession, and possible future actions by the Fed. And, in our opinion, should the specter of the fears we have enumerated decline, market valuations could increase providing for an even better backdrop for the
market. No matter the outcome of these issues, we will manage the Fund with the objective of providing a high level of current income and gains and, to a lesser extent, capital appreciation over the market cycle.</DIV>
</DIV>
<DIV
style="margin-top:43pt;width:93.96%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:2.22%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.78%;">Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per
share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of
future results.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 5</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
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<HR
style="margin-bottom:0pt;">
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<A name="PC-TOCcommentary-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-right:5.04%;text-align:justify;text-decoration:none;text-transform:none;"></DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="SOI-SOIfooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;&#8211; 93.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Aerospace &amp; Defense&#8201;&#8211; 1.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">31,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Raytheon Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">4,753,850</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Air Freight &amp; Logistics&#8201;&#8211; 0.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">FedEx Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,419,950
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Automobiles&#8201;&#8211; 1.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">95,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">General Motors Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,177,750
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Banks&#8201;&#8211; 6.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">94,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">JPMorgan Chase &amp; Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,176,280
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">200,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;"><DIV
style="float:left;">KeyCorp</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,956,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">55,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">SunTrust Banks, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,774,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">12,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">SVB Financial Group (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,279,040
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">17,185,520
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Beverages&#8201;&#8211; 2.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">85,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Coca-Cola (The) Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,024,750
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">23,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Constellation Brands, Inc., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,779,270
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,804,020
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Biotechnology&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">42,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Celgene Corp. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,723,825
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Capital Markets&#8201;&#8211; 1.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">80,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Charles Schwab (The) Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,322,400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Chemicals&#8201;&#8211; 0.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Linde PLC</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,340,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Communications Equipment&#8201;&#8211; 2.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">127,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Cisco Systems, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,524,575
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Diversified Telecommunication Services&#8201;&#8211; 2.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">190,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">AT&amp;T, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,422,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Electric Utilities&#8201;&#8211; 3.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Exelon Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,510,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">135,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">PPL Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,824,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,334,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Electronic Equipment, Instruments &amp; Components&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Keysight Technologies, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,793,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Energy Equipment &amp; Services&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">137,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">TechnipFMC PLC (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,692,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Entertainment&#8201;&#8211; 4.1%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">115,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Cinemark Holdings, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,117,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">33,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Electronic Arts, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,604,030
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">135,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lions Gate Entertainment Corp., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,008,800
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">26,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Take-Two Interactive Software, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,727,910
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">11,457,740
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Food &amp; Staples Retailing&#8201;&#8211; 1.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">23,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Costco Wholesale Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,685,330
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Health Care Equipment &amp; Supplies&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">80,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Boston Scientific Corp. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,827,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Health Care Providers &amp; Services&#8201;&#8211; 2.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">31,600
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">UnitedHealth Group, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,872,192
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:24pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 6</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Hotels, Restaurants &amp; Leisure&#8201;&#8211; 3.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">112,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Carnival Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">5,546,250</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">52,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Restaurant Brands International, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,719,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Six Flags Entertainment Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,503,350
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">10,769,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Industrial Conglomerates&#8201;&#8211; 1.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">35,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Honeywell International, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,624,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Insurance&#8201;&#8211; 4.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">67,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Arthur J. Gallagher &amp; Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,974,750
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">39,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Chubb, Ltd. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,038,020
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">40,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Prudential Financial, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,262,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">13,274,770
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Interactive Media &amp; Services&#8201;&#8211; 2.3%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:10pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">4,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Alphabet, Inc., Class C (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,660,245
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">14,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Facebook, Inc., Class A (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,835,260
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,495,505
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Internet &amp; Direct Marketing Retail&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Alibaba Group Holding Ltd., ADR (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,878,470
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">IT Services&#8201;&#8211; 2.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">MasterCard, Inc., Class A (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,961,650
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">42,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">PayPal Holdings, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,531,780
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,493,430
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Life Sciences Tools &amp; Services&#8201;&#8211; 2.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">32,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Thermo Fisher Scientific, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,273,175
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Machinery&#8201;&#8211; 2.5%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">22,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Caterpillar, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,795,540
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">35,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Stanley Black &amp; Decker, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,190,900
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,986,440
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Media&#8201;&#8211; 0.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">39,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">CBS Corp., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,705,080
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Oil, Gas &amp; Consumable Fuels&#8201;&#8211; 4.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">57,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Chevron Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,255,425
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">42,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Hess Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,721,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">52,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Occidental Petroleum Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,191,760
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">19,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Pioneer Natural Resources Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,498,880
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">13,667,315
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Pharmaceuticals&#8201;&#8211; 6.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">102,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Merck &amp; Co., Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,793,820
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">144,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Pfizer, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,285,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">55,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Zoetis, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,704,700
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">18,784,120
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Road &amp; Rail&#8201;&#8211; 1.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">55,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">CSX Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,417,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Semiconductors &amp; Semiconductor Equipment&#8201;&#8211; 4.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">127,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Intel Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,960,110
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">10,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lam Research Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,361,700
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100,000
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Micron Technology, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,173,000
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:28pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 7</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Semiconductors &amp; Semiconductor Equipment&#8201;(Continued)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">16,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">NVIDIA Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">2,136,000</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">12,630,810
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Software&#8201;&#8211; 8.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">17,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Adobe Systems, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,846,080
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">158,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Microsoft Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">16,048,060
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Palo Alto Networks, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,825,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">22,719,390
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Specialty Retail&#8201;&#8211; 3.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">22,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Burlington Stores, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,578,740
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">30,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Home Depot (The), Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,154,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:10pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">8,800
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Ulta Beauty, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,154,592
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">10,887,932
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Technology Hardware, Storage &amp; Peripherals&#8201;&#8211; 4.3%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">76,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Apple, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">11,988,240
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Textiles, Apparel &amp; Luxury Goods&#8201;&#8211; 1.1%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">40,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">NIKE, Inc., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,965,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Tobacco&#8201;&#8211; 1.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Altria Group, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,939,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Total Common Stocks</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:13pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">258,837,779
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $242,092,797)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">REAL ESTATE INVESTMENT TRUSTS&#8201;&#8211; 2.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Equity Real Estate Investment Trusts&#8201;&#8211; 2.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Crown Castle International Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,888,350
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">40,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lamar Advertising Co., Class A (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,767,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Total Real Estate Investment Trusts</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,655,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $6,464,415)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;&#8211; BUSINESS DEVELOPMENT COMPANIES - 1.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Capital Markets&#8201;&#8211; 1.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">325,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Ares Capital Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,063,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $5,628,495)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:51.33%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Stated<BR>
Rate
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Stated<BR>
Maturity (c)
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 1pt solid; font: normal bold 10pt/13pt Times New Roman; color: #000000; padding-bottom: 2pt; padding-left: 3pt; padding-top: 2pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="9">CONVERTIBLE PREFERRED SECURITIES&#8201;&#8211; 1.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;">Health Care Equipment &amp; Supplies&#8201;&#8211; 0.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right; vertical-align: bottom; width: 12.22%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;"><DIV
style="float:left;">Becton Dickinson and Co., Series A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">6.13%
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">05/01/20
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 20pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">2,595,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;">Oil, Gas &amp; Consumable Fuels&#8201;&#8211; 0.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1pt; padding-top: 1.88pt; text-align: right; vertical-align: bottom; width: 12.22%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;"><DIV
style="float:left;">Hess Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">8.00%
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">02/01/19
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 20pt; padding-top: 1pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">2,259,075
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;" colspan="5"><DIV
style="float:left;">Total Convertible Preferred Securities</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 23pt; padding-top: 1.88pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">4,854,225
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;">(Cost $5,301,118)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 6pt; padding-top: 1pt; text-align: right; vertical-align: bottom; width: 12.22%">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 3pt; padding-top: 2pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 3pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Total Investments &#8211; 99.6%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 3pt; padding-top: 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">276,411,054
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 6pt; padding-right: 3pt; padding-top: 1pt; text-align: right; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1pt 3pt 6pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">(Cost $259,486,825) (d)
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 0pt; padding-bottom: 6pt; padding-top: 1pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.56%;">Number of Contracts
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:39.11%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Notional Amount
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Exercise Price
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Expiration Date
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="11">CALL OPTIONS WRITTEN&#8201;&#8211; (0.2)%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">75
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Adobe Systems, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:15pt;">1,696,800</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:27.5pt;">230.00</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(43,650)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">70
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Burlington Stores, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:23pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">1,138,690
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">170.00
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(16,660)
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:14pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 8</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.56%;">Number of Contracts
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:39.11%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Notional Amount
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Exercise Price
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Expiration Date
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="11">CALL OPTIONS WRITTEN&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">200
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">CSX Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:15pt;">1,242,600</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:32.5pt;">70.00</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:25.84pt;">(4,000)</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">70
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Mastercard, Inc., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">1,320,550
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">200.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(11,060)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">300
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Micron Technology, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">951,900
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">40.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:41.34pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(900)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">NIKE, Inc., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">741,400
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">77.50
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(8,200)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">40
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">NVIDIA Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">534,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">145.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(8,720)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">300
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Pfizer, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">1,309,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">45.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(11,100)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">150
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (e)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">37,602,750
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">2,625.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(135,000)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">200
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (e)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">50,137,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">2,650.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(100,000)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">250
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (e)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">62,671,250
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">2,675.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(68,500)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">150
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Six Flags Entertainment Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">834,450
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">62.50
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(2,250)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">80
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Take-Two Interactive Software, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">823,520
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">115.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(7,200)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">25
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Ulta Beauty, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:30.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">612,100
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">270.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(2,875)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">75
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">UnitedHealth Group, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">1,868,400
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">260.00
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2019
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:28.84pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(19,200)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;" colspan="7"><DIV
style="float:left;">Total Call Options Written</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23.84pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(439,315)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;">(Premiums received $574,947)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 3pt; padding-top: 2pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 3pt 3pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Net Other Assets and Liabilities &#8211; 0.6%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 23pt; padding-top: 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">1,471,268
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 3pt; padding-top: 1.88pt; text-align: right; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.88pt 3pt 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net Assets &#8211; 100.0%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 1.5pt; padding-left: 3pt; padding-top: 1.88pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:5pt;">277,443,007</FONT>
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:100%;" colspan="2"><HR NOSHADE ALIGN="LEFT" STYLE="background-color: #000000; border-bottom-width: 0pt; border-left-width: 0pt; border-right-width: 0pt; border-top: #000000 0.5pt solid; height: 0.5pt; width: 22%">
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(a)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">All or a portion of these securities are pledged to cover index call options written.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(b)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Non-income producing security.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(c)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Stated maturity represents the mandatory conversion date.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(d)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Aggregate cost for federal income tax purposes was $259,776,968. As of December 31, 2018, the aggregate gross unrealized appreciation for all investments in which there was an excess
of value over tax cost was $39,516,455 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $23,321,684. The net unrealized appreciation was
$16,194,771. The amounts presented are inclusive of derivative contracts.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(e)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.78%;">Call options on securities indices were written on a portion of the common stock positions that were not used to cover call options written on individual equity
securities held in the Fund&#8217;s portfolio.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:6pt;padding-top:7pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:5.02%;">ADR
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:3pt;padding-top:7pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:94.98%;">American Depositary Receipt
</TD></TR></TABLE>
</DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:22%;" align="Left">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Inputs</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">A summary of the inputs
used to value the Fund&#8217;s investments as of December 31, 2018 is as follows (see Note 3A - Portfolio Valuation in the Notes to Financial Statements):</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-top:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:100%;" colspan="5">ASSETS TABLE
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:1pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:45.55%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:1pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">Total<BR>
Value at<BR>
12/31/2018
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">Level 1<BR>
Quoted<BR>
Prices
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3.5pt;padding-right:3pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">Level 2<BR>
Significant<BR>
Observable<BR>
Inputs
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">Level 3<BR>
Significant<BR>
Unobservable<BR>
Inputs
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Common Stocks*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1pt;padding-right:5pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>258,837,779
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:3.5pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>258,837,779
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3.5pt;padding-right:3pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:2.12pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Real Estate Investment Trusts*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:16pt;padding-right:5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">7,655,550</FONT>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:20pt;padding-right:3.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">7,655,550</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:14.68%;
">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Common Stocks - Business Development Companies*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:16pt;padding-right:5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">5,063,500</FONT>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:20pt;padding-right:3.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">5,063,500</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:14.68%;
">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Convertible Preferred Securities*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:3pt;padding-left:16pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">4,854,225</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:3pt;padding-left:20pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">4,854,225</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:8pt;line-height:8pt;padding-bottom:3pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:8pt;line-height:8pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:14.68%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Total Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:1pt;padding-right:5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>276,411,054
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:5pt;padding-right:3.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>276,411,054
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="padding-left:2.5pt;"></FONT>&#8212;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="padding-left:2.5pt;"></FONT>&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-top:2.75pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:100%;" colspan="5"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">LIABILITIES TABLE</P></TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:1pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:45.55%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:1pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">Total<BR>
Value at<BR>
12/31/2018
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">Level 1<BR>
Quoted<BR>
Prices
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3.5pt;padding-right:3pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">Level 2<BR>
Significant<BR>
Observable<BR>
Inputs
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">Level 3<BR>
Significant<BR>
Unobservable<BR>
Inputs
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Call Options Written</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="padding-left:14.17pt;"></FONT><FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(439,315)
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:5pt;padding-right:3.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="padding-left:14.17pt;"></FONT><FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(439,315)
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.20%;">*
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:99.07%;">See Portfolio of Investments for industry breakout.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:24pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 9</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SAL-SALfooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Assets and
Liabilities </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">ASSETS:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investments, at value</DIV><BR>
<DIV
style="float:left;">&nbsp;&nbsp;&nbsp;&nbsp;(Cost $259,486,825)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">$&#8194;276,411,054
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;"><DIV
style="float:left;">Cash</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">3,538,929
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">Receivables:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investment securities sold</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">4,871,456
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;"><DIV
style="float:left;">Dividends</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">397,597
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Dividend reclaims</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">1,980
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Prepaid expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:40.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">3,296
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Total Assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:13pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">285,224,312
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">LIABILITIES:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Options written, at value (Premiums received $574,947)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">439,315
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">Payables:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investment securities purchased</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">6,984,420
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investment advisory fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">247,782
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Audit and tax fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">43,523
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Shareholder reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">29,355
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Administrative fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">15,346
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Custodian fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">10,385
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Transfer agent fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">5,300
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Legal fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">2,428
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Financial reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:48pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">771
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Trustees&#8217; fees and expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:53pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">23
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Other liabilities</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:40.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">2,657
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Total Liabilities</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">7,781,305
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSETS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:5pt;"></FONT>277,443,007
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;">NET ASSETS consist of:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.75pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Paid-in capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">$&#8194;263,723,651
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Par value</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">199,732
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Accumulated distributable earnings (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">13,519,624
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSETS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:5pt;"></FONT>277,443,007
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSET VALUE, <FONT
style="font-weight:Normal;">per Common Share (par value $0.01 per Common Share)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:32.5pt;"></FONT>13.89
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:18pt;padding-top:2.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">19,973,164
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:248pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 10</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOP-SOPfootnote-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Operations </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">For the Year Ended December
31, 2018</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">INVESTMENT INCOME:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:6pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Dividends (net of foreign withholding tax of $14,805)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.41%;">$<FONT
style="padding-left:5pt;"></FONT>&#8194;7,331,575
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Interest</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:28.5pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;11,320
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Total investment income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">7,342,895
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2">EXPENSES:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Investment advisory fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:16pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;3,227,607
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Administrative fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;158,161
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Shareholder reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;108,136
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Audit and tax fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;43,406
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Transfer agent fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;32,258
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Custodian fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;31,312
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Listing expense</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;21,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Legal fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;17,826
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Trustees&#8217; fees and expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;16,301
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Financial reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:33.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;9,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Other</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:28.5pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;16,905
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Total expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">3,682,412
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET INVESTMENT INCOME (LOSS)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">3,660,483
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">NET REALIZED AND UNREALIZED GAIN (LOSS):
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">Net realized gain (loss) on:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">24,540,491
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Written options</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:29.67pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(3,783,010)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Net realized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;20,757,481
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">Net change in unrealized appreciation (depreciation) on:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:24.67pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(53,769,404)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Written options</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:37.17pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(270,672)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Net change in unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12.67pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(54,040,076)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET REALIZED AND UNREALIZED GAIN (LOSS)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12.67pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(33,282,595)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:6pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.41%;">$<FONT
style="padding-left:1.67pt;"></FONT>(29,622,112)
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:272pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 11</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOC-SOCfooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statements of Changes in
Net Assets </DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: separate; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 9pt; padding-bottom: 3pt; padding-right: 3pt; text-align: center; vertical-align: bottom; width: 76%">&#160;
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 3pt; padding-right: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 10%">Year<BR>
Ended<BR>
12/31/2018
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 3pt; padding-right: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 10%">Year<BR>
Ended<BR>
12/31/2017
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2.12pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">OPERATIONS:
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-top: #000000 0.5pt solid; line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-top: #000000 0.5pt solid; line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net investment income (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 0pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:10pt;"></FONT>&#8194;3,660,483
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.25pt; padding-left: 0pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:10pt;"></FONT>&#8194;3,899,407
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net realized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 13pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;20,757,481
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;18,016,167
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net increase from payment by the sub-advisor</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 0pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;&#8212;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.25pt; padding-left: 33.5pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;17,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net change in unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 9.67pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;(54,040,076)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 16pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;25,857,799
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 3pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net increase (decrease) in net assets resulting from operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 14.67pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(29,622,112)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 21pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">47,790,623
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2.12pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">DISTRIBUTIONS TO SHAREHOLDERS FROM:
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Investment operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 9.67pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;(22,769,407)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net investment income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.25pt; padding-left: 17.67pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;(4,539,880)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net realized gain</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 0pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 12.67pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;(17,530,466)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 3pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total distributions to shareholders</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 14.67pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(22,769,407)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 17.67pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(22,070,346)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total increase (decrease) in net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 1.25pt 9.67pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;(52,391,519)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;25,720,277
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">NET ASSETS:
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Beginning of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 8pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;329,834,526
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 11pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8194;304,114,249
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 3pt 2.75pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">End of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 2.75pt 0pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;277,443,007
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2.75pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 2.75pt; padding-left: 0pt; padding-top: 2.12pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;329,834,526
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.75pt 3pt 2.75pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Accumulated net investment income (loss) at end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 0pt; padding-bottom: 2.75pt; padding-right: 6pt; padding-top: 2.75pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2.75pt; padding-right: 6pt; padding-top: 2.75pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 2.75pt; padding-left: 0pt; padding-top: 2.75pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:22.5pt;"></FONT>681,322
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2.75pt 3pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">COMMON SHARES:
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.75pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.75pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.75pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 3pt 1.5pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Common Shares at end of period *</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.5pt 18pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">19,973,164
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 1.5pt; padding-left: 21pt; padding-top: 1.25pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">19,973,164
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:3pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.48%;">*
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:99.07%;">On September 15, 2016, the Fund commenced a share repurchase program. The program originally expired on March 15, 2017, but the Board of Trustees of the Fund has
subsequently authorized the continuation of the Fund&#8217;s share repurchase program until March 15, 2019. From September 15, 2016 through December 31, 2018, the Fund has not repurchased any Common Shares. The Fund
expects to continue the share repurchase program until the earlier of (i) the repurchase of 998,658 Common Shares or (ii) March 15, 2019.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:299pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 12</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="FiHi-FiHifooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">For a Common Share
outstanding throughout each period</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: separate; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD ROWSPAN="2" STYLE="line-height: 9pt; padding-bottom: 3pt; padding-right: 1.5pt; text-align: left; vertical-align: bottom">&#160;
</TD><TD COLSPAN="9" STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom">Year Ended December 31,
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2018
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2017
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2016
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2015
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2014<FONT
style="font-size:3pt;line-height:6pt;">&#8194;</FONT>(a)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 1.5pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 46%"><DIV
style="float:left;">Net asset value, beginning of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 10%">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;16.51
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9%">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.23
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9%">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;14.99
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9%">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.95
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 2.12pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 9%">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.24
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">Income from investment operations:
</TD><TD STYLE="line-height: 10pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net investment income (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.20
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.20
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.24
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net realized and unrealized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(1.67)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.01
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.22)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.39
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total from investment operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(1.48)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">2.39
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.20
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.02)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.63
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">Distributions paid to shareholders from:
</TD><TD STYLE="line-height: 10pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net investment income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.19)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.23)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.18)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.60)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.92)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net realized gain</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.95)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.88)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.48)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.34)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Return of capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8212;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8212;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.30)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8212;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 3pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total distributions paid to Common Shareholders</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(1.14)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(1.11)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.96)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.94)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 3pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 3pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(0.92)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net asset value, end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>13.89
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>16.51
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>15.23
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>14.99
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>15.95
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Market value, end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>12.92
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>16.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>13.51
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>13.20
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:14.25pt;"></FONT>14.34
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total return based on net asset value<FONT
style="font-weight:Normal;"> (b)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(9.19)%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom">16.53%<FONT
style="font-size:4pt;line-height:7pt;">&#8194;</FONT>(c)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">9.18%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">0.72%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; color: #000000; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">11.63%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Total return based on market value<FONT
style="font-weight:Normal;"> (b)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(13.86)%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">28.82%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">9.98%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">(1.35)%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">14.83%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom">Ratios to average net assets/supplemental data:
</TD><TD STYLE="line-height: 10pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="line-height: 0pt; padding: 1.25pt 2pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net assets, end of period (in 000&#8217;s)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;277,443
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;329,835
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;304,114
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;299,389
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">$&#8194;318,640
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Ratio of total expenses to average net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.14%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.14%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.13%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.12%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.18%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Ratio of net investment income (loss) to average net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.13%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.21%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.27%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.33%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">1.54%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 5pt 0pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Portfolio turnover rate</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">45%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 5pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">36%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 5pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">32%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 5pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">45%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 5pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 2pt 5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap">44%
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">(a)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.84%;">On February 20, 2014, the Fund&#8217;s Board of Trustees approved an interim and new sub-advisory agreement with Chartwell Investment Partners, LLC (&#8220;Chartwell&#8221;), which
became the Fund&#8217;s sub-advisor on March 5, 2014, under the interim sub-advisory agreement. On July 2, 2014, the Fund&#8217;s shareholders voted to approve the new sub-advisory agreement.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">(b)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.84%;">Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and
changes in net asset value per share for net asset value returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one
year. Past performance is not indicative of future results.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">(c)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.84%;">The Fund received a reimbursement from Chartwell in the amount of $17,250, which represents less than $0.01 per share. Since the Fund was reimbursed, there was no
effect on the Fund&#8217;s total return.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:286pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 13</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">1.&nbsp;Organization</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company organized as a Massachusetts business trust on May 20, 2004, and is registered with the Securities and Exchange
Commission (&#8220;SEC&#8221;) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund trades under the ticker symbol FFA on the New York Stock Exchange (&#8220;NYSE&#8221;).</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity
securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S.
corporations and U.S. dollar-denominated equity securities of non-U.S. issuers, in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells)
covered call options on a portion of the Fund&#8217;s Managed Assets. &#8220;Managed Assets&#8221; means the total asset value of the Fund minus the sum of the Fund&#8217;s liabilities, including the value of call
options written (sold). There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">2.&nbsp;Managed
Distribution Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of
the Fund has approved a managed distribution policy for the Fund (the &#8220;Plan&#8221;) in reliance on exemptive relief received from the SEC that permits the Fund to make periodic distributions of long-term capital
gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly distribution in the amount of $0.285 per
share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital
gains throughout the year. The annual distribution rate is independent of the Fund&#8217;s performance during any particular period but is expected to correlate with the Fund&#8217;s performance over time.
Accordingly, you should not draw any conclusions about the Fund&#8217;s investment performance from the amount of any distribution or from the terms of the Plan. The Board of Trustees may amend or terminate the Plan
at any time without prior notice to shareholders.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">3.&nbsp;Significant
Accounting Policies</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is considered an
investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946, &#8220;Financial
Services-Investment Companies.&#8221; The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial
statements in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from those estimates.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">A.&nbsp;Portfolio
Valuation</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The net asset value
(&#8220;NAV&#8221;) of the Common Shares of the Fund is determined daily as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes
early on a valuation day, the NAV is determined as of that time. The Fund&#8217;s NAV per Common Share is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses, the value of call options written (sold) and dividends declared but unpaid) by the total number of Common Shares outstanding.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a
national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained
from a third-party pricing service or are determined by the Pricing Committee of the Fund&#8217;s investment advisor, First Trust Advisors L.P. (&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;), in accordance
with valuation procedures adopted by the Fund&#8217;s Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor&#8217;s Pricing Committee, if any, are footnoted as such in
the footnotes to the Portfolio of Investments. The Fund&#8217;s investments are valued as follows:</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;">Common
stocks, real estate investment trusts (&#8220;REITs&#8221;), exchange-traded funds, convertible preferred stocks, and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock
Market LLC (&#8220;Nasdaq&#8221;) and the London Stock Exchange Alternative Investment Market (&#8220;AIM&#8221;)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq
and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities
exchange representing the principal market for such securities.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 14</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;
">Securities traded in an over-the-counter market are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;
">Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter options contracts are fair valued at the mean of their most recent bid and asked price, if
available, and otherwise at their closing bid price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Certain securities may
not be able to be priced by pre-established pricing methods. Such securities may be valued by the Fund&#8217;s Board of Trustees or its delegate, the Advisor&#8217;s Pricing Committee, at fair value. These securities
generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is
unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to
which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund&#8217;s NAV or make it difficult or impossible to obtain a
reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security&#8217;s fair value. As a general principle, the current fair value of a security
would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official
closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:10pt;width:95.56%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">1)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the type of security;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">2)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the size of the holding;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">3)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the initial cost of the security;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">4)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">transactions in comparable securities;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">5)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">price quotes from dealers and/or third-party pricing services;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">6)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">relationships among various securities;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">7)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">8)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">an analysis of the issuer&#8217;s financial statements; and
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">9)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the existence of merger proposals or tender offers that might affect the value of the security.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the
measurement date. The three levels of the fair value hierarchy are as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:1pt;width:95.56%;" cellpadding="8" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Level 1 &#8211; Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">Level 2 &#8211; Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:6.77%;margin-top:9pt;width:93.33%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Quoted prices for similar investments in active markets.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or
price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss
severities, credit risks, and default rates).
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:8pt;width:95.56%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Level 3 &#8211; Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity&#8217;s own assumptions about the assumptions that market participants would use in pricing
the investment.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The inputs or
methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund&#8217;s investments as of
December 31, 2018, is included with the Fund&#8217;s Portfolio of Investments.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">B.&nbsp;Option
Contracts</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
equity price risk in the normal course of pursuing its investment objective and may write (sell) options to hedge against changes in the value of equities. Also, the Fund seeks to generate additional income, in the
form of premiums received, from</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 15</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">writing (selling) the options. The Fund
may write (sell) covered call options (&#8220;options&#8221;) on all or a portion of the equity securities held in the Fund&#8217;s portfolio and on securities indices as determined to be appropriate by Chartwell
Investment Partners, LLC (&#8220;Chartwell&#8221; or the &#8220;Sub-Advisor&#8221;), consistent with the Fund&#8217;s investment objective. The number of options the Fund can write (sell) is limited by the amount of
equity securities the Fund holds in its portfolio. Options on securities indices are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations
in a single security and are similar to options on single securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of
securities. The Fund will not write (sell) &#8220;naked&#8221; or uncovered options. If certain equity securities held in the Fund&#8217;s portfolio are not covered by a related call option on the individual equity
security, securities index options may be written on all or a portion of such uncovered securities. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in
&#8220;Options written, at value&#8221; on the Fund&#8217;s Statement of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the
underlying equity securities, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options&#8217;
expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Options the Fund writes
(sells) will either be exercised, expire or be canceled pursuant to a closing transaction. If the price of the underlying equity security exceeds the option&#8217;s exercise price, it is likely that the option holder
will exercise the option. If an option written (sold) by the Fund is exercised, the Fund would be obligated to deliver the underlying equity security to the option holder upon payment of the strike price. In this
case, the option premium received by the Fund will be added to the amount realized on the sale of the underlying security for purposes of determining gain or loss and is included in &#8220;Net realized gain (loss) on
investments&#8221; on the Statement of Operations. If the price of the underlying equity security is less than the option&#8217;s strike price, the option will likely expire without being exercised. The option premium
received by the Fund will, in this case, be treated as short-term capital gain on the expiration date of the option. The Fund may also elect to close out its position in an option prior to its expiration by purchasing
an option of the same series as the option written (sold) by the Fund. Gain or loss on options is presented separately as &#8220;Net realized gain (loss) on written options&#8221; on the Statement of Operations.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The options that the Fund
writes (sells) give the option holder the right, but not the obligation, to purchase a security from the Fund at the strike price on or prior to the option&#8217;s expiration date. The ability to successfully
implement the writing (selling) of covered call options depends on the ability of the Sub-Advisor to predict pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell
portfolio securities at inopportune times or for prices other than current market value, which may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that
it might otherwise sell. As the writer (seller) of a covered option, the Fund foregoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the option
above the sum of the premium and the strike price of the option, but has retained the risk of loss should the price of the underlying security decline. The writer (seller) of an option has no control over the time
when it may be required to fulfill its obligation as a writer (seller) of the option. Once an option writer (seller) has received an exercise notice, it cannot effect a closing purchase transaction in order to
terminate its obligation under the option and must deliver the underlying security to the option holder at the exercise price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Over-the-counter options
have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund&#8217;s maximum equity price risk for purchased options is limited to the premium initially paid. In addition,
certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund&#8217;s ability to close out an option contract prior to the expiration date and
that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">C.&nbsp;Securities
Transactions and Investment Income</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Securities transactions
are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is
recorded on the accrual basis, including the amortization of premiums and accretion of discounts.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Distributions received
from the Fund&#8217;s investments in REITs may be comprised of return of capital, capital gains, and investment income. The actual character of the amounts received during the year are not known until after the
REITs&#8217; fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by the Fund may be
subsequently revised based on information received from the REITs after their tax reporting periods conclude.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Distributions received
from the Fund&#8217;s investments in MLPs generally are comprised of return of capital and investment income. The Fund records estimated return of capital and investment income based on historical information
available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 16</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">For the fiscal year ended
December 31, 2018, distributions of $42,500 received from MLPs have been reclassified as return of capital. The cost basis of applicable MLPs has been reduced accordingly.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">D.&nbsp;Dividends and
Distributions to Shareholders</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Dividends from net
investment income of the Fund are declared and paid quarterly or as the Board of Trustees may determine from time to time. Distributions of any net realized capital gains earned by the Fund are distributed at least
annually. Distributions will automatically be reinvested into additional Common Shares pursuant to the Fund&#8217;s Dividend Reinvestment Plan unless cash distributions are elected by the shareholder.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Distributions from income
and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for
permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact
on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some
point in the future. Permanent differences incurred during the year ended December 31, 2018, primarily as a result of the difference between book and tax treatments of income and gains on various investment securities
held by the Fund, have been reclassified at year end to reflect an increase in accumulated net investment income (loss) of $160,968, a decrease in accumulated net realized gain (loss) on investments and written
options of $90,388 and a decrease to paid-in-capital of $70,580. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and
unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The tax character of
distributions paid by the Fund during the fiscal years ended December 31, 2018 and 2017, was as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:72.22%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;">Distributions paid from:
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 9pt 1.5pt 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">2018
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 9pt 1.5pt 6pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">2017
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Ordinary income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.5pt 9pt 1.5pt 0pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20%">$<FONT
style="padding-left:18pt;">3,729,518</FONT>
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 0pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 20.77%">$<FONT
style="padding-left:18pt;">6,872,737</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Capital gains</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.5pt 9pt 1.5pt 24pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">19,039,889
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 27pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">15,197,609
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Return of capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; padding: 1.5pt 9pt 6pt 0pt; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration: none; text-decoration: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">&#8212;
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 6pt; padding-left: 0pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-decoration: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">&#8212;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">As of December 31, 2018,
the components of distributable earnings and net assets on a tax basis were as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:56.67%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Undistributed ordinary income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 6pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:25.5pt;">811,475</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Undistributed capital gains</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 3pt; padding-left: 59pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-decoration: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total undistributed earnings</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 36.5pt; padding-top: 2.38pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">811,475
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Accumulated capital and other losses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 1.5pt; padding-left: 59pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-decoration: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Net unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 24pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">16,194,771
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total accumulated earnings (losses)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 24pt; padding-top: 2.38pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">17,006,246
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.55%;"><DIV
style="float:left;">Other</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding-bottom: 1.5pt; padding-left: 25.67pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">(3,486,622)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Paid-in capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 3pt; padding-left: 19pt; padding-top: 1.5pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">263,923,383
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; color: #000000; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 2.38pt; text-align: right; text-decoration: none; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:8pt;">277,443,007</FONT>
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">E.&nbsp;Income Taxes</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to
continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to
an excise tax of 4% of the amount by which approximately 98% of the Fund&#8217;s taxable income exceeds the distributions from such taxable income for the calendar year.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to
utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At
December 31, 2018, for federal income tax purposes, the Fund had no non-expiring capital loss carryforwards that may be carried forward indefinitely.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2015, 2016, 2017,
and 2018 remain open to</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 17</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_5">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">federal and state audit. As of December
31, 2018, management has evaluated the application of these standards to the Fund, and has determined that no provision for income tax is required in the Fund&#8217;s financial statements for uncertain tax
positions.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">F.&nbsp;Expenses</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund will pay all
expenses directly related to its operations.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">G.&nbsp;New Accounting
Pronouncement</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">On August 28, 2018, the
FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2018-13, &#8220;Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement,&#8221; which amends the fair value
measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an
appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted
for any eliminated or modified disclosures upon issuance of this ASU. The Fund has early adopted ASU 2018-13 for these financial statements, which did not result in a material impact.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">4.&nbsp;Investment
Advisory Fee, Affiliated Transactions and Other Fee Arrangements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust, the
investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and
providing certain administrative services necessary for the management of the Fund. For these services, First Trust is entitled to a monthly fee calculated at an annual rate of 1.00% of the Fund&#8217;s Managed
Assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Chartwell manages the
Fund&#8217;s portfolio subject to First Trust&#8217;s supervision. Chartwell receives a monthly portfolio management fee calculated at an annual rate of 0.50% of the Fund&#8217;s Managed Assets that is paid monthly by
First Trust out of its investment advisory fee.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">During the year ended
December 31, 2017, the Fund received a payment from the Sub-Advisor of $17,250 in connection with a trade error.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">BNY Mellon Investment
Servicing (US) Inc. (&#8220;BNYM IS&#8221;) serves as the Fund&#8217;s transfer agent in accordance with certain fee arrangements. As transfer agent, BNYM IS is responsible for maintaining shareholder records for the
Fund. The Bank of New York Mellon (&#8220;BNYM&#8221;) serves as the Fund&#8217;s administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNYM
is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund&#8217;s books of account, records of the Fund&#8217;s securities transactions, and certain other
books and records. As custodian, BNYM is responsible for custody of the Fund&#8217;s assets. BNYM IS and BNYM are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Each Trustee who is not
an officer or employee of First Trust, any sub-advisor or any of their affiliates (&#8220;Independent Trustees&#8221;) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund
Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, or is an index fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Additionally, the Lead
Independent Trustee and the Chairmen of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata
among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and
Committee Chairmen rotate every three years. The officers and &#8220;Interested&#8221; Trustee receive no compensation from the Fund for acting in such capacities.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">5.&nbsp;Purchases and
Sales of Securities</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The cost of purchases and
proceeds from sales of securities, excluding short-term investments, for the fiscal year ended December 31, 2018, were $143,620,672 and $166,313,844, respectively.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">6.&nbsp;Derivative
Transactions</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following table
presents the types of derivatives held by the Fund at December 31, 2018, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:19pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:13pt;text-align:left;text-decoration:none;text-transform:none;">Page 18</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="NTF-TOCnotes-4_6">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018</DIV>
</DIV>
<DIV
style="margin-top:3.5pt;width:100%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:10pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:13.03%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:12.89%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:33.30%;" colspan="3">Asset Derivatives
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:37.84%;" colspan="3">Liability Derivatives
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.03%;">Derivative<BR>
Instrument
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.89%;">Risk<BR>
Exposure
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:22.80%;">Statement of Assets and<BR>
Liabilities Location
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.50%;">Value
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:22.80%;">Statement of Assets and<BR>
Liabilities Location
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-top:1.62pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.03%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:13.03%;">Written Options
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:12.89%;">Equity Risk
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:22.80%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;width:8.50%;">$ &#8212;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;width:22.80%;">Options written, at value
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.12pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;width:13.03%;">$ 439,315
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The following table
presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2018, on derivative instruments, as well as the primary
underlying risk exposure associated with each instrument.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:72.92%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:18pt;
padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:77.06%;">Statement of Operations Location
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:3pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:18.37%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:18pt;padding-top:2.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:77.06%;">Equity Risk Exposure
</TD><TD
style="line-height:0pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:18.37%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:18pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:77.06%;">Net realized gain (loss) on written options
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:18pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:18.37%;">$(3,783,010)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:18pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:77.06%;">Net change in unrealized appreciation (depreciation) on written options
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:18.37%;">(270,672)
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">During the fiscal year
ended December 31, 2018, the premiums for written options opened were $21,812,114, and the premiums for written options closed, exercised and expired were $22,100,934.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund does not have
the right to offset financial assets and liabilities related to option contracts on the Statement of Assets and Liabilities.</DIV>
<DIV
style="color:#000000;font-family:Times New
Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">7.&nbsp;Indemnification</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has a variety of
indemnification obligations under contracts with its service providers. The Fund&#8217;s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">8.&nbsp;Subsequent
Events</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Management has evaluated
the impact of all subsequent events to the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial
statements that have not already been disclosed.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:318pt;text-align:right;text-decoration:none;text-transform:none;">Page 19</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="Audit-TOCauditletter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;" type="OverlapColorBlock">
<DIV
style="padding-left:6pt;width:97.78%;" type="Block">
<DIV
style="color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Report of Independent
Registered Public Accounting Firm</DIV>
</DIV>
</DIV>
<DIV
style="margin-top:16pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">To the shareholders and the
Board of Trustees of First Trust Enhanced Equity Income Fund:</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Opinion on the Financial
Statements and Financial Highlights</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We have audited the
accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;), as of December 31, 2018, the related statement of
operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the
related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, and the results of its operations
for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Basis for Opinion</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">These financial
statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements and financial highlights based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of
material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly,
we express no such opinion.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Our audits included
performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of
December 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our
opinion.</DIV>
<DIV
style="margin-top:18pt;text-align:Left;width:204pt;">
<IMG src="imgf0e1ed8d6.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Chicago, Illinois</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">February 22, 2019</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We have served as the
auditor of one or more First Trust investment companies since 2001.</DIV>
</DIV>
<DIV
style="margin-top:225pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 20</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Dividend Reinvestment
Plan</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">If your Common Shares are
registered directly with the Fund or if you hold your Common Shares with a brokerage firm that participates in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), unless you elect, by written notice
to the Fund, to receive cash distributions, all dividends, including any capital gain distributions, on your Common Shares will be automatically reinvested by BNY Mellon Investment Servicing (US) Inc. (the &#8220;Plan
Agent&#8221;), in additional Common Shares under the Plan. If you elect to receive cash distributions, you will receive all distributions in cash paid by check mailed directly to you by the Plan Agent, as the dividend
paying agent.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">If you decide to
participate in the Plan, the number of Common Shares you will receive will be determined as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:2pt;width:95.56%;" cellpadding="8" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:3.49%;">(1)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">If Common Shares are trading at or above net asset value (&#8220;NAV&#8221;) at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that
date or (ii) 95% of the market price on that date.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:3.49%;">(2)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:96.51%;">If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market,
on the NYSE or elsewhere, for the participants&#8217; accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average
purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares
issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or
suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">You may elect to opt-out
of or withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone at (866) 340-1104, in accordance with such reasonable requirements as the Plan Agent and the Fund may agree upon. If
you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan, and you will receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Plan Agent maintains
all Common Shareholders&#8217; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Common Shares in your account will be held by
the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy
you receive will include all Common Shares you have received under the Plan.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">There is no brokerage
charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market
purchases.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Automatically reinvesting
dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Capital gains and income are realized although cash is not received by you. Consult
your financial advisor for more information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">If you hold your Common
Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund reserves the
right to amend or terminate the Plan if in the judgment of the Board of Trustees the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend
the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained by writing BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware
19809.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Proxy Voting Policies
and Procedures</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">A description of the
policies and procedures that the Fund uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio investments during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund&#8217;s website at <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT>; and (3) on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) website at <FONT
style="color:#0000FF;text-decoration:underline;">www.sec.gov.</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:47pt;text-align:right;text-decoration:none;text-transform:none;">Page 21</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Portfolio Holdings</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund files its
complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund&#8217;s Form N-Qs are available (1) by calling (800) 988-5891; (2) on the Fund&#8217;s
website at <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com;</FONT> and (3) on the SEC&#8217;s website at <FONT
style="color:#0000FF;text-decoration:underline;">www.sec.gov.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Beginning in April 2019,
the Fund will cease to disclose its holdings on Form N-Q and will file Form N-PORT with the SEC on a monthly basis. Part F of Form N-PORT, which contains the complete schedule of the Fund&#8217;s portfolio holdings,
will be made available in the same manner as Form N-Q discussed above.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Federal Tax
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">For the year ended
December 31, 2018, the amount of long-term capital gain distributions designated by the Fund was $19,039,889 which is taxable at the applicable capital gain tax rates for federal income tax purposes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Of the ordinary income
(including short-term capital gain, if applicable) distributions made by the Fund during the year ended December 31, 2018, 43.76% qualified for the corporate dividends received deduction available to corporate
shareholders. The Fund hereby designates as qualified dividend income 48.13% of its ordinary income distributions (including short-term capital gain, if applicable), for the year ended December 31, 2018.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">NYSE Certification
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">In accordance with
Section 303A-12 of the New York Stock Exchange (&#8220;NYSE&#8221;) Listed Company Manual, the Fund&#8217;s President has certified to the NYSE that, as of April 26, 2018, he was not aware of any violation by the Fund
of NYSE corporate governance listing standards. In addition, the Fund&#8217;s reports to the SEC on Forms N-CSR and N-Q contain certifications by the Fund&#8217;s principal executive officer and principal financial
officer that relate to the Fund&#8217;s public disclosure in such reports and are required by Rule 30a-2 under the 1940 Act.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Submission of Matters to
a Vote of Shareholders</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund held its Annual
Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) on April 23, 2018. At the Annual Meeting, Richard E. Erickson and Thomas R. Kadlec were elected by the Common Shareholders of First Trust Enhanced Equity
Income Fund as Class II Trustees for a three-year term expiring at the Fund&#8217;s annual meeting of shareholders in 2021. The number of votes cast in favor of Mr. Erickson was 18,516,583, the number of votes against
was 220,044 and the number of broker non-votes was 1,236,537. The number of votes cast in favor of Mr. Kadlec was 18,494,001, the number of votes against was 242,626 and the number of broker non-votes was 1,236,537.
James A. Bowen, Robert F. Keith and Niel B. Nielson are the other current and continuing Trustees.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Risk Considerations</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following discussion
summarizes certain (but not all) of the principal risks associated with investing in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940 and, in accordance therewith, files reports, proxy statements and other information that is available for review.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Cyber Security Risk.<FONT
style="font-weight:Normal;"> As the use of Internet technology has become more prevalent in the course of business, the Fund has become more susceptible to potential operational risks through breaches in cyber
security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could
cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the
Fund&#8217;s digital information systems through &#8220;hacking&#8221; or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services
unavailable to intended users. In addition, cyber security breaches of the Fund&#8217;s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in
which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed to reduce the risks associated with
cyber security. However, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third party service providers.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Equity Securities
Risk.<FONT
style="font-weight:Normal;"> The Fund invests in equity securities. An adverse event affecting an issuer, such as an unfavorable earnings report, may depress the value of a particular equity security held by the Fund.
Also, the prices of equity securities are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of equity securities to which the Fund has exposure. Equity securities
prices fluctuate for several reasons, including changes in investors&#8217; perceptions of the financial</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:8pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 22</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">condition of an issuer or the general
condition of the relevant stock market, or when political or economic events affecting the issuers or their industries occur.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Income Risk.<FONT
style="font-weight:Normal;"> Net investment income paid by the Fund to its Common Shareholders is derived from the premiums it receives from writing (selling) call options and from the dividends and interest it
receives from the equity securities and other investments held in the Fund&#8217;s portfolio and short-term gains thereon. Premiums from writing (selling) call options and dividends and interest payments made by the
securities in the Fund&#8217;s portfolio can vary widely over time. Dividends on equity securities are not fixed but are declared at the discretion of an issuer&#8217;s board of directors. There is no guarantee that
the issuers of the equity securities in which the Fund invests will declare dividends in the future or that if declared they will remain at current levels. The Fund cannot assure as to what percentage of the
distributions paid on the Common Shares, if any, will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term
capital gains.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Industry and Sector
Risk.<FONT
style="font-weight:Normal;"> The Fund may not invest 25% or more of its total assets in securities of issuers in any single industry. If the Fund is focused in an industry, it may present more risks than if it were
broadly diversified over numerous industries of the economy. Individual industries may be subject to unique risks which may include, among others, governmental regulation, inflation, technological innovations that may
render existing products and equipment obsolete, competition from new entrants, high research and development costs, and rising interest rates.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest 25%
or more of its total assets in securities of issuers in a single sector. Currently, the Fund makes significant investments in equity securities of companies in the technology sector. The technology sector may include,
for example, companies that rely extensively on technology, science or communications in their product development or operations. Technology companies are generally subject to the risks of rapidly changing technologies;
 short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; and evolving industry standards and
frequent new product introductions. Technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing
personnel. Technology company stocks have experienced extreme price and volume fluctuations that are often unrelated to the operating performance of the respective company.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Investment and Market
Risk.<FONT
style="font-weight:Normal;"> An investment in the Fund&#8217;s Common Shares is subject to investment risk, including the possible loss of the entire principal invested. An investment in Common Shares represents an
indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Common Shares at any point in time may
be worth less than the original investment, even after taking into account the reinvestment of Fund dividends and distributions. Security prices can fluctuate for several reasons including the general condition of the
securities markets, or when political or economic events affecting the issuers occur. When the Advisor or Sub-Advisor determines that it is temporarily unable to follow the Fund&#8217;s investment strategy or 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 absent), the Fund may take temporary defensive positions.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Management Risk and
Reliance on Key Personnel.<FONT
style="font-weight:Normal;"> The implementation of the Fund&#8217;s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of whom have unique
talents and experience and would be difficult to replace. The loss or interruption of the services of a key member of the portfolio management team could have a negative impact on the Fund.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Market Discount from Net
Asset Value. <FONT
style="font-weight:Normal;">Shares of closed-end investment companies such as the Fund frequently trade at a discount from their net asset value. The Fund cannot predict whether its common shares will trade at, below
or above net asset value.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Non-U.S. Securities
Risk.<FONT
style="font-weight:Normal;"> The Fund may invest a portion of its assets in the equity securities of issuers domiciled in jurisdictions other than the U.S. Investments in the securities and instruments of non-U.S.
issuers involve certain considerations and risks not ordinarily associated with investments in securities and instruments of U.S. issuers. Non-U.S. companies are not generally subject to uniform accounting, auditing
and financial standards and requirements comparable to those applicable to U.S. companies. Non-U.S. securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than
exists in the United States. Dividend and interest income may be subject to withholding and other non-U.S. taxes, which may adversely affect the net return on such investments. A related risk is that there may be
difficulty in obtaining or enforcing a court judgment abroad.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Option Risk.<FONT
style="font-weight:Normal;"> The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund&#8217;s portfolio as determined to be appropriate by the Fund&#8217;s
Sub-Advisor, consistent with the Fund&#8217;s investment objective. The ability to successfully implement the Fund&#8217;s investment strategy depends on the Sub-Advisor&#8217;s ability to predict pertinent market
movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation
the Fund can realize on an investment, or may cause the Fund to hold an equity security that it might otherwise sell. There can be no assurance that a liquid market for the options will exist when the Fund</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:8pt;text-align:right;text-decoration:none;text-transform:none;">Page 23</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="AI-TOCadditionalinfo-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">seeks to close out an option position.
Additionally, to the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to additional risks.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Potential Conflicts of
Interest Risk.<FONT
style="font-weight:Normal;"> First Trust, Chartwell and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and Chartwell currently manage and may in the
future manage and/or advise other investment funds or accounts with the same or substantially similar investment objectives and strategies as the Fund.</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:601pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 24</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="TO-TOCtrustees-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Board of Trustees and Officers<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following tables
identify the Trustees and Officers of the Fund. Unless otherwise indicated, the address of all persons is 120 E. Liberty Drive, Suite 400, Wheaton, IL 60187.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:23.33%;">Name, Year of Birth and Position with the Fund
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.44%;">Term of Office and Year First Elected or Appointed<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:34.44%;">Principal Occupations<BR>
During Past 5 Years
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:13.33%;">Number of Portfolios in the First Trust Fund Complex Overseen by Trustee
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:bottom;width:15.56%;">Other Trusteeships or Directorships Held by Trustee During Past 5 Years
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" bgcolor="#D9E2ED" colspan="5">INDEPENDENT TRUSTEES
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Richard E. Erickson, Trustee<BR>
(1951)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">Physician; Officer, Wheaton Orthopedics; Limited Partner, Gundersen Real Estate Limited Partnership (June 1992 to December 2016); Member, Sportsmed LLC (April 2007
to November 2015)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">161
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:15.56%;">None
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Thomas R. Kadlec, Trustee<BR>
(1957)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">President, ADM Investor Services, Inc. (Futures Commission Merchant)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">161
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:15.56%;">Director of ADM Investor Services, Inc., ADM Investor Services International, Futures Industry Association, and National Futures Association
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Robert F. Keith, Trustee<BR>
(1956)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since June 2006</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">President, Hibs Enterprises (Financial and Management Consulting)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">161
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:15.56%;">Director of Trust Company of Illinois
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Niel B. Nielson, Trustee<BR>
(1954)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">Senior Advisor (August 2018 to Present), Managing Director and Chief Operating Officer (January 2015 to August 2018), Pelita Harapan Educational Foundation
(Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Servant Interactive LLC (Educational Products and Services); President and Chief Executive Officer (June 2012
to September 2014), Dew Learning LLC (Educational Products and Services)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">161
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:15.56%;">Director of Covenant Transport, Inc. (May 2003 to May 2014)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" bgcolor="#D9E2ED" colspan="5">INTERESTED TRUSTEE
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:23.33%;">James A. Bowen<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>, Trustee and<BR>
Chairman of the Board<BR>
(1955)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:14pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:34.44%;">Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software
Development Company) and Stonebridge Advisors LLC (Investment Advisor)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">161
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:15.56%;">None
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</DIV>
<DIV
style="margin-top:93pt;width:94%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:7pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Currently, James A. Bowen and Niel B. Nielson, as Class III Trustees, are serving as trustees until the Fund&#8217;s 2019 annual meeting of shareholders. Robert F. Keith, as a Class I Trustee, is
serving as a trustee until the Fund&#8217;s 2020 annual meeting of shareholders. Richard E. Erickson and Thomas R. Kadlec, as Class II Trustees, are serving as trustees until the Fund&#8217;s 2021 annual meeting of
shareholders.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:1pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Mr. Bowen is deemed an &#8220;interested person&#8221; of the Fund due to his position as CEO of First Trust Advisors L.P., investment advisor of the Fund.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 25</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="TO-TOCtrustees-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Board of Trustees and Officers (Continued)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:18.89%;">Name and Year of Birth
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:20.0%;">Position and Offices with Fund
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:15.56%;">Term of Office and Length of Service
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:bottom;width:46.67%;">Principal Occupations<BR>
During Past 5 Years
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:100%;" bgcolor="#D9E2ED" colspan="4">OFFICERS<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">James M. Dykas<BR>
(1966)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">President and Chief Executive Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since January 2016
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Managing Director and Chief Financial Officer (January 2016 to Present), Controller (January 2011 to January 2016), Senior Vice President (April 2007 to January 2016), First Trust
Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer (January 2016 to Present), BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">Donald P. Swade<BR>
(1972)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Treasurer, Chief Financial Officer and Chief Accounting Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since January 2016
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Senior Vice President (July 2016 to Present), Vice President (April 2012 to July 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">W. Scott Jardine<BR>
(1960)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Secretary and Chief Legal Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since Fund Inception
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">Daniel J. Lindquist<BR>
(1970)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Vice President
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since December 2005
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:18.89%;">Kristi A. Maher<BR>
(1966)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:20.0%;">Chief Compliance Officer and Assistant Secretary
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:15.56%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Indefinite Term<BR> &#8194;<BR> &#8226;&#8194;Chief Compliance Officer <BR>
&nbsp;&nbsp;&nbsp;Since January 2011</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Assistant Secretary <BR>
&nbsp;&nbsp;&nbsp;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:46.67%;">Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:269pt;width:93.96%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:7pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">The term &#8220;officer&#8221; means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 26</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="PP-TOCprivacy-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Privacy Policy<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA) </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2018
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Privacy Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust values our
relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Sources of Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We collect nonpublic
personal information about you from the following sources:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:2pt;width:95.56%;" cellpadding="3" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information we receive from you and your broker-dealer, investment advisor or financial representative through interviews, applications, agreements or other forms;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information about your transactions with us, our affiliates or others;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information we receive from your inquiries by mail, e-mail or telephone; and
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">Information we collect on our website through the use of &#8220;cookies&#8221;. For example, we may identify the pages on our website that your browser requests or visits.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Information Collected</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The type of data we
collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Disclosure of
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We do not disclose any
nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses
may also include the disclosure of such information to unaffiliated companies for the following reasons:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:1pt;width:95.56%;" cellpadding="3" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">In addition, in order to
alert you to our other financial products and services, we may share your personal information within First Trust.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Use of Website
Analytics</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We currently use third
party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust&#8217;s website and marketing our products and services to you. These tools employ cookies, which are
small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs
viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web
navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust&#8217;s website better and more useful to our users. The
information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in
order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <FONT
style="color:#0000FF;text-decoration:underline;">Google Analytics</FONT> and <FONT
style="color:#0000FF;text-decoration:underline;">AddThis</FONT>.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Confidentiality and
Security</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">With regard to our
internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Policy Updates and
Inquiries</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">As required by federal
law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">May 2017</DIV>
</DIV>
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<DIV
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<DIV
style="color:#000000;font-family:Arial;font-size:11pt;font-style:Normal;font-weight:Normal;line-height:14pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">120 East Liberty Drive, Suite
400</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:11pt;font-style:Normal;font-weight:Normal;line-height:14pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Wheaton, IL 60187</DIV>
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LLC</DIV>
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(US) Inc.</DIV>
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FUND ACCOUNTANT, AND<BR>
CUSTODIAN</DIV>
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PUBLIC ACCOUNTING FIRM</DIV>
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<DIV
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<DIV
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<DIV
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 2. Code of Ethics.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The registrant, as of the end of the period covered by this report, has adopted a code of ethics
that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or
a third party.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">There have been no amendments, during the period covered by this report, to a provision of the
code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, and that relates to any element of the code of ethics description.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">The registrant has not granted any waivers, including an implicit waiver, from a provision of the
code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, that relates to one or more of the items set forth in paragraph (b) of this item&rsquo;s instructions.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the end of the period covered by the
report, the registrant&rsquo;s board of trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve
as audit committee financial experts serving on its audit committee and that each of them is &ldquo;independent,&rdquo; as defined
by Item 3 of Form N-CSR.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(a)&#9;<I>Audit
Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed for each of the last two fiscal years for professional services
rendered by the principal accountant for the audit of the registrant&rsquo;s annual financial statements or services that are
normally provided by the accountant in connection with statutory and regulatory filings or engagements were $38,000.00 for 2017
and $38,000.00 for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(b)&#9;<I>Audit-Related
Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed in each of the last two fiscal years, for assurance and related
services by the principal accountant that are reasonably related to the performance of the audit of the registrant&rsquo;s financial
statements and are not reported under paragraph (a) of this Item were $0 for 2017 and $0 for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>Audit-Related
Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years of the registrant
for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of
the registrant&rsquo;s financial statements and are not reported under paragraph&nbsp;(a) of this Item were $0 for 2017 and $0
for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(c)&#9;<I>Tax
Fees </I>(<I>Registrant</I>) <I>&mdash; </I>The aggregate fees billed in each of the last two fiscal years for professional services
rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant were $5,200 for 2017 and
$5,200 for 2018. These fees were for tax preparation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>Tax
Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years of the registrant
for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant&rsquo;s
adviser were $0 for 2017 and $0 for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(d)&#9;<I>All
Other Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed in each of the last two fiscal years for products and services
provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this
Item were $0 for 2017 and $0 for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>All
Other Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years for products
and services provided by the principal accountant to the registrant&rsquo;s investment adviser, other than services reported in
paragraphs&nbsp;(a) through (c) of this Item were $0 for 2017 and $0 for 2018.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)(1)</TD><TD STYLE="text-align: justify">Disclose the audit committee&rsquo;s pre-approval policies and procedures described in paragraph
(c)(7) of Rule 2-01 of Regulation S-X.</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to
its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the <I>&ldquo;Committee&rdquo;</I>)
is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof)
to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals
on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Committee
is also responsible for the pre-approval of the independent auditor&rsquo;s engagements for non-audit services with the registrant&rsquo;s
adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another
investment adviser) and any entity controlling, controlled by or under common control with the investment adviser that provides
ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant,
subject to the <I>de minimis </I>exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent
auditor has provided non-audit services to the registrant&rsquo;s adviser (other than any sub-adviser whose role is primarily portfolio
management and is sub-contracted with or overseen by another investment adviser) and any entity controlling, controlled by or under
common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant
to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor&rsquo;s
independence.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)(2)</TD><TD STYLE="text-align: justify">The percentage of services described in each of paragraphs (b) through (d) for the registrant and
the registrant&rsquo;s investment adviser of this Item that were approved by the audit committee pursuant to the pre-approval exceptions
included in paragraph (c)(7)(i)(c) or paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(b) 0%</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(c) 0%</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(d) 0%</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">The percentage of hours expended on the principal accountant&rsquo;s engagement to audit the registrant&rsquo;s
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal
accountant&rsquo;s full-time, permanent employees was less than fifty percent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">The aggregate non-audit fees billed by the registrant&rsquo;s accountant for services rendered
to the registrant, and rendered to the registrant&rsquo;s investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the adviser that provides ongoing services to the Registrant for 2017 were $5,200 and $44,000
for the Registrant and the Registrant&rsquo;s investment adviser, respectively, and for 2018 were $5,200 and $48,190, for the Registrant
and the Registrant&rsquo;s investment adviser, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s audit committee of its Board of Trustees determined that the provision of
non-audit services that were rendered to the Registrant&rsquo;s investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant&rsquo;s
independence.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 5. Audit Committee of Listed registrants.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&#9;The Registrant has a separately designated
audit committee consisting of all the independent &#9;trustees of the Registrant. The members of the audit committee are: Thomas
R. Kadlec, Niel B. &#9;Nielson, Richard E. Erickson and Robert F. Keith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 6. Investments.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD><FONT STYLE="font-weight: normal">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1 of this form.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: -40.5pt"><B>Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Proxy Voting Policies are attached herewith.</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CHARTWELL INVESTMENT PARTNERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Proxy Voting Policies and Procedures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&#8226;&nbsp;&nbsp;<B>Adopted
April 11, 1997</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&#8226;&nbsp;&nbsp;<B>As
Amended February 2018</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Purpose.</I></B> Chartwell Investment Partners (&ldquo;Chartwell&rdquo;)
has adopted these Proxy Voting Policies and Procedures (&ldquo;Policies&rdquo;) to seek to ensure that it exercises voting authority
on behalf of Chartwell clients in a manner consistent with the best interests of each client and its agreement with the client.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Scope. </I></B>These Policies apply where clients have delegated
the authority and responsibility to Chartwell to decide how to vote proxies. Chartwell does not accept or retain authority to vote
proxies in accordance with individual client guidelines with the exception of those clients who wish their proxies voted in accordance
with Taft-Hartley Proxy Voting Guidelines and who have instructed Chartwell to do so. In addition, Clients who wish to instruct
Chartwell not to vote in accordance with AFL-CIO Key Vote Survey recommendations, as described below, retain that authority. Clients
who wish to arrange to vote proxies in accordance with their own guidelines may elect to do so at any time by notifying Chartwell.
Chartwell generally will follow these Policies if asked to make recommendations about proxy voting to clients who request that
advice but have not delegated proxy voting responsibility to Chartwell<B><I>.</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Guiding Principles</I>. </B>Chartwell believes that voting
proxies in the best interests of each client means making a judgment as to what voting decision is most likely to maximize total
return to the client as an investor in the securities being voted, and casting the vote accordingly. For this reason, Chartwell&rsquo;s
evaluation of the possible impact of a proxy vote on the economic interests of company shareholders similarly situated to Chartwell&rsquo;s
clients will be the primary factor governing Chartwell&rsquo;s proxy voting decisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Use of Independent Proxy Voting Service</I>. </B>Chartwell
has retained ISS, an independent proxy voting service, to assist it in analyzing specific proxy votes with respect to securities
held by Chartwell clients and to handle the mechanical aspects of casting votes. Historically, Chartwell has placed substantial
reliance on ISS&rsquo; analyses and recommendations and generally gives instructions to ISS to vote proxies in accordance with
ISS&rsquo; recommendations, unless Chartwell reaches a different conclusion than ISS about how a particular matter should be voted.
ISS&rsquo; proxy voting recommendations typically are made available to Chartwell about a week before the proxy must be voted,
and are reviewed and monitored by members of the Proxy Voting Committee (and, in certain cases, by Chartwell portfolio managers),
with a view to determining whether it is in the best interests of Chartwell&rsquo;s clients to vote proxies as recommended by ISS,
or whether client proxies should be voted on a particular proposal in another manner. In addition, Chartwell generally votes in
accordance with AFL-CIO Key Votes Survey, a list of proposals and meetings based on recommendations by the AFL-CIO Office of Investment.
To the extent that any of the proxy voting positions stated in these Policies are inconsistent with a Key Vote Survey recommendation,
Chartwell will generally vote in accordance with the Key Vote Survey recommendation on all impacted securities unless any client
has chosen to instruct Chartwell to refrain from doing so. In that case, Chartwell will vote the client&rsquo;s securities position
in accordance with these Policies (which may or may not cause the vote to be the same as the Key Vote Survey recommendation).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Administration of Policies</I>. </B>Chartwell has established
a Proxy Voting Committee to oversee and administer the voting of proxies on behalf of clients, comprised of approximately five
representatives of the firm&rsquo;s compliance and operations departments. The Committee&rsquo;s responsibilities include reviewing
and updating these Policies as may be appropriate from time to time; identifying and resolving any material conflicts of interest
on the part of Chartwell or its personnel that may affect particular proxy votes; evaluating and monitoring, on an ongoing basis,
the analyses, recommendations and other services provided by ISS or another third party retained to assist Chartwell in carrying
out its proxy voting responsibilities; when deemed appropriate by the Committee, consulting with Chartwell portfolio managers and
investment professionals on particular proposals or categories of proposals presented for vote; and determining when and how client
proxies should be voted other than in accordance with the general rules and criteria set forth in Chartwell&rsquo;s Proxy Voting
Guidelines or with the recommendations of ISS or another independent proxy voting service retained by Chartwell.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Conflicts of Interest</I>. </B>It is Chartwell&rsquo;s policy
not to exercise its authority to decide how to vote a proxy if there is a material conflict of interest between Chartwell&rsquo;s
interests and the interests of the client that owns the shares to be voted that could affect the vote on that matter. To seek to
identify any such material conflicts, a representative of the Proxy Voting Committee screens all proxies and presents any potential
conflicts identified to the Committee for determination of whether the conflict exists and if so, whether it is material.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Conflicts of interest could result from a variety of circumstances,
including, but not limited to, significant personal relationships between executive officers of an issuer and Chartwell personnel,
a current or prospective investment adviser-client relationship between an issuer or a pension plan sponsored by an issuer and
Chartwell, a significant ownership interest by Chartwell or its personnel in the issuer and various other business, personal or
investment relationships. Generally, a current or prospective adviser-client relationship will not be considered material for these
purposes if the net advisory revenues to Chartwell have not in the most recent fiscal year and are not expected in the current
fiscal year to exceed &frac12; of 1 percent of Chartwell&rsquo;s annual advisory revenue.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Currently, the Proxy Voting Committee has determined that voting
in accordance with AFL-CIO Key Votes Survey recommendations is not a material conflict of interest. In reaching this decision,
the Committee recognized that Chartwell has many union clients and many clients that are not union-oriented. By voting all impacted
securities positions in accordance with AFL-CIO recommendations, it could be said that Chartwell is attempting to retain or attract
existing and prospective union clients. However, the overall number of proxy issues in the AFL-CIO Key Votes Survey on which Chartwell
has historically voted is approximately 14 &ndash; 30 out of a total of approximately 500 company meetings and thousands of proxy
votes cast by Chartwell each year. Chartwell does not use its AFL-CIO Key Votes Survey rankings for marketing purposes, so to the
extent any client or prospect becomes aware of how Chartwell votes in the Surveys, it does so on its own. In addition, Union Clients
have the ability to instruct Chartwell to vote their proxies entirely in accordance with the Taft-Hartley policy. Recognizing that
deciding this is not a material conflict of interest is fundamentally subjective, Chartwell nonetheless discloses its practices
to clients and invites clients to instruct Chartwell not to change any vote in these Policies to be consistent with an AFL-CIO
Key Votes Survey recommendation (even though voting consistently with these Policies may result in voting the same way).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In the event the Committee determines that there is a material conflict
of interest that may affect a particular proxy vote, Chartwell will <B><I>not </I></B>make the decision how to vote the proxy in
accordance with these Policies unless the Policies specify how votes shall be cast on that particular type of matter, i.e., &ldquo;for&rdquo;
or &ldquo;against&rdquo; the proposal. Where the Policies provide that the voting decision will be made on a &ldquo;case-by-case&rdquo;
basis, Chartwell will either request the client to make the voting decision, or the vote will be cast in accordance with the recommendations
of ISS or another independent proxy voting service retained by Chartwell for that purpose. Chartwell also will not provide advice
to clients on proxy votes without first disclosing any material conflicts to the client requesting such advice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0"><B><I>When Chartwell Does Not Vote Proxies.</I></B> Chartwell may
not vote proxies respecting client securities in certain circumstances, including, but not limited to, situations where (a) the
securities are no longer held in a client&rsquo;s account; (b) the proxy and other relevant materials are not received in sufficient
time to allow analysis or an informed vote by the voting deadline; (c) Chartwell concludes that the cost of voting the proxy will
exceed the expected potential benefit to the client; or (d) the securities have been loaned out pursuant to a client&rsquo;s securities
lending program and are unavailable to vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&#8226;&nbsp;&nbsp;<B>Proxy
Voting Guidelines</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally, Chartwell votes all proxies in accordance with the following
guidelines provided by Institutional Shareholder Services (ISS). These guidelines may be changed or supplemented from time to
time. Votes on matters not covered by these guidelines will be determined in accordance with the principles set forth above. Client
guidelines may be inconsistent with these guidelines and may cause Chartwell to vote differently for different clients on the
same matter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOARD OF DIRECTORS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Voting on Director Nominees in Uncontested Elections</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Four fundamental principles apply when determining votes on director
nominees:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Independence: Boards should be sufficiently independent from management
(and significant shareholders) to ensure that they are able and motivated to effectively supervise management's performance for
the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use
of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of
the board should ideally be an independent director, and all boards should have an independent leadership position or a similar
role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees
that focus on key governance concerns such as audit, compensation, and nomination of directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Composition: Companies should ensure that directors add value to
the board through their specific skills and expertise and by having sufficient time and commitment to serve effectively. Boards
should be of a size appropriate to accommodate diversity, expertise, and independence, while ensuring active and collaborative
participation by all members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Responsiveness: Directors should respond to investor input, such
as that expressed through significant opposition to management proposals, significant support for shareholder proposals (whether
binding or non-binding), and tender offers where a majority of shares are tendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Accountability: Boards should be sufficiently accountable to shareholders,
including through transparency of the company's governance practices and regular board elections, by the provision of sufficient
information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove
directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for director
nominees, except under the following circumstances:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Independence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against<SUP>1</SUP> or withhold from non-independent directors
(Executive Directors and Non-Independent Non-Executive Directors per ISS&rsquo; Categorization of Directors) when:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&rsaquo;&#9;Independent directors comprise 50 percent or less of
the board;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The non-independent director serves on the audit, compensation,
or nominating committee;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company lacks an audit, compensation, or nominating committee
so that the full board functions as that committee; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company lacks a formal nominating committee, even if
the board attests that the independent directors fulfill the functions of such a committee.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">1</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">In general, companies with a plurality vote standard use &ldquo;Withhold&rdquo; as
the contrary vote option in director elections; companies with a majority vote standard use &ldquo;Against&rdquo;. However, it
will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS U.S. Categorization of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Executive
Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1.1.&nbsp;&nbsp;&nbsp; &nbsp;Current employee or
current officer<SUP>1</SUP> of the company or one of its affiliates<SUP>2</SUP>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Non-Independent
Non-Executive Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Board Identification</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.1.&nbsp;&nbsp;&nbsp; &nbsp;Director identified
as not independent by the board. Controlling/Significant Shareholder</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.2.&nbsp;&nbsp;&nbsp; &nbsp;Beneficial owner of
more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than one member
of a group).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Former CEO/Interim Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.3.&nbsp;&nbsp;&nbsp; &nbsp;Former CEO of the
company.<SUP>3, 4</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.4.&nbsp;&nbsp;&nbsp; &nbsp;Former CEO of an acquired
company within the past five years.<SUP>4</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.5.&nbsp;&nbsp;&nbsp; &nbsp;Former interim officer
if the service was longer than 18 months. If the service was between 12 and 18 months an assessment of the interim officer&rsquo;s
employment agreement will be made.<SUP>5</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Non-CEO Executives</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.6.&nbsp;&nbsp;&nbsp; &nbsp;Former officer<SUP>1</SUP>
of the company, an affiliate<SUP>2</SUP>, or an acquired firm within the past five years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.7.&nbsp;&nbsp;&nbsp; &nbsp;Officer<SUP>1</SUP>
of a former parent or predecessor firm at the time the company was sold or split off from the parent/predecessor within the past
five years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.8.&nbsp;&nbsp; &nbsp;&nbsp;Officer<SUP>1</SUP>,
former officer, or general or limited partner of a joint venture or partnership with the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Family Members</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.9.&nbsp;&nbsp; &nbsp;&nbsp;Immediate family
member<SUP>6</SUP> of a current or former officer1 of the company or its affiliates<SUP>2</SUP> within the last five
years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.10. &nbsp;&nbsp;Immediate family
member<SUP>6</SUP> of a current employee of company or its affiliates<SUP>2</SUP> where additional factors raise concern (which
may include, but are not limited to, the following: a director related to numerous employees; the company or its affiliates employ
relatives of numerous board members; or a non- Section 16 officer in a key strategic role).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Transactional, Professional, Financial, and Charitable Relationships</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.11.&nbsp;&nbsp;&nbsp;Currently provides
(or an immediate family member<SUP>6</SUP> provides) professional services<SUP>7</SUP> to the company, to an affiliate<SUP>2</SUP>
of the company or an individual officer of the company or one of its affiliates in excess of $10,000 per year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.12.&nbsp;&nbsp;&nbsp;Is (or an immediate
family member<SUP>6</SUP> is) a partner in, or a controlling shareholder or an employee of, an organization which provides professional
services<SUP>7</SUP> to the company, to an affiliate<SUP>2</SUP> of the company, or an individual officer of the company or one
of its affiliates in excess of $10,000 per year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.13.&nbsp;&nbsp;&nbsp;Has (or an immediate
family member<SUP>6</SUP> has) any material transactional relationship<SUP>8</SUP> with the company or its affiliates<SUP>2</SUP>
(excluding investments in the company through a private placement).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.14.&nbsp;&nbsp;&nbsp;Is (or an immediate
family member<SUP>6</SUP> is) a partner in, or a controlling shareholder or an executive officer of, an organization which has
any material transactional relationship<SUP>8</SUP> with the company or its affiliates<SUP>2</SUP> (excluding investments in the
company through a private placement).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.15.&nbsp;&nbsp;&nbsp;Is (or an immediate
family member<SUP>6</SUP> is) a trustee, director, or employee of a charitable or non-profit organization that receives material
grants or endowments<SUP>8</SUP> from the company or its affiliates<SUP>2</SUP>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Other Relationships</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.16.&nbsp;&nbsp;&nbsp;Party to a voting
agreement<SUP>9</SUP> to vote in line with management on proposals being brought to shareholder vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.17.&nbsp;&nbsp;&nbsp;Has (or an immediate
family member<SUP>6</SUP> has) an interlocking relationship as defined by the SEC involving members of the board of directors or
its Compensation Committee.<SUP>10</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.18.&nbsp;&nbsp;&nbsp;Founder<SUP>11</SUP>
of the company but not currently an employee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.19.&nbsp;&nbsp;&nbsp;Any material<SUP>12</SUP>
relationship with the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent
Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No material<SUP>12</SUP>
connection to the company other than a board seat.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Footnotes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The definition of officer will generally follow that of a &ldquo;Section 16 officer&rdquo;
(officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial,
legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice
president in charge of a principal business unit, division, or policy function). Current interim officers are included in this
category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to
statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent Non-Executive Director under
2.19: &ldquo;Any material relationship with the company.&rdquo; However, if the company provides explicit disclosure that the
director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity, then the director will
be classified as an Independent Director.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">&ldquo;Affiliate&rdquo; includes a subsidiary, sibling company, or parent company.
ISS uses 50 percent control ownership by the parent company as the standard for applying its affiliate designation.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Includes any former CEO of the company prior to the company&rsquo;s initial public
offering (IPO).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">When there is a former CEO of a special purpose acquisition company (SPAC) serving
on the board of an acquired company, ISS will generally classify such directors as independent unless determined otherwise taking
into account the following factors: the applicable listing standards determination of such director&rsquo;s independence; any
operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">ISS will look at the terms of the interim officer&rsquo;s employment contract to determine
if it contains severance pay, long-term health and pension benefits, or other such standard provisions typically contained in
contracts of permanent, non-temporary CEOs. ISS will also consider if a formal search process was under way for a full-time officer
at the time.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">&ldquo;Immediate family member&rdquo; follows the SEC&rsquo;s definition of such and
covers spouses, parents, children, step-parents, step- children, siblings, in-laws, and any person (other than a tenant or employee)
sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">7.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Professional services can be characterized as advisory in nature, generally involve
access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment
structure. Professional services generally include, but are not limited to the following: investment banking/financial advisory
services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit services, consulting
services, marketing services, legal services, property management services, realtor services, lobbying services, executive search
services, and IT consulting services. The following would generally be considered transactional relationships and not professional
services: deposit services, IT tech support services, educational services, and construction services. The case of participation
in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated materiality
test) rather than a professional relationship. &ldquo;Of Counsel&rdquo; relationships are only considered immaterial if the individual
does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing
the professional service. The case of a company providing a professional service to one of its directors or to an entity with
which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance
services and marketing services are assumed to be professional services unless the company explains why such services are not
advisory.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">8.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">A material transactional relationship, including grants to non-profit organizations,
exists if the company makes annual payments to, or receives annual payments from, another entity, exceeding the greater of: $200,000
or 5 percent of the recipient&rsquo;s gross revenues, for a company that follows NASDAQ listing standards; or the greater of $1,000,000
or 2 percent of the recipient&rsquo;s gross revenues, for a company that follows NYSE listing standards. For a company that follows
neither of the preceding standards, ISS will apply the NASDAQ-based materiality test. (The recipient is the party receiving the
financial proceeds from the transaction).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">9.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Dissident directors who are parties to a voting agreement pursuant to a settlement
or similar arrangement may be classified as Independent Directors if an analysis of the following factors indicates that the voting
agreement does not compromise their alignment with all shareholders&rsquo; interests: the terms of the agreement; the duration
of the standstill provision in the agreement; the limitations and requirements of actions that are agreed upon; if the dissident
director nominee(s) is subject to the standstill; and if there any conflicting relationships or related party transactions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">10.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Interlocks include: executive officers serving as directors on each other&rsquo;s
compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each
other&rsquo;s boards and at least one serves on the other&rsquo;s compensation or similar committees (or, in the absence of such
a committee, on the board).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Composition</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Attendance at Board and Committee Meetings: Generally vote against
or withhold from directors (except new nominees, who should be considered case-by-case<SUP>2</SUP>) who attend less than 75 percent
of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences
is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Medical issues/illness;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Family emergencies; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Missing only one meeting (when the total of all meetings
is three or fewer).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the proxy disclosure is unclear and insufficient to determine
whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period
of service, vote against or withhold from the director(s) in question.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Overboarded Directors: Generally vote against or withhold from individual
directors who:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Sit on more than five public company boards; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Are CEOs of public companies who sit on the boards of more
than two public companies besides their own&mdash; withhold only at their outside boards<SUP>3</SUP>.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Diversity: Highlight boards with no gender diversity. However, no
adverse vote recommendations will be made due to any lack of gender diversity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Responsiveness</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on individual directors, committee members, or
the entire board of directors as appropriate if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board failed to act on a shareholder proposal that received
the support of a majority of the shares cast in the previous year. Factors that will be considered are:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosed outreach efforts by the board to shareholders in
the wake of the vote;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Rationale provided in the proxy statement for the level of
implementation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The subject matter of the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of support for and opposition to the resolution
in past meetings;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Actions taken by the board in response to the majority vote
and its engagement with shareholders;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The continuation of the underlying issue as a voting item
on the ballot (as either shareholder or management proposals); and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other factors as appropriate.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board failed to act on takeover offers where the majority
of shares are tendered;</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">2</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">New nominees who served for only part of the fiscal year are generally exempted from
the attendance policy.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">3</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Although all of a CEO&rsquo;s subsidiary boards will be counted as separate boards,
ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (&gt;50 percent ownership)
subsidiaries of that parent, but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary
relationships.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">At the previous board election, any director received more
than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high
withhold/against vote.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on Compensation Committee members (or, in exceptional
cases, the full board) and the Say on Pay proposal if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s previous say-on-pay received the support
of less than 70 percent of votes cast. Factors that will be considered are:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's response, including:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of engagement efforts with major institutional
investors, including the frequency and timing of engagements and the company participants (including whether independent directors
participated);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of the specific concerns voiced by dissenting
shareholders that led to the say-on-pay opposition;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of specific and meaningful actions taken to address
shareholders' concerns;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other recent compensation actions taken by the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the issues raised are recurring or isolated;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's ownership structure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the support level was less than 50 percent, which
would warrant the highest degree of responsiveness.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board implements an advisory vote on executive compensation
on a less frequent basis than the frequency that received the plurality of votes cast.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Accountability</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against or withhold from the entire board of directors (except
new nominees<SUP>4</SUP>, who should be considered case-by-case) for the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Takeover Defenses/Governance Structure</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Poison Pills: Vote against or withhold from all nominees (except
new nominees, who should be considered case-by-case) if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has a poison pill that was not approved by shareholders<SUP>5</SUP>.
However, vote case-by-case on nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed
rationale for the adoption, and other factors as relevant (such as a commitment to put any renewal to a shareholder vote).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board makes a material adverse modification to an existing
pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Classified Board Structure: The board is classified, and a continuing
director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote
recommendation is not up for election. All appropriate nominees (except new) may be held accountable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Removal of Shareholder Discretion on Classified Boards: The company
has opted into, or failed to opt out of, state laws requiring a classified board structure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">4</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">A &ldquo;new nominee&rdquo; is any current nominee who has not already been elected
by shareholders and who joined the board after the problematic action in question transpired. If ISS cannot determine whether
the nominee joined the board before or after the problematic action transpired, the nominee will be considered a &ldquo;new nominee&rdquo;
if he or she joined the board within the 12 months prior to the upcoming shareholder meeting.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">5</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Public shareholders only, approval prior to a company&rsquo;s becoming public is insufficient.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Director Performance Evaluation: The board lacks mechanisms to promote
accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured
by one- and three-year total shareholder returns in the bottom half of a company&rsquo;s four-digit GICS industry group (Russell
3000 companies only). Take into consideration the company&rsquo;s five-year total shareholder return and operational metrics. Problematic
provisions include but are not limited to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A classified board structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A supermajority vote requirement;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Either a plurality vote standard in uncontested director
elections, or a majority vote standard in contested elections;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The inability of shareholders to call special meetings;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The inability of shareholders to act by written consent;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A multi-class capital structure; and/or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A non-shareholder-approved poison pill.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Unilateral Bylaw/Charter Amendments and Problematic Capital Structures:
Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees, who
should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner
that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board's rationale for adopting the bylaw/charter amendment
without shareholder ratification;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure by the company of any significant engagement with
shareholders regarding the amendment;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of impairment of shareholders' rights caused by
the board's unilateral amendment to the bylaws/charter;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board's track record with regard to unilateral board
action on bylaw/charter amendments or other entrenchment provisions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's ownership structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's existing governance provisions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The timing of the board's amendment to the bylaws/charter
in connection with a significant business development; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other factors, as deemed appropriate, that may be relevant
to determine the impact of the amendment on shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Unless the adverse amendment is reversed or submitted to a binding
shareholder vote, in subsequent years vote case- by-case on director nominees. Generally vote against (except new nominees, who
should be considered case-by-case) if the directors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Classified the board;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adopted supermajority vote requirements to amend the bylaws
or charter; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Eliminated shareholders' ability to amend bylaws.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Governance Structure - Newly public companies: For newly
public companies, generally vote against or withhold from directors individually, committee members, or the entire board (except
new nominees, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company
or its board adopted bylaw or charter provisions materially adverse to shareholder rights, or implemented a multi-class capital
structure in which the classes have unequal voting rights considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of impairment of shareholders' rights;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The disclosed rationale;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The ability to change the governance structure (e.g., limitations
on shareholders&rsquo; right to amend the bylaws or charter, or supermajority vote requirements to amend the bylaws or charter);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The ability of shareholders to hold directors accountable
through annual director elections, or whether the company has a classified board structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any reasonable sunset provision; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other relevant factors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Unless the adverse provision and/or problematic capital structure
is reversed or removed, vote case-by-case on director nominees in subsequent years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Restrictions on Shareholders&rsquo; Rights</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Restricting Binding Shareholder Proposals: Generally vote against
or withhold from the members of the governance committee if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s governing documents impose undue restrictions
on shareholders&rsquo; ability to amend the bylaws. Such restrictions include, but are not limited to: outright prohibition on
the submission of binding shareholder proposals, or share ownership requirements or time holding requirements in excess of SEC
Rule 14a-8. Vote against on an ongoing basis.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Audit-Related Practices</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against or withhold from the members of the Audit
Committee if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The non-audit fees paid to the auditor are excessive;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company receives an adverse opinion on the company&rsquo;s
financial statements from its auditor; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is persuasive evidence that the Audit Committee entered
into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders,
to pursue legitimate legal recourse against the audit firm.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on members of the Audit Committee and potentially
the full board if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Poor accounting practices are identified that rise to a level
of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine
the severity, breadth, chronological sequence, and duration, as well as the company&rsquo;s efforts at remediation or corrective
actions, in determining whether withhold/against votes are warranted.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Compensation Practices</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In the absence of an Advisory Vote on Executive Compensation (Say
on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially
the full board if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is a significant misalignment between CEO pay and company
performance (pay for performance);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company maintains significant problematic pay practices;
or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board exhibits a significant level of poor communication
and responsiveness to shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against or withhold from the Compensation Committee
chair, other committee members, or potentially the full board if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company fails to include a Say on Pay ballot item when
required under SEC provisions, or under the company&rsquo;s declared frequency of say on pay; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company fails to include a Frequency of Say on Pay ballot
item when required under SEC provisions.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against members of the board committee responsible
for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee
director compensation without disclosing a compelling rationale or other mitigating factors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Pledging of Company Stock:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against the members of the committee that oversees risks related
to pledging, or the full board, where a significant level of pledged company sto1ck by executives or directors raises concerns.
The following factors will be considered:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The presence of an anti-pledging policy, disclosed in the
proxy statement, that prohibits future pledging activity;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The magnitude of aggregate pledged shares in terms of total
common shares outstanding, market value, and trading volume;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of progress or lack thereof in reducing the magnitude
of aggregate pledged shares over time;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure in the proxy statement that shares subject to
stock ownership and holding requirements do not include pledged company stock; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other relevant factors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Governance Failures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Under extraordinary circumstances, vote against or withhold from
directors individually, committee members, or the entire board, due to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Material failures of governance, stewardship, risk oversight<SUP>6</SUP>,
or fiduciary responsibilities at the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Failure to replace management as appropriate; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Egregious actions related to a director&rsquo;s service on
other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests
of shareholders at any company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Voting on Director Nominees in Contested Elections</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote-No Campaigns</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: In cases where companies
are targeted in connection with public &ldquo;vote-no&rdquo; campaigns, evaluate director nominees under the existing governance
policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders
and other publicly available information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Proxy Contests/Proxy Access &mdash; Voting for Director Nominees
in Contested Elections</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
the election of directors in contested elections, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Long-term financial performance of the company relative to
its industry;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Management&rsquo;s track record;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Background to the contested election;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Nominee qualifications and any compensatory arrangements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Strategic plan of dissident slate and quality of the critique
against management;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Likelihood that the proposed goals and objectives can be
achieved (both slates); and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Stock ownership positions.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">6</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Examples of failure of risk oversight include, but are not limited to: bribery; large
or serial fines or sanctions from regulatory bodies; significant adverse legal judgments or settlement; or hedging of company
stock.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In the case of candidates nominated pursuant to proxy access, vote
case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that
are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether or not there are more candidates
than board seats).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Other Board-Related Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Adopt Anti-Hedging/Pledging/Speculative Investments Policy</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company
stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company&rsquo;s
existing policies regarding responsible use of company stock will be considered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Age/Term Limits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against management
and shareholder proposals to limit the tenure of outside directors through mandatory retirement ages.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against management proposals to limit the tenure of outside
directors through term limits. However, scrutinize boards where the average tenure of all directors exceeds 15 years for independence
from management and for sufficient turnover to ensure that new perspectives are being added to the board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Board Size</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals seeking
to fix the board size or designate a range for the board size.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals that give management the ability to alter
the size of the board outside of a specified range without shareholder approval.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Classification/Declassification of the Board</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to classify (stagger) the board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for proposals to repeal classified boards and to elect all
directors annually.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CEO Succession Planning</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The reasonableness/scope of the request; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s existing disclosure on its current CEO
succession planning process.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Cumulative Voting</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative voting, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has proxy access<SUP>7</SUP>, thereby allowing
shareholders to nominate directors to the company&rsquo;s ballot; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has adopted a majority vote standard, with a
carve-out for plurality voting in situations where there are more nominees than seats, and a director resignation policy to address
failed elections.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">7</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">A proxy access right that meets the recommended guidelines.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for proposals for cumulative voting at controlled companies
(insider voting power &gt; 50%).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Director and Officer Indemnification and Liability Protection</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals on director and officer indemnification and liability protection.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals that would:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Eliminate entirely directors' and officers' liability for
monetary damages for violating the duty of care.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Expand coverage beyond just legal expenses to liability for
acts that are more serious violations of fiduciary obligation than mere carelessness.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Expand the scope of indemnification to provide for mandatory
indemnification of company officials in connection with acts that previously the company was permitted to provide indemnification
for, at the discretion of the company's board (i.e., &quot;permissive indemnification&quot;), but that previously the company
was not required to indemnify.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for only those proposals providing such expanded coverage in
cases when a director&rsquo;s or officer&rsquo;s legal defense was unsuccessful if both of the following apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the director was found to have acted in good faith and
in a manner that s/he reasonably believed was in the best interests of the company; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If only the director&rsquo;s legal expenses would be covered.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Establish/Amend Nominee Qualifications</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the
degree to which they may preclude dissident nominees from joining the board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on shareholder resolutions seeking a director
nominee who possesses a particular subject matter expertise, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s board committee structure, existing subject
matter expertise, and board nomination provisions relative to that of its peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s existing board and management oversight
mechanisms regarding the issue for which board</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">oversight</TD><TD STYLE="text-align: justify">is sought;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s disclosure and performance relating to
the issue for which board oversight is sought and any significant related controversies; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope and structure of the proposal.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Establish Other Board Committee Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that
potentially limits a company&rsquo;s flexibility to determine an appropriate oversight mechanism for itself. However, the following
factors will be considered:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Existing oversight mechanisms (including current committee
structure) regarding the issue for which board oversight is sought;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Level of disclosure regarding the issue for which board oversight
is sought;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company performance related to the issue for which board
oversight is sought;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Board committee structure compared to that of other companies
in its industry sector; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope and structure of the proposal.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Filling Vacancies/Removal of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against
proposals that provide that directors may be removed only for cause. Vote for proposals to restore shareholders&rsquo;
ability to remove directors with or without cause.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals that provide that only continuing directors
may elect replacements to fill board vacancies. Vote for proposals that permit shareholders to elect directors to fill board vacancies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Independent Chair (Separate Chair/CEO)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for shareholder
proposals requiring that the chairman&rsquo;s position be filled by an independent director, taking into consideration the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope of the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current board leadership structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's governance structure and practices;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company performance; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other relevant factors that may be applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Regarding the scope of the proposal, consider whether the proposal
is precatory or binding and whether the proposal is seeking an immediate change in the chairman role or the policy can be implemented
at the next CEO transition.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Under the review of the company's board leadership structure, ISS
may support the proposal under the following scenarios absent a compelling rationale: the presence of an executive or non-independent
chair in addition to the CEO; a recent recombination of the role of CEO and chair; and/or departure from a structure with an independent
chair. ISS will also consider any recent transitions in board leadership and the effect such transitions may have on independent
board leadership as well as the designation of a lead director role.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">When considering the governance structure, ISS will consider the
overall independence of the board, the independence of key committees, the establishment of governance guidelines, board tenure
and its relationship to CEO tenure, and any other factors that may be relevant. Any concerns about a company's governance structure
will weigh in favor of support for the proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The review of the company's governance practices may include, but
is not limited to, poor compensation practices, material failures of governance and risk oversight, related-party transactions
or other issues putting director independence at risk, corporate or management scandals, and actions by management or the board
with potential or realized negative impact on shareholders. Any such practices may suggest a need for more independent oversight
at the company thus warranting support of the proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS' performance assessment will generally consider one-, three-,
and five-year TSR compared to the company's peers and the market as a whole. While poor performance will weigh in favor of the
adoption of an independent chair policy, strong performance over the long term will be considered a mitigating factor when determining
whether the proposed leadership change warrants support.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Majority of Independent Directors/Establishment of Independent Committees</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for shareholder
proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold
by ISS&rsquo; definition of Independent Director (See Categorization of Directors).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for shareholder proposals asking that board audit, compensation,
and/or nominating committees be composed exclusively of independent directors unless they currently meet that standard.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Majority Vote Standard for the Election of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for management
proposals to adopt a majority of votes cast standard for directors in uncontested elections. Vote against if no carve-out for a
plurality vote standard in contested elections is included.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for precatory and binding shareholder resolutions
requesting that the board change the company&rsquo;s bylaws to stipulate that directors need to be elected with an affirmative
majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions
need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Companies are strongly encouraged to also adopt a post-election
policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the
situation of a holdover director.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Proxy Access</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for management
and shareholder proposals for proxy access with the following provisions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Ownership threshold: maximum requirement not more than three
percent (3%) of the voting power;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Ownership duration: maximum requirement not longer than three
(3) years of continuous ownership for each member of the nominating group;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Aggregation: minimal or no limits on the number of shareholders
permitted to form a nominating group;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Cap: cap on nominees of generally twenty-five percent (25%)
of the board.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Review for reasonableness any other restrictions on the right of
proxy access. Generally vote against proposals that are more restrictive than these guidelines.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Require More Nominees than Open Seats</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against shareholder
proposals that would require a company to nominate more candidates than the number of open board seats.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Engagement Policy (Shareholder Advisory Committee)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for shareholder
proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve
communications between directors and shareholders, unless the company has the following features, as appropriate:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Established a communication structure that goes beyond the
exchange requirements to facilitate the exchange of information between shareholders and members of the board;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Effectively disclosed information with respect to this structure
to its shareholders;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company has not ignored majority-supported shareholder proposals
or a majority withhold vote on a director nominee; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has an independent chairman or a lead director,
according to ISS&rsquo; definition. This individual must be made available for periodic consultation and direct communication
with major shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT-RELATED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Auditor Indemnification and Limitation of Liability</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The terms of the auditor agreement&mdash;the degree to which
these agreements impact shareholders' rights;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The motivation and rationale for establishing the agreements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The quality of the company&rsquo;s disclosure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s historical practices in the audit area.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against or withhold from members of an audit committee in situations
where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor
that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Auditor Ratification</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
ratify auditors unless any of the following apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">An auditor has a financial interest in or association with
the company, and is therefore not independent;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is reason to believe that the independent auditor has
rendered an opinion that is neither accurate nor indicative of the company&rsquo;s financial position;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Poor accounting practices are identified that rise to a serious
level of concern, such as fraud or misapplication of GAAP; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fees for non-audit services (&ldquo;Other&rdquo; fees) are
excessive.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Non-audit fees are excessive if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&rsaquo;&#9;Non-audit (&ldquo;other&rdquo;) fees &gt; audit fees
+ audit-related fees + tax compliance/preparation fees</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Tax compliance and preparation include the preparation of original
and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice,
planning, or consulting, should be added to &ldquo;Other&rdquo; fees. If the breakout of tax fees cannot be determined, add all
tax fees to &ldquo;Other&rdquo; fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In circumstances where &quot;Other&quot; fees include fees related
to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the
company makes public disclosure of the amount and nature of those fees that are an exception to the standard &quot;non-audit fee&quot;
category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related
fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Proposals Limiting Non-Audit Services</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Proposals on Audit Firm Rotation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals asking for audit firm rotation, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The tenure of the audit firm;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The length of rotation specified in the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any significant audit-related issues at the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The number of Audit Committee meetings held each year;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The number of financial experts serving on the committee;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has a periodic renewal process where
the auditor is evaluated for both audit quality and competitive price.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER RIGHTS &amp;
DEFENSES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Advance Notice Requirements for Shareholder Proposals/Nominations</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to
the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice
for company, regulatory, and shareholder review.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">To be reasonable, the company&rsquo;s deadline for shareholder notice
of a proposal/nominations must not be more than 60 days prior to the meeting, with a submittal window of at least 30 days prior
to the deadline. The submittal window is the period under which a shareholder must file his proposal/nominations prior to the deadline.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In general, support additional efforts by companies to ensure full
disclosure in regard to a proponent&rsquo;s economic and voting position in the company so long as the informational requirements
are reasonable and aimed at providing shareholders with the necessary information to review such proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Amend Bylaws without Shareholder Consent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
giving the board exclusive authority to amend the bylaws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals giving the board the ability to amend
the bylaws in addition to shareholders, taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any impediments to shareholders' ability to amend the bylaws
(i.e. supermajority voting requirements);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's ownership structure and historical voting turnout;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the board could amend bylaws adopted by shareholders;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether shareholders would retain the ability to ratify any
board-initiated amendments.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Control Share Acquisition Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Control share acquisition statutes function by denying shares their
voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership
limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition
statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder
continues buying up a large block of shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental
to shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals to amend the charter to include control share
acquisition provisions. Vote for proposals to restore voting rights to the control shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Control Share Cash-Out Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Control share cash-out statutes give dissident shareholders the
right to &quot;cash-out&quot; of their position in a company at the expense of the shareholder who has taken a control position.
In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to sell their shares
to the acquirer, who must buy them at the highest acquiring price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
opt out of control share cash-out statutes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Disgorgement Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Disgorgement provisions require an acquirer or potential acquirer
of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale
of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring
within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to
these recapture-of-profits provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
opt out of state disgorgement provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Fair Price Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares
as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the
vote required to repeal the fair price provision, and the mechanism for determining the fair price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against fair price provisions with shareholder vote
requirements greater than a majority of disinterested shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Freeze-Out Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in
a company to wait a specified period of time before gaining control of the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Greenmail</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Greenmail payments are targeted share repurchases by management
of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually
at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&rsquo;s ability to make greenmail payments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on anti-greenmail proposals when they are bundled
with other charter or bylaw amendments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Litigation Rights (including Exclusive Venue and Fee-Shifting Bylaw
Provisions)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Bylaw provisions impacting shareholders' ability to bring suit against
the company may include exclusive venue provisions, which provide that the state of incorporation shall be the sole venue for certain
types of litigation, and fee- shifting provisions that require a shareholder who sues a company unsuccessfully to pay all litigation
expenses of the defendant corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
bylaws which impact shareholders' litigation rights, taking into account factors such as:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's stated rationale for adopting such a provision;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of past harm from shareholder lawsuits in which
plaintiffs were unsuccessful or shareholder lawsuits outside the jurisdiction of incorporation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The breadth of application of the bylaw, including the types
of lawsuits to which it would apply and the definition of key terms; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance features such as shareholders' ability to repeal
the provision at a later date (including the vote standard applied when shareholders attempt to amend the bylaws) and their ability
to hold directors accountable through annual director elections and a majority vote standard in uncontested elections.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against bylaws that mandate fee-shifting whenever
plaintiffs are not completely successful on the merits (i.e., in cases where the plaintiffs are partially successful).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Unilateral adoption by the board of bylaw provisions which affect
shareholders' litigation rights will be evaluated under ISS' policy on Unilateral Bylaw/Charter Amendments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Net Operating Loss (NOL) Protective Amendments</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if the effective term
of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case, considering the following factors, for management
proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three years (or less) and the exhaustion
of the NOL:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The ownership threshold (NOL protective amendments generally
prohibit stock ownership transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an
existing 5-percent holder);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The value of the NOLs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholder protection mechanisms (sunset provision or commitment
to cause expiration of the protective amendment upon exhaustion or expiration of the NOL);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's existing governance structure including: board
independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance
concerns; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other factors that may be applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Poison Pills (Shareholder Rights Plans)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill
Policy</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for shareholder
proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder
approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying
that the board will only adopt a shareholder rights plan if either:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholders have approved the adoption of the plan; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board, in its exercise of its fiduciary responsibilities,
determines that it is in the best interest of shareholders under the circumstances to adopt a pill without the delay in adoption
that would result from seeking stockholder approval (i.e., the &ldquo;fiduciary out&rdquo; provision). A poison pill adopted under
this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or expire. If the pill is not approved
by a majority of the votes cast on this issue, the plan will immediately terminate.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the shareholder proposal calls for a time period of less than
12 months for shareholder ratification after adoption, vote for the proposal, but add the caveat that a vote within 12 months would
be considered sufficient implementation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Management Proposals to Ratify a Poison Pill</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should
contain the following attributes:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">No lower than a 20 percent trigger, flip-in or flip-over;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A term of no more than three years;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">No dead-hand, slow-hand, no-hand, or similar feature that
limits the ability of a future board to redeem the pill;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholder redemption feature (qualifying offer clause);
if the board refuses to redeem the pill 90 days after a qualifying offer is announced, 10 percent of the shares may call a special
meeting or seek a written consent to vote on rescinding the pill.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In addition, the rationale for adopting the pill should be thoroughly
explained by the company. In examining the request for the pill, take into consideration the company&rsquo;s existing governance
structure, including: board independence, existing takeover defenses, and any problematic governance concerns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Management Proposals to Ratify a Pill to Preserve Net Operating
Losses (NOLs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the pill would
exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on management proposals for poison pill ratification,
considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of
the NOL:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The ownership threshold to transfer (NOL pills generally
have a trigger slightly below 5 percent);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The value of the NOLs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholder protection mechanisms (sunset provision, or commitment
to cause expiration of the pill upon exhaustion or expiration of NOLs);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's existing governance structure including: board
independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance
concerns; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other factors that may be applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Proxy Voting Disclosure, Confidentiality, and Tabulation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance
or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of
individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes
in the company's vote-counting methodology.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">While a variety of factors may be considered in each analysis, the
guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable
to the proposal, may include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope and structure of the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's stated confidential voting policy (or other
relevant policies) and whether it ensures a &quot;level playing field&quot; by providing shareholder proponents with equal access
to vote information prior to the annual meeting;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's vote standard for management and shareholder
proposals and whether it ensures consistency and fairness in the proxy voting process and maintains the integrity of vote results;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company's disclosure regarding its vote counting
method and other relevant voting policies with respect to management and shareholder proposals are consistent and clear;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any recent controversies or concerns related to the company's
proxy voting mechanics;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any unintended consequences resulting from implementation
of the proposal; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other factors that may be relevant.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reimbursing Proxy Solicitation Expenses</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to reimburse proxy solicitation expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">When voting in conjunction with support of a dissident slate, vote
for the reimbursement of all appropriate proxy solicitation expenses associated with the election.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for shareholder proposals calling for the reimbursement
of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The election of fewer than 50 percent of the directors to
be elected is contested in the election;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">One or more of the dissident&rsquo;s candidates is elected;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholders are not permitted to cumulate their votes for
directors; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The election occurred, and the expenses were incurred, after
the adoption of this bylaw.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reincorporation Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Management or shareholder
proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both financial
and corporate governance concerns including the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Reasons for reincorporation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Comparison of company's governance practices and provisions
prior to and following the reincorporation; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Comparison of corporation laws of original state and destination
state.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for reincorporation when the economic factors outweigh any
neutral or negative governance changes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Ability to Act by Written Consent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for management and shareholder proposals that provide
shareholders with the ability to act by written consent, taking into account the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholders' current right to act by written consent;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The consent threshold;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The inclusion of exclusionary or prohibitive language;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Investor ownership structure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholder support of, and management's response to, previous
shareholder proposals.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on shareholder proposals if, in addition to the
considerations above, the company has the following governance and antitakeover provisions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">An unfettered<SUP>8</SUP> right for shareholders to call
special meetings at a 10 percent threshold;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A majority vote standard in uncontested director elections;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">No non-shareholder-approved pill; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">An annually elected board.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">8</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">&quot;Unfettered&quot; means no restrictions on agenda items, no restrictions on the
number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting
can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Ability to Call Special Meetings</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against management
or shareholder proposals to restrict or prohibit shareholders&rsquo; ability to call special meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for management or shareholder proposals that provide
shareholders with the ability to call special meetings taking into account the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholders&rsquo; current right to call special meetings;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Minimum ownership threshold necessary to call special meetings
(10 percent preferred);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The inclusion of exclusionary or prohibitive language;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Investor ownership structure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Shareholder support of, and management&rsquo;s response to,
previous shareholder proposals.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Stakeholder Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business
combination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">State Antitakeover Statutes</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements,
severance pay and labor contract provisions, and anti- greenmail provisions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Supermajority Vote Requirements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to require a supermajority shareholder vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for management or shareholder proposals to reduce supermajority
vote requirements. However, for companies with shareholder(s) who have significant ownership levels, vote case-by-case, taking
into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Ownership structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Quorum requirements; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Vote requirements.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL/RESTRUCTURING</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Capital Adjustments to Par Value of Common Stock</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for management
proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some
other negative corporate governance action.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for management proposals to eliminate par value.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Common Stock Authorization</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with
a transaction on the same ballot that warrants support.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals at companies with more than one class of
common stock to increase the number of authorized shares of the class of common stock that has superior voting rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals to increase the number of authorized common
shares if a vote for a reverse stock split on the same ballot is warranted despite the fact that the authorized shares would not
be reduced proportionally.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on all other proposals to increase the number
of shares of common stock authorized for issuance. Take into account company-specific factors that include, at a minimum, the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past Board Performance:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's use of authorized shares during the last three
years;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The Current Request:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure in the proxy statement of the specific purposes
of the proposed increase;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure in the proxy statement of specific and severe
risks to shareholders of not approving the request; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The dilutive impact of the request as determined relative
to an allowable increase calculated by ISS (typically 100 percent of existing authorized shares) that reflects the company's need
for shares and total shareholder returns.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS will apply the relevant allowable increase below to requests
to increase common stock that are for general corporate purposes (or to the general corporate purposes portion of a request that
also includes a specific need):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most companies: 100
percent of existing authorized shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies with less
than 50 percent of existing authorized shares either outstanding or reserved for issuance: 50 percent of existing authorized shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies with one-
and three-year total shareholder returns (TSRs) in the bottom 10 percent of the U.S. market as of the end of the calendar quarter
that is closest to their most recent fiscal year end: 50 percent of existing authorized shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies at which both
conditions (B and C) above are both present: 25 percent of existing authorized shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If there is an acquisition, private placement, or similar transaction
on the ballot (not including equity incentive plans) that ISS is recommending FOR, the allowable increase will be the greater of
(i) twice the amount needed to support the transactions on the ballot, and (ii) the allowable increase as calculated above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dual Class Structure</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals to create a new class of common stock unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company discloses a compelling rationale for the dual-class
capital structure, such as:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's auditor has concluded that there is substantial
doubt about the company's ability to continue as a going concern; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The new class of shares will be transitory;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The new class is intended for financing purposes with minimal
or no dilution to current shareholders in both the short term and long term; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The new class is not designed to preserve or increase the
voting power of an insider or significant shareholder.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Issue Stock for Use with Rights Plan</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan
(poison pill).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Preemptive Rights</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals that seek preemptive rights, taking into consideration:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The size of the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The shareholder base; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The liquidity of the stock.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Preferred Stock Authorization</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with
a transaction on the same ballot that warrants support.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals at companies with more than one class or
series of preferred stock to increase the number of authorized shares of the class or series of preferred stock that has superior
voting rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on all other proposals to increase the number
of shares of preferred stock authorized for issuance. Take into account company-specific factors that include, at a minimum, the
following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past Board Performance:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's use of authorized preferred shares during the
last three years;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The Current Request:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure in the proxy statement of the specific purposes
for the proposed increase;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure in the proxy statement of specific and severe
risks to shareholders of not approving the request;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">In cases where the company has existing authorized preferred
stock, the dilutive impact of the request as determined by an allowable increase calculated by ISS (typically 100 percent of existing
authorized shares) that reflects the company's need for shares and total shareholder returns; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the shares requested are blank check preferred shares
that can be used for antitakeover purposes.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Recapitalization Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
recapitalizations (reclassifications of securities), taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">More simplified capital structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Enhanced liquidity;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fairness of conversion terms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Impact on voting power and dividends;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Reasons for the reclassification;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other alternatives considered.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reverse Stock Splits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for management
proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals when there is not a proportionate reduction
of authorized shares, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A stock exchange has provided notice to the company of a
potential delisting; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The effective increase in authorized shares is equal to or
less than the allowable increase calculated in accordance with ISS' Common Stock Authorization policy.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Share Repurchase Programs</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for management
proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Stock Distributions: Splits and Dividends</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for management
proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in
authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS' Common Stock Authorization
policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Tracking Stock</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
the creation of tracking stock, weighing the strategic value of the transaction against such factors as:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adverse governance changes;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Excessive increases in authorized capital stock;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Unfair method of distribution;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Diminution of voting rights;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adverse conversion features;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Negative impact on stock option plans; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Alternatives such as spin-off.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Restructuring Appraisal Rights</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
restore or provide shareholders with rights of appraisal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Asset Purchases</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
asset purchase proposals, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Purchase price;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fairness opinion;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Financial and strategic benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">How the deal was negotiated;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other alternatives for the business;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Non-completion risk.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Asset Sales</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
asset sales, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Impact on the balance sheet/working capital;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Potential elimination of diseconomies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Anticipated financial and operating benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Anticipated use of funds;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Value received for the asset;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fairness opinion;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">How the deal was negotiated;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Bundled Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
bundled or &ldquo;conditional&rdquo; proxy proposals. In the case of items that are conditioned upon each other, examine the benefits
and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders&rsquo; best
interests, vote against the proposals. If the combined effect is positive, support such proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Conversion of Securities</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals regarding conversion of securities. When evaluating these proposals the investor should review the dilution to existing
shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts
of interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for the conversion if it is expected that the company will
be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy
Plans/Reverse Leveraged Buyouts/Wrap Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan, after evaluating:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Dilution to existing shareholders' positions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Terms of the offer - discount/premium in purchase price to
investor, including any fairness opinion; termination penalties; exit strategy;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Financial issues - company's financial situation; degree
of need for capital; use of proceeds; effect of the financing on the company's cost of capital;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Management's efforts to pursue other alternatives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Control issues - change in management; change in control,
guaranteed board and committee seats; standstill provisions; voting agreements; veto power over certain corporate actions; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflict of interest - arm's length transaction, managerial
incentives.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for the debt restructuring if it is expected that the company
will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Formation of Holding Company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals regarding the formation of a holding company, taking into consideration the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The reasons for the change;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any financial or tax benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Regulatory benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Increases in capital structure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Changes to the articles of incorporation or bylaws of the
company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Absent compelling financial reasons to recommend for the transaction,
vote against the formation of a holding company if the transaction would include either of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Increases in common or preferred stock in excess of the allowable
maximum (see discussion under &ldquo;Capital&rdquo;); or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adverse changes in shareholder rights.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
going private transactions, taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Offer price/premium;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fairness opinion;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">How the deal was negotiated;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other alternatives/offers considered; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Non-completion risk.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on going dark transactions, determining whether
the transaction enhances shareholder value by taking into consideration:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has attained benefits from being publicly-traded
(examination of trading volume, liquidity, and market research of the stock);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Balanced interests of continuing vs. cashed-out shareholders,
taking into account the following:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Are all shareholders able to participate in the transaction?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Will there be a liquid market for remaining shareholders
following the transaction?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Does the company have strong corporate governance?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Will insiders reap the gains of control following the proposed
transaction?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Does the state of incorporation have laws requiring continued
reporting that may benefit shareholders?</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Joint Ventures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to form joint ventures, taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Percentage of assets/business contributed;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Percentage ownership;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Financial and strategic benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other alternatives; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Non-completion risk.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Liquidations</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
liquidations, taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Management&rsquo;s efforts to pursue other alternatives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Appraisal value of assets; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The compensation plan for executives managing the liquidation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for the liquidation if the company will file for bankruptcy
if the proposal is not approved.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mergers and Acquisitions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes
countervailing factors including:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Valuation - Is the value to be received by the target shareholders
(or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation
reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Market reaction - How has the market responded to the proposed
deal? A negative market reaction should cause closer scrutiny of a deal.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Strategic rationale - Does the deal make sense strategically?
From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable.
Management should also have a favorable track record of successful integration of historical acquisitions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Negotiations and process - Were the terms of the transaction
negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders.
Significant negotiation &quot;wins&quot; can also signify the deal makers' competency. The comprehensiveness of the sales process
(e.g., full auction, partial auction, no auction) can also affect shareholder value.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest - Are insiders benefiting from the
transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts,
the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests.
Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC
figure presented in the &quot;ISS Transaction Summary&quot; section of this report is an aggregate figure that can in certain
cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive,
analyze the underlying assumptions to determine whether a potential conflict exists.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance - Will the combined company have a better or worse
governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile
is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration
in governance.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Private Placements/Warrants/Convertible Debentures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals regarding private placements, warrants, and convertible debentures taking into consideration:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Dilution to existing shareholders' position: The amount and
timing of shareholder ownership dilution should be weighed against the needs and proposed shareholder benefits of the capital
infusion. Although newly issued common stock, absent preemptive rights, is typically dilutive to existing shareholders, share
price appreciation is often the necessary event to trigger the exercise of &quot;out of the money&quot; warrants and convertible
debt. In these instances from a value standpoint, the negative impact of dilution is mitigated by the increase in the company's
stock price that must occur to trigger the dilutive event.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Terms of the offer (discount/premium in purchase price to
investor, including any fairness opinion, conversion features, termination penalties, exit strategy):</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The terms of the offer should be weighed against the alternatives
of the company and in light of company's financial condition. Ideally, the conversion price for convertible debt and the exercise
price for warrants should be at a premium to the then prevailing stock price at the time of private placement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">When evaluating the magnitude of a private placement discount
or premium, consider factors that influence the discount or premium, such as, liquidity, due diligence costs, control and monitoring
costs, capital scarcity, information asymmetry, and anticipation of future performance.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Financial issues:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's financial condition;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Degree of need for capital;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Use of proceeds;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Effect of the financing on the company's cost of capital;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current and proposed cash burn rate;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Going concern viability and the state of the capital and
credit markets.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Management's efforts to pursue alternatives and whether the
company engaged in a process to evaluate alternatives: A fair, unconstrained process helps to ensure the best price for shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Financing alternatives can include joint ventures, partnership, merger, or sale of part or all of the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Control issues:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Change in management;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Change in control;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Guaranteed board and committee seats;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Standstill provisions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Voting agreements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Veto power over certain corporate actions; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Minority versus majority ownership and corresponding minority
discount or majority control premium.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest should be viewed from the perspective
of the company and the investor.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Were the terms of the transaction negotiated at arm's length?
Are managerial incentives aligned with shareholder interests?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Market reaction:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The market's response to the proposed deal. A negative market
reaction is a cause for concern. Market reaction may be addressed by analyzing the one day impact on the unaffected stock price.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for the private placement, or for the issuance of warrants
and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction
is not approved.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reorganization/Restructuring Plan (Bankruptcy)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited
to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Estimated value and financial prospects of the reorganized
company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Percentage ownership of current shareholders in the reorganized
company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether shareholders are adequately represented in the reorganization
process (particularly through the existence of an Official Equity Committee);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The cause(s) of the bankruptcy filing, and the extent to
which the plan of reorganization addresses the cause(s);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Existence of a superior alternative to the plan of reorganization;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance of the reorganized company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Special Purpose Acquisition Corporations (SPACs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
SPAC mergers and acquisitions taking into account the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Valuation - Is the value being paid by the SPAC reasonable?
SPACs generally lack an independent fairness opinion and the financials on the target may be limited. Compare the conversion price
with the intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate value of the
combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of SPAC. Additionally, a private company
discount may be applied to the target, if it is a private entity.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Market reaction - How has the market responded to the proposed
deal? A negative market reaction may be a cause for concern. Market reaction may be addressed by analyzing the one-day impact
on the unaffected stock price.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Deal timing - A main driver for most transactions is that
the SPAC charter typically requires the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate
the valuation, market reaction, and potential conflicts of interest for deals that are announced close to the liquidation date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Negotiations and process - What was the process undertaken
to identify potential target companies within specified industry or location specified in charter? Consider the background of
the sponsors.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest - How are sponsors benefiting from
the transaction compared to IPO shareholders? Potential conflicts could arise if a fairness opinion is issued by the insiders
to qualify the deal rather than a third party or if management is encouraged to pay a higher price for the target because of an
80 percent rule (the charter requires that the fair market value of the target is at least equal to 80 perecnt of net assets of
the SPAC). Also, there may be sense of urgency by the management team of the SPAC to close the deal since its charter typically
requires a transaction to be completed within the 18-24 month timeframe.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Voting agreements - Are the sponsors entering into enter
into any voting agreements/tender offers with shareholders who are likely to vote against the proposed merger or exercise conversion
rights?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance - What is the impact of having the SPAC CEO or
founder on key committees following the proposed merger?</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Special Purpose Acquisition Corporations (SPACs) - Proposals for
Extensions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
SPAC extension proposals taking into account the length of the requested extension, the status of any pending transaction(s) or
progression of the acquisition process, any added incentive for non-redeeming shareholders, and any prior extension requests.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Length of request: Typically, extension requests range from
two to six months, depending on the progression of the SPAC's acquistion process.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Pending transaction(s) or progression of the acquisition
process: Sometimes an intial business combination was already put to a shareholder vote, but, for varying reasons, the transaction
could not be consummated by the termination date and the SPAC is requesting an extension. Other times, the SPAC has entered into
a definitive transaction agreement, but needs additional time to consummate or hold the shareholder meeting.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Added incentive for non-redeeming shareholders: Sometimes
the SPAC sponsor (or other insiders) will contribute, typically as a loan to the company, additional funds that will be added
to the redemption value of each public share as long as such shares are not redeemed in connection with the extension request.
The purpose of the &quot;equity kicker&quot; is to incentivize shareholders to hold their shares through the end of the requested
extension or until the time the transaction is put to a shareholder vote, rather than electing redeemption at the extension proposal
meeting.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Prior extension requests: Some SPACs request additional time
beyond the extension period sought in prior extension requests.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Spin-offs</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
spin-offs, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Tax and regulatory advantages;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Planned use of the sale proceeds;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Valuation of spinoff;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fairness opinion;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Benefits to the parent company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Conflicts of interest;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Managerial incentives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Corporate governance changes;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Changes in the capital structure.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Value Maximization Shareholder Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals seeking to maximize shareholder value by:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Hiring a financial advisor to explore strategic alternatives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Selling the company; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Liquidating the company and distributing the proceeds to
shareholders. These proposals should be evaluated based on the following factors:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Prolonged poor performance with no turnaround in sight;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Signs of entrenched board and management (such as the adoption
of takeover defenses);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Strategic plan in place for improving value;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Likelihood of receiving reasonable value in a sale or dissolution;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company actively exploring its strategic options, including
retaining a financial advisor.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Executive Pay Evaluation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Underlying all evaluations are five global principles that most
investors expect corporations to adhere to in designing and administering executive and director compensation programs:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain appropriate
pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices,
which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over
the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed
and variable pay; performance goals; and equity-based plan costs;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avoid arrangements that
risk &ldquo;pay for failure&rdquo;: This principle addresses the appropriateness of long or indefinite contracts, excessive severance
packages, and guaranteed compensation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain an independent
and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate
skills, knowledge, experience, and a sound process for compensation decision-making (e.g., including access to independent expertise
and advice when needed);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide shareholders
with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures
that enable shareholders to evaluate executive pay practices fully and fairly;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avoid inappropriate
pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside
directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers&rsquo;
pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Advisory Votes on Executive Compensation&mdash;Management Proposals
(Management Say-on- Pay)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against Advisory Votes on Executive Compensation (Say-on-Pay
or &ldquo;SOP&rdquo;) if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is a significant misalignment between CEO pay and company
performance (pay for performance);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company maintains significant problematic pay practices;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board exhibits a significant level of poor communication
and responsiveness to shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against or withhold from the members of the Compensation Committee
and potentially the full board if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is no SOP on the ballot, and an against vote on an
SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate
responsiveness on compensation issues raised previously, or a combination thereof;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board fails to respond adequately to a previous SOP proposal
that received less than 70 percent support of votes cast;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has recently practiced or approved problematic
pay practices, including option repricing or option backdating; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The situation is egregious.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Primary Evaluation Factors for Executive Pay</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pay-for-Performance Evaluation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS annually conducts a pay-for-performance analysis to identify
strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the Russell
3000 or Russell 3000E Indices<SUP>9</SUP>, this analysis considers the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peer Group<SUP>10</SUP>
Alignment:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree of alignment between the company's annualized
TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The rankings of CEO total pay and company financial performance
within a peer group, each measured over a three-year period.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The multiple of the CEO's total pay relative to the peer
group median in the most recent fiscal year.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Absolute Alignment<SUP>11</SUP>
&ndash; the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years &ndash; i.e., the
difference between the trend in annual pay changes and the trend in annualized TSR during the period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the above analysis demonstrates significant unsatisfactory long-term
pay-for-performance alignment or, in the case of companies outside the Russell indices, misaligned pay and performance are otherwise
suggested, our analysis may include any of the following qualitative factors, as relevant to evaluating how various pay elements
may work to encourage or to undermine long-term value creation and alignment with shareholder interests:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The ratio of performance- to time-based equity awards;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The overall ratio of performance-based compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The completeness of disclosure and rigor of performance goals;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's peer group benchmarking practices;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Actual results of financial/operational metrics, such as
growth in revenue, profit, cash flow, etc., both absolute and relative to peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Special circumstances related to, for example, a new CEO
in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Realizable pay<SUP>12</SUP> compared to grant pay; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other factors deemed relevant.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Pay Practices</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The focus is on executive compensation practices that contravene
the global pay principles, including:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Problematic practices related to non-performance-based compensation
elements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Incentives that may motivate excessive risk-taking; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Options backdating.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">9</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">10</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The revised peer group is generally comprised of 14-24 companies that are selected
using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry
group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets
and industry, and also within a market-cap bucket that is reflective of the company's. For Oil, Gas &amp; Consumable Fuels companies,
market cap is the only size determinant.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">11</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">12</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">ISS research reports include realizable pay for S&amp;P1500 companies.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Pay Practices related to Non-Performance-Based Compensation
Elements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pay elements that are not directly based on performance are generally
evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy.
Please refer to ISS' Compensation FAQ document for detail on specific pay practices that have been identified as potentially problematic
and may lead to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices.
The list below highlights the problematic practices that carry significant weight in this overall consideration and may result
in adverse vote recommendations:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Repricing or replacing of underwater stock options/SARS without
prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Extraordinary perquisites or tax gross-ups, including any
gross-up related to a secular trust or restricted stock vesting, or lifetime perquisites;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">New or extended agreements that provide for:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Excessive CIC payments (generally exceeding 3 times base
salary and average/target/most recent bonus);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">CIC severance payments without involuntary job loss or substantial
diminution of duties (&quot;single&quot; or &quot;modified single&quot; triggers);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">CIC payments with excise tax gross-ups (including &quot;modified&quot;
gross-ups);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Multi-year guaranteed awards that are not at risk due to
rigorous performance conditions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Liberal CIC definition combined with any single-trigger CIC
benefits;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Insufficient executive compensation disclosure by externally-managed
issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other provision or practice deemed to be egregious and
present a significant risk to investors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Incentives that may Motivate Excessive Risk-Taking</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Multi-year guaranteed awards;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">A single or common performance metric used for short- and
long-term incentives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Lucrative severance packages;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">High pay opportunities relative to industry peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disproportionate supplemental pensions; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Mega equity grants that provide overly large upside opportunity.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Factors that potentially mitigate the impact of risky incentives
include rigorous claw-back provisions, robust stock ownership/holding guidelines, and limitations on accelerated vesting triggers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Options Backdating</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following factors should be examined case-by-case to allow for
distinctions to be made between &ldquo;sloppy&rdquo; plan administration versus deliberate action or fraud:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Reason and motive for the options backdating issue, such
as inadvertent vs. deliberate grant date changes;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Duration of options backdating;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Size of restatement due to options backdating;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Corrective actions taken by the board or compensation committee,
such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adoption of a grant policy that prohibits backdating, and
creates a fixed grant schedule or window period for equity grants in the future.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Compensation Committee Communications and Responsiveness</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Consider the following factors case-by-case when evaluating ballot
items related to executive pay on the board&rsquo;s responsiveness to investor input and engagement on compensation issues:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Failure to respond to majority-supported shareholder proposals
on executive pay topics; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Failure to adequately respond to the company's previous say-on-pay
proposal that received the support of less than 70 percent of votes cast, taking into account:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's response, including:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of engagement efforts with major institutional
investors, including the frequency and timing of engagements and the company participants (including whether independent directors
participated);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of the specific concerns voiced by dissenting
shareholders that led to the say-on-pay opposition;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of specific and meaningful actions taken to address
shareholders' concerns;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Other recent compensation actions taken by the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the issues raised are recurring or isolated;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's ownership structure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the support level was less than 50 percent, which
would warrant the highest degree of responsiveness.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Frequency of Advisory Vote on Executive Compensation (&quot;Say
When on Pay&quot;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for annual advisory
votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies'
executive pay programs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation,
or Proposed Sale</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
say on Golden Parachute proposals, including consideration of existing change-in-control arrangements maintained with named executive
officers rather than focusing primarily on new or extended arrangements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Features that may result in an &ldquo;against&rdquo; recommendation
include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Single- or modified-single-trigger cash severance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Single-trigger acceleration of unvested equity awards;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Full acceleration of equity awards granted shortly before
the change in control;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Excessive cash severance (generally &gt;3x base salary and
bonus);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Excise tax gross-ups triggered and payable (as opposed to
a provision to provide excise tax gross-ups);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Excessive golden parachute payments (on an absolute basis
or as a percentage of transaction equity value); or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent amendments that incorporate any problematic features
(such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence
merger agreements that may not be in the best interests of shareholders; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's assertion that a proposed transaction is conditioned
on shareholder approval of the golden parachute advisory vote.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Recent amendment(s) that incorporate problematic features will tend
to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely
scrutinized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In cases where the golden parachute vote is incorporated into a
company's advisory vote on compensation (management say-on-pay), ISS will evaluate the say-on-pay proposal in accordance with these
guidelines, which may give higher weight to that component of the overall evaluation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Equity-Based and Other Incentive Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
certain equity-based compensation plans<SUP>13</SUP> depending on a combination of certain plan features and equity grant practices,
where positive factors may counterbalance negative factors, and vice versa, as evaluated using an &quot;equity plan scorecard&quot;
(EPSC) approach with three pillars:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Plan Cost: The total estimated cost of the company&rsquo;s
equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation
to peers and considering both:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">SVT based on new shares requested plus shares remaining for
future grants, plus outstanding unvested/unexercised grants; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">SVT based only on new shares requested plus shares remaining
for future grants.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Plan Features:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Discretionary or automatic single-triggered award vesting
upon a change in control (CIC);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Discretionary vesting authority;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Liberal share recycling on various award types;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Lack of minimum vesting period for grants made under the
plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Dividends payable prior to award vesting.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Grant Practices:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s three-year burn rate relative to its
industry/market cap peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Vesting requirements in most recent CEO equity grants (3-year
look-back);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The estimated duration of the plan (based on the sum of shares
remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The proportion of the CEO's most recent equity grants/awards
subject to performance conditions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company maintains a claw-back policy;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has established post-exercise/vesting
share-holding requirements.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against the plan proposal if the combination of above
factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Awards may vest in connection with a liberal change-of-control
definition;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The plan would permit repricing or cash buyout of underwater
options without shareholder approval (either by expressly permitting it &ndash; for NYSE and Nasdaq listed companies &ndash; or
by not prohibiting it when the company has a history of repricing &ndash; for non-listed companies);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The plan is a vehicle for problematic pay practices or a
significant pay-for-performance disconnect under certain circumstances; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other plan features are determined to have a significant
negative impact on shareholder interests.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Further Information on certain EPSC Factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">13</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Proposals evaluated under the EPSC policy generally include those to approve or amend
(1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees
and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further
evaluated case-by-case.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Value Transfer (SVT)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The cost of the equity plans is expressed as Shareholder Value Transfer
(SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders&rsquo; equity flowing out
of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes
the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the
case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans,
unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that
all awards to be granted will be the most expensive types. See discussion of specific types of awards.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Except for proposals subject to Equity Plan Scorecard evaluation,
Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows:
The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark
SVT levels for each industry are established based on these top performers&rsquo; historic SVT. Regression analyses are run on
each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted
upwards or downwards for the specific company by plugging the company-specific performance measures, size and cash compensation
into the industry cap equations to arrive at the company&rsquo;s benchmark.<SUP>14</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Three-Year Burn Rate</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Burn-rate benchmarks (utilized in Equity Plan Scorecard evaluations)
are calculated as the greater of: (1) the mean (&mu;) plus one standard deviation (&sigma;) of the company's GICS group segmented
by S&amp;P 500, Russell 3000 index (less the S&amp;P500), and non-Russell 3000 index; and (2) two percent of weighted common shares
outstanding. In addition, year- over-year burn-rate benchmark changes will be limited to a maximum of two (2) percentage points
plus or minus the prior year's burn-rate benchmark. See the U.S. Equity Compensation Plans FAQ for the benchmarks.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Egregious Factors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Liberal Change in Control Definition</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against equity plans if the plan has a liberal definition
of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual
change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of
a tender offer, provisions for acceleration upon a &ldquo;potential&rdquo; takeover, shareholder approval of a merger or other
transactions, or similar language.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Repricing Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against plans that expressly permit the repricing or exchange
of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. &quot;Repricing&quot; typically
includes the ability to do any of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Amend the terms of outstanding options or SARs to reduce
the exercise price of such outstanding options or SARs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Cancel outstanding options or SARs in exchange for options
or SARs with an exercise price that is less than the exercise price of the original options or SARs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The cancellation of underwater options in exchange for stock
awards; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Cash buyouts of underwater options.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">While the above cover most types of repricing, ISS may view other
provisions as akin to repricing depending on the facts and circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">----------------------</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">14</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark
is considered along with other factors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Also, vote against or withhold from members of the Compensation
Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder approval, even if
such repricings are allowed in their equity plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against plans if the company has a history of repricing without
shareholder approval, and the applicable listing standards would not preclude them from doing so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Problematic Pay Practices or Significant Pay-for-Performance Disconnect</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the equity plan on the ballot is a vehicle for problematic pay
practices, vote against the plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS may recommend a vote against the equity plan if the plan is
determined to be a vehicle for pay-for-performance misalignment. Considerations in voting against the equity plan may include,
but are not limited to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Severity of the pay-for-performance misalignment;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether problematic equity grant practices are driving the
misalignment; and/or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether equity plan awards have been heavily concentrated
to the CEO and/or the other NEOs.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Amending Cash and Equity Plans (including Approval for Tax Deductibility
(162(m))</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
amendments to cash and equity incentive plans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for proposals to amend executive cash, stock, or
cash and stock incentive plans if the proposal:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Addresses administrative features only; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Seeks approval for Section 162(m) purposes only, and the
plan administering committee consists entirely of independent directors, per ISS&rsquo; Categorization of Directors. Note that
if the company is presenting the plan to shareholders for the first time for any reason (including after the company&rsquo;s initial
public offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case
(see below).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals to amend executive cash, stock, or cash and
stock incentive plans if the proposal:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Seeks approval for Section 162(m) purposes only, and the
plan administering committee does not consist entirely of independent directors, per ISS&rsquo; Categorization of Directors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on all other proposals to amend cash incentive
plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material
amendment(s) other than those for Section 162(m) purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on all other proposals to amend equity incentive
plans, considering the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the proposal requests additional shares and/or the amendments
include a term extension or addition of full value awards as an award type, the recommendation will be based on the Equity Plan
Scorecard evaluation as well as an analysis of the overall impact of the amendments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the plan is being presented to shareholders for the first
time (including after the company's IPO), whether or not additional shares are being requested, the recommendation will be based
on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of any amendments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If there is no request for additional shares and the amendments
do not include a term extension or addition of full value awards as an award type, then the recommendation will be based entirely
on an analysis of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational purposes.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In the first two case-by-case evaluation scenarios, the EPSC evaluation/score
is the more heavily weighted consideration.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Specific Treatment of Certain Award Types in Equity Plan Evaluations</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dividend Equivalent Rights</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Options that have Dividend Equivalent Rights (DERs) associated with
them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend
streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised
per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors and this cost should
be captured.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Operating Partnership (OP) Units in Equity Plan Analysis of Real
Estate Investment Trusts (REITs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">For Real Estate Investment Trusts (REITS), include the common shares
issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1)
market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Other Compensation Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">401(k) Employee Benefit Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
implement a 401(k) savings plan for employees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Employee Stock Ownership Plans (ESOPs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals
to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive
(more than five percent of outstanding shares).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Employee Stock Purchase Plans&mdash;Qualified Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
qualified employee stock purchase plans. Vote for employee stock purchase plans where all of the following apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Purchase price is at least 85 percent of fair market value;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Offering period is 27 months or less; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The number of shares allocated to the plan is 10 percent
or less of the outstanding shares. Vote against qualified employee stock purchase plans where any of the following apply:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Purchase price is less than 85 percent of fair market value;
or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Offering period is greater than 27 months; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The number of shares allocated to the plan is more than ten
percent of the outstanding shares.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Employee Stock Purchase Plans&mdash;Non-Qualified Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase plans with all the following features:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Broad-based participation (i.e., all employees of the company
with the exclusion of individuals with 5 percent or more of beneficial ownership of the company);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Limits on employee contribution, which may be a fixed dollar
amount or expressed as a percent of base salary;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company matching contribution up to 25 percent of employee&rsquo;s
contribution, which is effectively a discount of 20 percent from market value; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">No discount on the stock price on the date of purchase since
there is a company matching contribution.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against nonqualified employee stock purchase plans when the
plan features do not meet all of the above criteria. If the company matching contribution exceeds 25 percent of employee&rsquo;s
contribution, evaluate the cost of the plan against its allowable cap.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Option Exchange Programs/Repricing Options</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
management proposals seeking approval to exchange/reprice options taking into consideration:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Historic trading patterns--the stock price should not be
so volatile that the options are likely to be back &ldquo;in-the-money&rdquo; over the near term;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Rationale for the re-pricing--was the stock price decline
beyond management's control?;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Is this a value-for-value exchange?;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Are surrendered stock options added back to the plan reserve?;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Option vesting--does the new option vest immediately or is
there a black-out period?;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Term of the option--the term should remain the same as that
of the replaced option;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Exercise price--should be set at fair market or a premium
to market;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Participants--executive officers and directors should be
excluded.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If the surrendered options are added back to the equity plans for
re-issuance, then also take into consideration the company&rsquo;s total cost of equity plans and its three-year average burn rate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In addition to the above considerations, evaluate the intent, rationale,
and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program
at this point in time. Repricing underwater options after a recent precipitous drop in the company&rsquo;s stock price demonstrates
poor timing. Repricing after a recent decline in stock price triggers additional scrutiny and a potential against vote on the proposal.
At a minimum, the decline should not have happened within the past year. Also, consider the terms of the surrendered options, such
as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three
years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly,
the exercise price of surrendered options should be above the 52-week high for the stock price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for shareholder proposals to put option repricings to a shareholder
vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Stock Plans in Lieu of Cash</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for non-employee director-only equity plans that provide a
dollar-for-dollar cash-for-stock exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on plans which do not provide a dollar-for-dollar
cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such
equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation,
ISS will not make any adjustments to carve out the in-lieu-of cash compensation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Transfer Stock Option (TSO) Programs</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: One-time Transfers:
Vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders for approval.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on one-time transfers. Vote for if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Executive officers and non-employee directors are excluded
from participating;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Stock options are purchased by third-party financial institutions
at a discount to their fair value using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate
financial models; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There is a two-year minimum holding period for sale proceeds
(cash or stock) for all participants.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Additionally, management should provide a clear explanation of why
options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond
management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be
back &ldquo;in-the-money&rdquo; over the near term.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ongoing TSO program: Vote against equity plan proposals if the details
of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing
TSO program, structure and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these
proposals include, but not limited, to the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Eligibility;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Vesting;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Bid-price;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Term of options;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Cost of the program and impact of the TSOs on company&rsquo;s
total option expense; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Option repricing policy.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Amendments to existing plans that allow for introduction of transferability
of stock options should make clear that only options granted post-amendment shall be transferable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Director Compensation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Ratification of Director Pay Programs</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
management proposals seeking ratification of non-employee director compensation, based on the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the equity plan under which non-employee director grants
are made is on the ballot, whether or not it warrants support; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">An assessment of the following qualitative factors:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The relative magnitude of director compensation as compared
to companies of a similar profile;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The presence of problematic pay practices relating to director
compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Director stock ownership guidelines and holding requirements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Equity award vesting schedules;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The mix of cash and equity-based compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Meaningful limits on director compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The availability of retirement benefits or perquisites; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The quality of disclosure surrounding director compensation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Equity Plans for Non-Employee Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
compensation plans for non-employee directors, based on:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The total estimated cost of the company&rsquo;s equity plans
relative to industry/market cap peers, measured by the company&rsquo;s estimated Shareholder Value Transfer (SVT) based on new
shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s three-year burn rate relative to its
industry/market cap peers (in certain circumstances); and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The presence of any egregious plan features (such as an option
repricing provision or liberal CIC vesting risk).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On occasion, non-employee director stock plans will exceed the plan
cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote case-by-case on the plan
taking into consideration the following qualitative factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The relative magnitude of director compensation as compared
to companies of a similar profile;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The presence of problematic pay practices relating to director
compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Director stock ownership guidelines and holding requirements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Equity award vesting schedules;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The mix of cash and equity-based compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Meaningful limits on director compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The availability of retirement benefits or perquisites; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The quality of disclosure surrounding director compensation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Non-Employee Director Retirement Plans</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against retirement
plans for non-employee directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for shareholder proposals to eliminate retirement plans for
non-employee directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Proposals on Compensation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Bonus Banking/Bonus Banking &ldquo;Plus&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance
metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account
the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s past practices regarding equity and cash
compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has a holding period or stock ownership
requirements in place, such as a meaningful retention ratio (at least 50 percent for full tenure); and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has a rigorous claw-back policy in place.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Compensation Consultants&mdash;Disclosure of Board or Company&rsquo;s
Utilization</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for
shareholder proposals seeking disclosure regarding the Company, Board, or Compensation Committee&rsquo;s use of compensation consultants,
such as company name, business relationship(s), and fees paid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Disclosure/Setting Levels or Types of Compensation for Executives
and Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for shareholder
proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant
to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome
to the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against shareholder proposals seeking to set absolute levels
on compensation or otherwise dictate the amount or form of compensation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against shareholder proposals that mandate a minimum
amount of stock that directors must own in order to qualify as a director or to remain on the board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on all other shareholder proposals regarding executive
and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design
versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the
proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Golden Coffins/Executive Death Benefits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
calling companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could
oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses,
accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu
of compensation. This would not apply to any benefit programs or equity plan proposals that the broad-based employee population
is eligible.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Hold Equity Past Retirement or for a Significant Period of Time</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares
acquired through compensation plans. The following factors will be taken into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The percentage/ratio of net shares required to be retained;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The time period required to retain the shares;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has equity retention, holding period,
and/or stock ownership requirements in place and the robustness of such requirements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has any other policies aimed at mitigating
risk taking by executives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Executives' actual stock ownership and the degree to which
it meets or exceeds the proponent&rsquo;s suggested holding period/retention ratio or the company&rsquo;s existing requirements;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Problematic pay practices, current and past, which may demonstrate
a short-term versus long-term focus.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Non-Deductible Compensation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
seeking disclosure of the extent to which the company paid non-deductible compensation to senior executives due to Internal Revenue
Code Section 162(m), while considering the company&rsquo;s existing disclosure practices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pay Disparity</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following
factors will be considered:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current level of disclosure of its executive
compensation setting process, including how the company considers pay disparity;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If any problematic pay practices or pay-for-performance concerns
have been identified at the company; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of shareholder support for the company's pay programs.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals calling for the company to use
the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pay for Performance/Performance-Based Awards</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives
shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based
on the following analytical steps:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">First, vote for shareholder proposals advocating the use
of performance-based equity awards, such as performance contingent options or restricted stock, indexed options or premium-priced
options, unless the proposal is overly restrictive or if the company has demonstrated that it is using a &ldquo;substantial&rdquo;
portion of performance-based awards for its top executives. Standard stock options and performance-accelerated awards do not meet
the criteria to be considered as performance-based awards. Further, premium-priced options should have a premium of at least 25
percent and higher to be considered performance-based awards.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Second, assess the rigor of the company&rsquo;s performance-based
equity program. If the bar set for the performance- based program is too low based on the company&rsquo;s historical or peer group
comparison, generally vote for the proposal. Furthermore, if target performance results in an above target payout, vote for the
shareholder proposal due to program&rsquo;s poor design. If the company does not disclose the performance metric of the performance-based
equity program, vote for the shareholder proposal regardless of the outcome of the first step to the test.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In general, vote for the shareholder proposal if the company does
not meet both of the above two steps.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pay for Superior Performance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals that request the board establish a pay-for-superior performance standard in the company's executive compensation
plan for senior executives. These proposals generally include the following principles:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Set compensation targets for the plan&rsquo;s annual and
long-term incentive pay components at or below the peer group median;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Deliver a majority of the plan&rsquo;s target long-term compensation
through performance-vested, not simply time- vested, equity awards;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Provide the strategic rationale and relative weightings of
the financial and non-financial performance metrics or criteria used in the annual and performance-vested long-term incentive
components of the plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Establish performance targets for each plan financial metric
relative to the performance of the company&rsquo;s peer companies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Limit payment under the annual and performance-vested long-term
incentive components of the plan to when the company&rsquo;s performance on its selected financial performance metrics exceeds
peer group median performance.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Consider the following factors in evaluating this proposal:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">What aspects of the company&rsquo;s annual and long-term
equity incentive programs are performance driven?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the annual and long-term equity incentive programs are
performance driven, are the performance criteria and hurdle rates disclosed to shareholders or are they benchmarked against a
disclosed peer group?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Can shareholders assess the correlation between pay and performance
based on the current disclosure?</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">What type of industry and stage of business cycle does the
company belong to?</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pre-Arranged Trading Plans (10b5-1 Plans)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for shareholder
proposals calling for certain principles regarding the use of prearranged trading plans (10b5-1 plans) for executives. These principles
include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Adoption, amendment, or termination of a 10b5-1 Plan must
be disclosed within two business days in a Form 8-K;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Amendment or early termination of a 10b5-1 Plan is allowed
only under extraordinary circumstances, as determined by the board;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Ninety days must elapse between adoption or amendment of
a 10b5-1 Plan and initial trading under the plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Reports on Form 4 must identify transactions made pursuant
to a 10b5-1 Plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">An executive may not trade in company stock outside the 10b5-1
Plan;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Trades under a 10b5-1 Plan must be handled by a broker who
does not handle other securities transactions for the executive.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Prohibit CEOs from Serving on Compensation Committees</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals seeking a policy to prohibit any outside CEO from serving on a company&rsquo;s compensation committee, unless the company
has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Recoupment of Incentive or Stock Compensation in Specified Circumstances</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon
which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or
has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior
executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company.
Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly
contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies
may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence
or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have
long-lasting impact.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In considering whether to support such shareholder proposals, ISS
will take into consideration the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the company has adopted a formal recoupment policy;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The rigor of the recoupment policy focusing on how and under
what circumstances the company may recoup incentive or stock compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has chronic restatement history or material
financial problems;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company&rsquo;s policy substantially addresses
the concerns raised by the proponent;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Disclosure of recoupment of incentive or stock compensation
from senior executives or lack thereof; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Any other relevant factors.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Severance Agreements for Executives/Golden Parachutes</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for shareholder
proposals requiring that golden parachutes or executive severance agreements be submitted for shareholder ratification, unless
the proposal requires shareholder approval prior to entering into employment contracts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals to ratify or cancel golden parachutes.
An acceptable parachute should include, but is not limited to, the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The triggering mechanism should be beyond the control of
management;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The amount should not exceed three times base amount (defined
as the average annual taxable W-2 compensation during the five years prior to the year in which the change of control occurs);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Change-in-control payments should be double-triggered, i.e.,
(1) after a change in control has taken place, and (2) termination of the executive as a result of the change in control. Change
in control is defined as a change in the company ownership structure.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Share Buyback Holding Periods</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced
that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising
options or selling shares during periods of share buybacks.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Supplemental Executive Retirement Plans (SERPs)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for shareholder
proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company&rsquo;s
executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for shareholder proposals requesting to limit the
executive benefits provided under the company&rsquo;s supplemental executive retirement plan (SERP) by limiting covered compensation
to a senior executive&rsquo;s annual salary and excluding of all incentive or bonus pay from the plan&rsquo;s definition of covered
compensation used to establish such benefits.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Tax Gross-Up Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups
are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation
or expatriate tax equalization policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Termination of Employment Prior to Severance Payment/Eliminating
Accelerated Vesting of Unvested Equity</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated
vesting of unvested equity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following factors will be considered:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current treatment of equity upon employment
termination and/or in change-in-control situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption
of equity by acquiring company, the treatment of performance shares, etc.);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current employment agreements, including potential poor pay
practices such as gross-ups embedded in those agreements.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for proposals seeking a policy that prohibits automatic
acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of
a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between
the award date and the change in control).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROUTINE/MISCELLANEOUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Adjourn Meeting</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support
the proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote for proposals that relate specifically to soliciting votes
for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording is too vague or if
the proposal includes &quot;other business.&quot;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Amend Quorum Requirements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there are compelling reasons
to support the proposal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Amend Minor Bylaws</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for bylaw or charter
changes that are of a housekeeping nature (updates or corrections).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Change Company Name</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals to
change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Change Date, Time, or Location of Annual Meeting</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for management
proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against shareholder proposals to change the date, time, or
location of the annual meeting unless the current scheduling or location is unreasonable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Other Business</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to approve other business when it appears as a voting item.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOCIAL/ENVIRONMENTAL
ISSUES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Global Approach</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Issues covered under the policy include a wide range of topics,
including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity,
and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations
focuses on how the proposal may enhance or protect shareholder value in either the short or long term.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote case-by-case,
taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder value, and in addition
the following will also be considered:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the issues presented in the proposal are more appropriately
or effectively dealt with through legislation or government regulation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the company has already responded in an appropriate and
sufficient manner to the issue(s) raised in the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the proposal's request is unduly burdensome (scope
or timeframe) or overly prescriptive;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's approach compared with any industry standard
practices for addressing the issue(s) raised by the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the proposal requests increased disclosure or greater
transparency, whether or not reasonable and sufficient information is currently available to shareholders from the company or
from other publicly available sources; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">If the proposal requests increased disclosure or greater
transparency, whether or not implementation would reveal proprietary or confidential information that could place the company
at a competitive disadvantage.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Endorsement of Principles</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles
may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to
future developments. Management and the board should be afforded the flexibility to make decisions on specific public policy positions
based on their own assessment of the most beneficial strategies for the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Animal Welfare</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Animal Welfare Policies</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
seeking a report on a company&rsquo;s animal welfare standards, or animal welfare-related risks, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has already published a set of animal welfare
standards and monitors compliance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s standards are comparable to industry
peers; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There are no recent significant fines, litigation, or controversies
related to the company&rsquo;s and/or its suppliers' treatment of animals.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Animal Testing</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals to phase out the use of animals in product testing, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company is conducting animal testing programs that are
unnecessary or not required by regulation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company is conducting animal testing when suitable alternatives
are commonly accepted and used by industry peers; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There are recent, significant fines or litigation related
to the company&rsquo;s treatment of animals.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Animal Slaughter</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless
such methods are required by legislation or generally accepted as the industry standard.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals requesting a report on the feasibility
of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by
the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the
company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Consumer Issues</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Genetically Modified Ingredients</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The labeling of
products with GE ingredients is best left to the appropriate regulatory authorities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals asking for a report on the feasibility
of labeling products containing GE ingredients, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The potential impact of such labeling on the company's business;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The quality of the company&rsquo;s disclosure on GE product
labeling, related voluntary initiatives, and how this disclosure compares with industry peer disclosure; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company&rsquo;s current disclosure on the feasibility of
GE product labeling.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals seeking a report on the social,
health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better undertaken by regulators
and the scientific community.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals to eliminate GE ingredients from
the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company&rsquo;s
products. Such decisions are more appropriately made by management with consideration of current regulations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reports on Potentially Controversial Business/Financial Practices</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
requests for reports on a company&rsquo;s potentially controversial business or financial practices or products, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has adequately disclosed mechanisms in
place to prevent abuses;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has adequately disclosed the financial
risks of the products/practices in question;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has been subject to violations of related
laws or serious controversies; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Peer companies&rsquo; policies/practices in this area.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pharmaceutical Pricing, Access to Medicines, and Prescription Drug
Reimportation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to
adhere to legislative guidelines or industry norms in its product pricing practices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals requesting that a company report
on its product pricing or access to medicine policies, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The potential for reputational, market, and regulatory risk
exposure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Existing disclosure of relevant policies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Deviation from established industry norms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Relevant company initiatives to provide research and/or products
to disadvantaged consumers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the proposal focuses on specific products or geographic
regions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The potential burden and scope of the requested report;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, litigation, or fines at
the company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for proposals requesting that a company report on
the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals requesting that companies adopt
specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately the province of
legislative activity and may place the company at a competitive disadvantage relative to its peers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Product Safety and Toxic/Hazardous Materials</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials
or product safety in its supply chain, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company already discloses similar information through
existing reports such as a supplier code of conduct and/or a sustainability report;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has formally committed to the implementation
of a toxic/hazardous materials and/or product safety and supply chain reporting and monitoring program based on industry norms
or similar standards within a specified time frame; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has not been recently involved in relevant significant
controversies, fines, or litigation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on resolutions requesting that companies develop
a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and
legal risks associated with utilizing certain materials, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current level of disclosure regarding
its product safety policies, initiatives, and oversight mechanisms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current regulations in the markets in which the company operates;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, litigation, or fines stemming
from toxic/hazardous materials at the company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;Generally vote against resolutions requiring that a company
reformulate its products.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Tobacco-Related Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
resolutions regarding the advertisement of tobacco products, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent related fines, controversies, or significant litigation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company complies with relevant laws and regulations
on the marketing of tobacco;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company&rsquo;s advertising restrictions deviate
from those of industry peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company entered into the Master Settlement Agreement,
which restricts marketing of tobacco to youth; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether restrictions on marketing to youth extend to foreign
countries. Vote case-by-case on proposals regarding second-hand smoke, considering;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company complies with all laws and regulations;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree that voluntary restrictions beyond those mandated
by law might hurt the company&rsquo;s competitiveness; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The risk of any health-related liabilities.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against resolutions to cease production of tobacco-related
products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco
equities. Such business decisions are better left to company management or portfolio managers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals regarding tobacco product warnings.
Such decisions are better left to public health authorities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Climate Change</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Climate Change/Greenhouse Gas (GHG) Emissions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for resolutions
requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change
on its operations and investments or on how the company identifies, measures, and manages such risks, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&rsaquo;&#9;Whether the company already provides current, publicly-available
information on the impact that climate change may have on the company as well as associated company policies and procedures to
address related risks and/or opportunities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's level of disclosure compared to industry peers;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether there are significant controversies, fines, penalties,
or litigation associated with the company's climate change-related performance.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for proposals requesting a report on greenhouse gas
(GHG) emissions from company operations and/or products and operations, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company already discloses current, publicly-available
information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to
address related risks and/or opportunities;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's level of disclosure is comparable to that of
industry peers; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There are no significant, controversies, fines, penalties,
or litigation associated with the company's GHG emissions.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals that call for the adoption of GHG
reduction goals from products and operations, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company provides disclosure of year-over-year
GHG emissions performance data;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether company disclosure lags behind industry peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's actual GHG emissions performance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current GHG emission policies, oversight mechanisms,
and related initiatives; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has been the subject of recent, significant
violations, fines, litigation, or controversy related to GHG emissions.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Energy Efficiency</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting that a company report on its energy efficiency policies, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company complies with applicable energy efficiency regulations
and laws, and discloses its participation in energy efficiency policies and programs, including disclosure of benchmark data,
targets, and performance measures; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The proponent requests adoption of specific energy efficiency
goals within specific timelines.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Renewable Energy</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for requests
for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure
or irrelevant to the company&rsquo;s line of business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals requesting that the company invest
in renewable energy resources. Such decisions are best left to management&rsquo;s evaluation of the feasibility and financial impact
that such programs may have on the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals that call for the adoption of renewable
energy goals, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope and structure of the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current level of disclosure on renewable energy
use and GHG emissions; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's disclosure of policies, practices, and oversight
implemented to manage GHG emissions and mitigate climate change risks.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Diversity</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Board Diversity</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for requests
for reports on a company's efforts to diversify the board, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The gender and racial minority representation of the company&rsquo;s
board is reasonably inclusive in relation to companies of similar size and business; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The board already reports on its nominating procedures and
gender and racial minority initiatives on the board and within the company.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals asking a company to increase the
gender and racial minority representation on its board, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree of existing gender and racial minority diversity
on the company&rsquo;s board and among its executive officers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of gender and racial minority representation that
exists at the company&rsquo;s industry peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s established process for addressing gender
and racial minority board representation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the proposal includes an overly prescriptive request
to amend nominating committee charter language;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The independence of the company&rsquo;s nominating committee;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company uses an outside search firm to identify
potential director nominees; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has had recent controversies, fines,
or litigation regarding equal employment practice</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Equality of Opportunity</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company&rsquo;s comprehensive
workforce diversity data, including requests for EEO-1 data, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company publicly discloses equal opportunity policies
and initiatives in a comprehensive manner;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company already publicly discloses comprehensive workforce
diversity data; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has no recent significant EEO-related violations
or litigation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals seeking information on the diversity
efforts of suppliers and service providers. Such requests may pose a significant burden on the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Gender Identity, Sexual Orientation, and Domestic Partner Benefits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
seeking to amend a company&rsquo;s EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or
gender identity, unless the change would be unduly burdensome.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals to extend company benefits to,
or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion of the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Gender Pay Gap</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote case-by-case
on requests for reports on a company's pay data by gender, or a report on a company&rsquo;s policies and goals to reduce any gender
pay gap, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current policies and disclosure related to
both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has been the subject of recent controversy,
litigation, or regulatory actions related to gender pay gap issues; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company's reporting regarding gender pay gap
policies or initiatives is lagging its peers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Environment and Sustainability</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Facility and Workplace Safety</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current level of disclosure of its workplace
health and safety performance data, health and safety management policies, initiatives, and oversight mechanisms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The nature of the company&rsquo;s business, specifically
regarding company and employee exposure to health and safety risks;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, fines, or violations related
to workplace health and safety; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's workplace health and safety performance relative
to industry peers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on resolutions requesting that a company report
on safety and/or security risks associated with its operations and/or facilities, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s compliance with applicable regulations
and guidelines;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current level of disclosure regarding
its security and safety policies, procedures, and compliance monitoring; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The existence of recent, significant violations, fines, or
controversy regarding the safety and security of the company&rsquo;s operations and/or facilities.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">General Environmental Proposals and Community Impact Assessments</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current disclosure of applicable policies and risk assessment
report(s) and risk management procedures;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The impact of regulatory non-compliance, litigation, remediation,
or reputational loss that may be associated with failure to manage the company&rsquo;s operations in question, including the management
of relevant community and stakeholder relations;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The nature, purpose, and scope of the company&rsquo;s operations
in the specific region(s);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree to which company policies and procedures are consistent
with industry norms; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope of the resolution.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Hydraulic Fracturing</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has
taken to manage and mitigate the potential community and environmental impacts of those operations, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current level of disclosure of relevant policies
and oversight mechanisms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current level of such disclosure relative to
its industry peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Potential relevant local, state, or national regulatory developments;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Controversies, fines, or litigation related to the company's
hydraulic fracturing operations.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Operations in Protected Areas</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for requests
for reports on potential environmental damage as a result of company operations in protected regions, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Operations in the specified regions are not permitted by
current laws or regulations;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company does not currently have operations or plans to
develop operations in these protected regions; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s disclosure of its operations and environmental
policies in these regions is comparable to industry peers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Recycling</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to report on an existing recycling program, or adopt a new recycling program, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The nature of the company&rsquo;s business;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The current level of disclosure of the company's existing
related programs;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The timetable and methods of program implementation prescribed
by the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s ability to address the issues raised
in the proposal; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">How the company's recycling programs compare to similar programs
of its industry peers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Sustainability Reporting</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental
sustainability, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company already discloses similar information through
existing reports or policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct;
and/or a diversity report; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has formally committed to the implementation
of a reporting program based on Global Reporting Initiative (GRI) guidelines or a similar standard within a specified time frame.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Water Issues</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current disclosure of relevant policies, initiatives,
oversight mechanisms, and water usage metrics;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether or not the company's existing water-related policies
and practices are consistent with relevant internationally recognized standards and national/local regulations;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The potential financial impact or risk to the company associated
with water-related concerns or issues; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent, significant company controversies, fines, or litigation
regarding water use by the company and its suppliers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">General Corporate Issues</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charitable Contributions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
restricting a company from making charitable contributions. Charitable contributions are generally useful for assisting worthwhile
causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management
should determine which, and if, contributions are in the best interests of the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Data Security, Privacy, and Internet Issues</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies
and procedures, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The level of disclosure of company policies and procedures
relating to data security, privacy, freedom of speech, information access and management, and Internet censorship;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Engagement in dialogue with governments or relevant groups
with respect to data security, privacy, or the free flow of information on the Internet;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope of business involvement and of investment in countries
whose governments censor or monitor the Internet and other telecommunications;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Applicable market-specific laws or regulations that may be
imposed on the company; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Controversies, fines, or litigation related to data security,
privacy, freedom of speech, or Internet censorship.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Environmental, Social, and Governance (ESG) Compensation-Related
Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to link, or report on linking, executive compensation to sustainability (environmental and social) criteria, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope and prescriptive nature of the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has significant and/or persistent controversies
or regulatory violations regarding social and/or environmental issues;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has management systems and oversight
mechanisms in place regarding its social and environmental performance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree to which industry peers have incorporated similar
non-financial performance criteria in their executive compensation practices; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's current level of disclosure regarding its environmental
and social performance.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Human Rights, Labor Issues, and International Operations</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Human Rights Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is
already publicly disclosed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals to implement company or company supplier
labor and/or human rights standards and policies, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree to which existing relevant policies and practices
are disclosed;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether or not existing relevant policies are consistent
with internationally recognized standards;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether company facilities and those of its suppliers are
monitored and how;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Company participation in fair labor organizations or other
internationally recognized human rights initiatives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Scope and nature of business conducted in markets known to
have higher risk of workplace labor/human rights abuse;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent, significant company controversies, fines, or litigation
regarding human rights at the company or its suppliers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The scope of the request; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Deviation from industry sector peer company standards and
practices.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote case-by-case on proposals requesting that a company conduct
an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment
process, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree to which existing relevant policies and practices
are disclosed, including information on the implementation of these policies and any related oversight mechanisms;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s industry and whether the company or its
suppliers operate in countries or areas where there is a history of human rights concerns;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, fines, or litigation regarding
human rights involving the company or its suppliers, and whether the company has taken remedial steps; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the proposal is unduly burdensome or overly prescriptive.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Operations in High Risk Markets</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
requests for a report on a company&rsquo;s potential financial and reputational risks associated with operations in &ldquo;high-risk&rdquo;
markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The nature, purpose, and scope of the operations and business
involved that could be affected by social or political disruption;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current disclosure of applicable risk assessment(s) and risk
management procedures;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Compliance with U.S. sanctions and laws;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Consideration of other international policies, standards,
and laws; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the company has been recently involved in recent,
significant controversies, fines, or litigation related to its operations in &quot;high-risk&quot; markets.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Outsourcing/Offshoring</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Controversies surrounding operations in the relevant market(s);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The value of the requested report to shareholders;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current level of disclosure of relevant
information on outsourcing and plant closure procedures; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s existing human rights standards relative
to industry peers.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Weapons and Military Sales</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against reports
on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover, companies
must comply with government controls and reporting on foreign military sales.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote against proposals asking a company to cease production
or report on the risks associated with the use of depleted uranium munitions or nuclear weapons components and delivery systems,
including disengaging from current and proposed contracts. Such contracts are monitored by government agencies, serve multiple
military and non-military uses, and withdrawal from these contracts could have a negative impact on the company&rsquo;s business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Political Activities</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lobbying</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals requesting information on a company&rsquo;s lobbying (including direct, indirect, and grassroots lobbying) activities,
policies, or procedures, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s current disclosure of relevant lobbying
policies, and management and board oversight;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company&rsquo;s disclosure regarding trade associations
or other groups that it supports, or is a member of, that engage in lobbying activities; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, fines, or litigation regarding
the company&rsquo;s lobbying-related activities.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Political Contributions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote for proposals
requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's policies, and management and board oversight
related to its direct political contributions and payments to trade associations or other groups that may be used for political
purposes;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company's disclosure regarding its support of, and participation
in, trade associations or other groups that may make political contributions; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Recent significant controversies, fines, or litigation related
to the company's political contributions or political activities.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals barring a company from making political contributions.
Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company
at a competitive disadvantage.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals to publish in newspapers and other media
a company's political contributions. Such publications could present significant cost to the company without providing commensurate
value to shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Political Ties</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
proposals asking a company to affirm political nonpartisanship in the workplace, so long as:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">There are no recent, significant controversies, fines, or
litigation regarding the company&rsquo;s political contributions or trade association spending; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has procedures in place to ensure that employee
contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibit coercion.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vote against proposals asking for a list of company executives,
directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government service and whether such service
had a bearing on the business of the company. Such a list would be burdensome to prepare without providing any meaningful information
to shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MUTUAL FUND PROXIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Election of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder
meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Converting Closed-end Fund to Open-end Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
conversion proposals, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past performance as a closed-end fund;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Market in which the fund invests;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Measures taken by the board to address the discount; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past shareholder activism, board activity, and votes on related
proposals.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Proxy Contests</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proxy contests, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past performance relative to its peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Market in which the fund invests;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Measures taken by the board to address the issues;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Past shareholder activism, board activity, and votes on related
proposals;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Strategy of the incumbents versus the dissidents;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Independence of directors;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Experience and skills of director candidates;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Governance profile of the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Evidence of management entrenchment.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Investment Advisory Agreements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
investment advisory agreements, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Proposed and current fee schedules;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fund category/investment objective;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Performance benchmarks;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Share price performance as compared with peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Resulting fees relative to peers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Assignments (where the advisor undergoes a change of control).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Approving New Classes or Series of Shares</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for the establishment
of new classes or series of shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Preferred Stock Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
the authorization for or increase in preferred shares, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Stated specific financing purpose;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Possible dilution for common shares;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Whether the shares can be used for antitakeover purposes.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1940 Act Policies</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
policies under the Investment Advisor Act of 1940, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Potential competitiveness;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Regulatory developments;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current and potential returns; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current and potential risk.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Generally vote for these amendments as long as the proposed changes
do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Changing a Fundamental Restriction to a Nonfundamental Restriction</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to change a fundamental restriction to a non-fundamental restriction, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The fund's target investments;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The reasons given by the fund for the change; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The projected impact of the change on the portfolio.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Change Fundamental Investment Objective to Nonfundamental</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
to change a fund&rsquo;s fundamental investment objective to non-fundamental.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Name Change Proposals</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
name change proposals, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Political/economic changes in the target market;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Consolidation in the target market; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current asset composition.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Change in Fund's Subclassification</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
changes in a fund's sub-classification, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Potential competitiveness;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Current and potential returns;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Risk of concentration;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Consolidation in target industry.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Business Development Companies&mdash;Authorization to Sell Shares
of Common Stock at a Price below Net Asset Value</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for proposals authorizing
the board to issue shares below Net Asset Value (NAV) if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The proposal to allow share issuances below NAV has an expiration
date no more than one year from the date shareholders approve the underlying proposal, as required under the Investment Company
Act of 1940;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The sale is deemed to be in the best interests of shareholders
by (1) a majority of the company's independent directors and (2) a majority of the company's directors who have no financial interest
in the issuance; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The company has demonstrated responsible past use of share
issuances by either:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Outperforming peers in its 8-digit GICS group as measured
by one- and three-year median TSRs; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Providing disclosure that its past share issuances were priced
at levels that resulted in only small or moderate discounts to NAV and economic dilution to existing non-participating shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Disposition of Assets/Termination/Liquidation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to dispose of assets, to terminate or liquidate, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Strategies employed to salvage the company;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The fund&rsquo;s past performance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The terms of the liquidation.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Changes to the Charter Document</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
changes to the charter document, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The degree of change implied by the proposal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The efficiencies that could result;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The state of incorporation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Regulatory standards and implications. Vote against any of
the following changes:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Removal of shareholder approval requirement to reorganize
or terminate the trust or any of its series;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Removal of shareholder approval requirement for amendments
to the new declaration of trust;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Removal of shareholder approval requirement to amend the
fund's management contract, allowing the contract to be modified by the investment manager and the trust management, as permitted
by the 1940 Act;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Allow the trustees to impose other fees in addition to sales
charges on investment in a fund, such as deferred sales charges and redemption fees that may be imposed upon redemption of a fund's
shares;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Removal of shareholder approval requirement to engage in
and terminate subadvisory arrangements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Removal of shareholder approval requirement to change the
domicile of the fund.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Changing the Domicile of a Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
re-incorporations, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Regulations of both states;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Required fundamental policies of both states;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The increased flexibility available.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Authorizing the Board to Hire and Terminate Subadvisers Without
Shareholder Approval</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote against proposals
authorizing the board to hire or terminate subadvisers without shareholder approval if the investment adviser currently employs
only one subadviser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Distribution Agreements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
distribution agreement proposals, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Fees charged to comparably sized funds with similar objectives;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The proposed distributor&rsquo;s reputation and past performance;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The competitiveness of the fund in the industry;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The terms of the agreement.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Master-Feeder Structure</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote for the establishment
of a master-feeder structure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mergers</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
merger proposals, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Resulting fee structure;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Performance of both funds;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Continuity of management personnel;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Changes in corporate governance and their impact on shareholder
rights.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Shareholder Proposals for Mutual Funds</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Establish Director Ownership Requirement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Generally vote against
shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director
or to remain on the board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Reimburse Shareholder for Expenses Incurred</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement of
the proxy solicitation expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Terminate the Investment Advisor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">General Recommendation: Vote case-by-case on
proposals to terminate the investment advisor, considering the following factors:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">Performance of the fund&rsquo;s Net Asset Value (NAV);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The fund&rsquo;s history of shareholder relations;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt; text-align: left">&rsaquo;</TD><TD STYLE="text-align: justify">The performance of other funds under the advisor&rsquo;s
management.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">This document and all of the information contained in it, including
without limitation all text, data, graphs, and charts (collectively, the &quot;Information&quot;) is the property of Institutional
Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Information has not been submitted to, nor received approval
from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an
offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other
investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer,
securities, financial products or instruments or trading strategies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The user of the Information assumes the entire risk of any use it
may make or permit to be made of the Information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH
RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES
OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH
RESPECT TO ANY OF THE INFORMATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Without limiting any of the foregoing and to the maximum extent
permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special,
punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The
foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8. Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>(a)(1)&#9;Identification of Portfolio
Manager(s) or Management Team Members and Description of &#9;Role of Portfolio Manager(s) or Management Team Members</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Information provided as of December 31, 2018</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Chartwell Investment Partners,
LLC (&ldquo;Chartwell&rdquo;), a wholly owned subsidiary of TriState Capital Holdings, Inc., is a research based equity and fixed-income
manager with a disciplined, team-oriented investment process. The Chartwell Portfolio Management Team consists of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Douglas W. Kugler, CFA</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Principal, Senior Portfolio
Manager</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Mr. Kugler is a portfolio manager
on Chartwell&rsquo;s large-cap equity portfolio management team and has 21 years of investment industry experience. His areas of
focus include the Consumer Discretionary, Industrials, Materials and Technology sectors of the market. He has been a portfolio
manager for the Fund since 2007. From 1993 to 2003, he held several positions at Morgan Stanley Investment Management (Miller Anderson
&amp; Sherrerd) the last of which was Senior Associate and Analyst for the Large Cap Value team. Mr. Kugler is a member of the
CFA (Chartered Financial Analysts) Institute and the CFA Society of Philadelphia. He holds the Chartered Financial Analyst designation.
Mr. Kugler earned a Bachelor&rsquo;s degree in Accounting from the University of Delaware.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Peter M. Schofield, CFA</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Principal, Senior Portfolio
Manager</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Mr. Schofield is a Senior Portfolio
Manager on Chartwell&rsquo;s large-cap equity portfolio management team and has 33 years of investment industry experience. His
areas of focus include Consumer Staples, Health Care and Information Technology. From 2005 to 2010, he was a Co-Chief Investment
Officer at Knott Capital. From 1996 to 2005, he was a Portfolio Manager at Sovereign Asset Management. Prior to Sovereign Asset
Management, he was a portfolio manager at Geewax, Terker &amp; Company. Mr. Schofield holds the Chartered Financial Analyst designation
and is a member of the CFA (Chartered Financial Analysts) Institute and the CFA Society of Philadelphia. Mr. Schofield earned a
Bachelor&rsquo;s degree in History from the University of Pennsylvania.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">The investment team for the
First Trust Enhanced Equity Income Fund consists of two portfolio managers with an average of 27 years of investment experience.
All team members conduct fundamental research and meet with company management. Purchase and sale decisions are made by the portfolio
managers. The day-to-day work and the management of the Fund is divided evenly among the portfolio managers.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(2)</TD><TD>Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Information provided as of December 31, 2018</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Other Accounts Managed by Portfolio Manager(s) or Management
Team Member</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Name of Portfolio Manager or Team Member</U></FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Type of Accounts*</U></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total # of Accounts Managed</U></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total Assets</U></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U># of Accounts Managed for which Advisory Fee is Based on Performance</U></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total Assets for which Advisory Fee is Based on Performance</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">1.&nbsp;&nbsp;Douglas W. Kugler</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Registered Investment Companies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Pooled Investment Vehicles:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Accounts:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$579.8 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">2.&nbsp;&nbsp;Peter M. Schofield</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Registered Investment Companies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$47.0 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Pooled Investment Vehicles:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Accounts:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$579.8 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Potential Conflicts of Interests</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">The portfolio managers manage other accounts for Chartwell
including institutional portfolios of similar investment styles. None of these portfolio managers manage any hedge funds nor any
accounts with performance-based fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">When registered funds and investment accounts are managed
side-by-side, firm personnel must strictly follow the policies and procedures outlined in our Trade Allocation Policy to ensure
that accounts are treated in a fair and equitable manner, and that no client or account is favored over another. When registered
funds and investment accounts are trading under the same investment product, and thus trading the same securities, shares are allocated
on a pro-rata basis based on market value, and all portfolios obtain the same average price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">On a monthly basis, Jon Caffey, a member of Chartwell&rsquo;s
Compliance Group, oversees the performance calculation process handled in Operations, and completes a spreadsheet of monthly portfolio
returns by client. Caffey provides this spreadsheet to the CEO, CCO and various investment personnel for their review. Any performance
dispersion noted by anyone on the distribution list is investigated by Caffey by reviewing the underlying transactional detail,
holdings &amp; security weightings by portfolio. This monthly process ensures that all portfolios that are managed under the same
investment product are treated fairly, and traded in accordance with firm policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>(a)(3) &#9;Compensation Structure of Portfolio Manager(s)
or Management Team Members</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Information provided as of December 31, 2018</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">The compensation paid to
a Chartwell portfolio manager and analyst consists of base salary, annual bonus, ownership distribution, and an annual profit-sharing
contribution to the firm&rsquo;s retirement plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">A portfolio manager&rsquo;s
and analyst&rsquo;s base salary is determined by Chartwell&rsquo;s Compensation Committee and is reviewed at least annually. A
portfolio manager&rsquo;s and analyst&rsquo;s experience, historical performance, and role in firm or product team management are
the primary considerations in determining the base salary. Industry benchmarking is utilized by the Compensation Committee on an
annual basis.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">Chartwell also provides
a profit sharing and 401(k) plan for all employees. The annual profit sharing contribution and/or matching contribution from Chartwell
is discretionary and based solely on the profitability of the firm.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">Annual bonuses are determined
by the Compensation Committee based on a number of factors. The primary factor is a performance-based compensation schedule that
is applied to all accounts managed by a portfolio manager within a particular investment product, and is not specific to any one
account. The bonus is calibrated based on the gross composite performance of such accounts versus the appropriate benchmark and
peer group rankings. Portfolio construction, sector and security weighting, and performance are reviewed by the Compliance Committee
and Compensation Committee to prevent a manager from taking undue risks. Additional factors used to determine the annual bonus
include the portfolio manager&rsquo;s contribution as an analyst, product team management, and contribution to the strategic planning
and development of the investment group as well as the firm. For employee retention purposes, if an individual employee&rsquo;s
bonus exceeds $50,000 for a given year, an amount equal to 25% of the bonus is deferred and paid 3 years after the initial pay
date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">(a)(4)&#9;Disclosure of Securities Ownership</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Information provided as of December 31, 2018:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Name of Portfolio Manager or </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.9pt"><U>Team Member</U></P></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: -0.9pt; text-indent: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>Dollar Range of Fund Shares Beneficially Owned </U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 12.6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 9pt">Douglas W. Kugler</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 50.3pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$50,001-100,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 50.3pt; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 9pt">Peter M. Schofield</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 50.3pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: -40.5pt"><B>Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant&rsquo;s board of directors, where those changes were implemented after the
registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as
required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 11. Controls and Procedures.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The registrant&rsquo;s principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) (17 CFR 270.30a-3(c))) are effective, as of a date
within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant&rsquo;s second fiscal quarter of
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 12. Exhibits.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt; text-align: left; vertical-align: top">(a)(1)</TD><TD STYLE="width: 6pt"></TD><TD STYLE="text-align: justify">Code of ethics, or any amendment thereto, that is the subject of disclosure required
by Item 2 &#9;is attached hereto.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 30pt">(a)(2)</TD><TD STYLE="width: 6pt"></TD><TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act of 2002 are attached hereto.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 30pt">(a)(3)</TD><TD STYLE="width: 6pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 30pt">(b)</TD><TD STYLE="width: 6pt"></TD><TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-&#9;Oxley Act of 2002 are attached hereto.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 7%; text-align: right">(registrant)</TD><TD STYLE="width: 3%"></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top; width: 80%">First Trust Enhanced Equity Income Fund</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR>
<TD STYLE="width: 27%; text-align: left; vertical-align: top">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; width: 60%; vertical-align: top; border-bottom: Black 1pt solid">/s/
James M. Dykas</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>     <TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">James M. Dykas, President and Chief Executive Officer <BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 5, 2019</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>










<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR>
<TD STYLE="text-align: left; vertical-align: top; width: 27%">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top; width: 60%">/s/
James M. Dykas</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">James M. Dykas, President and Chief Executive Officer <BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 5, 2019</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR>
<TD STYLE="text-align: left; vertical-align: top; width: 27%">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top; width: 60%">/s/
Donald P. Swade</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and Chief Accounting Officer <BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 5, 2019</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">* Print the name and title of each signing officer under his or
her signature.</P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<P STYLE="text-align: center; font-weight: bold; font-size: 11pt; margin-bottom: 18pt">SENIOR FINANCIAL OFFICER<BR>
CODE OF CONDUCT</P>

<P STYLE="font-weight: bold">I. Introduction</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">This code of conduct is being
adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and
integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees
of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"),
is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity.
SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer),
and the Treasurer (who is the principal financial officer), and any person who performs a similar function.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds, First Trust Advisors
L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE
17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees,
or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence
those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise
take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in
accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts
of interest, and to establish compliance procedures.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Sarbanes-Oxley Act of
2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately
and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must
either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such
as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment
in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds have chosen to
adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust
Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive
to ensure that the Funds' financial disclosures are complete, accurate, and understandable.</P>

<P></P>

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<P></P>

<P STYLE="font-weight: bold">II. Purposes of This Code of Conduct</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The purposes of this Code
are:</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">A. To promote honest and
ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">B. To promote full, fair,
accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and
in other public communications the Funds make;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">C. To promote compliance
with applicable governmental laws, rules and regulations;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">D. To encourage the prompt
internal reporting to an appropriate person of violations of the Code; and</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">E. To establish accountability
for adherence to the Code.</P>

<P STYLE="font-weight: bold">III. Questions About This Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds' Boards of Trustees
have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance
Coordinator for the implementation and administration of the Code.</P>

<P STYLE="font-weight: bold">IV. Handling of Financial Information</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds have adopted guidelines
under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor
who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each
Fund:</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">A. Act with honesty and
integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and
professional relationships.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">B. Disclose to the Fund's
Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations
of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships
whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to
the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify"></P>

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<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">C. Provide information
to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside
counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">D. Endeavor to ensure
full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">E. Comply with the federal
securities laws and other applicable laws and rules, such as the Internal Revenue Code.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">F. Act in good faith,
responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent
judgment to be subordinated.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">G. Respect the confidentiality
of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise
legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">H. Share and maintain
skills important and relevant to the Fund's needs.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">I. Proactively promote
ethical behavior among peers in your work environment.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">J. Responsibly use and
control all assets and resources employed or entrusted to you.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">K. Record or participate
in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.</P>

<P STYLE="font-weight: bold">V. Waivers of This Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">SFOs and other parties subject
to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting
their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee
will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required
by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.</P>

<P STYLE="font-weight: bold">VI. Annual Certification</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">Each SFO will be asked to
certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.</P>

<P></P>

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<P></P>

<P STYLE="font-weight: bold">VII. Reporting Suspected Violations</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">A. SFOs or other officers
of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect
a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First
Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation
and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">B. Because service providers
such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements,
you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct.
You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own
code of ethics for its SFOs or employees.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">C. SFOs or other officers
or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported
violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.</P>

<P STYLE="font-weight: bold">VIII. Violations of The Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">A. Dishonest, unethical or
illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular
conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety
of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state
laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit
the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state
a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials
facts.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">B. Examples of criminal violations
of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's
behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash
or other items of value that are intended to influence the judgment or actions of political candidates, government officials or
businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to
the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<P>Amended: June 1, 2009</P>

<P>&nbsp;</P>

<P>&nbsp;</P>


<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>certs_302.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, James M. Dykas, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 5, 2019</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ James M. Dykas</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">James M. Dykas, President and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, Donald P. Swade, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 5, 2019</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ Donald P. Swade</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and
Chief Accounting Officer<BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>certs_906.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(b) under
the 1940 Act and Section 906 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, James M. Dykas, President and Chief Executive
Officer of First Trust Enhanced Equity Income Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 5, 2019</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ James M. Dykas</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">James M. Dykas, President and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Donald P. Swade, Treasurer, Chief Financial
Officer and Chief Accounting Officer of First Trust Enhanced Equity Income Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 5, 2019</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ Donald P. Swade</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and
Chief Accounting Officer<BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; text-decoration: underline; margin-top: 0pt; margin-bottom: 0pt">Notice Regarding Your Quarterly Distribution</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Enhanced Equity Income Fund (FFA)</P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The closed-end fund listed above has
declared a distribution payable on September 28, 2018, to shareholders of record as of September 24, 2018, with an
ex-dividend date of September 21, 2018. This Notice is meant to provide you information about the sources of your
Fund&rsquo;s distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of its Managed Distribution Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The following tables set forth the
estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund
from the following sources: net investment income (&ldquo;NII&rdquo;); net realized short-term capital gains
(&ldquo;STCG&rdquo;); net realized long-term capital gains (&quot;LTCG&quot;); and return of capital (&quot;ROC&quot;). These
estimates are based upon information projected through September 30, 2018, are calculated based on a generally accepted accounting principles (&quot;GAAP&quot;) basis and include the prior fiscal year-end undistributed net investment income.&nbsp;&nbsp;The amounts and sources of distributions are expressed per common share.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annualized</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">5 Year Avg.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Current Dist. Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annual Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.28500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.04768</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.23732</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">16.73%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">83.27%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">6.80%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">11.04%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total Cumulative</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Distributions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal YTD Distributions&nbsp;(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.85500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.14304</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.71196</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">16.73%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">83.27%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">5.10%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">5.44%</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Includes the most recent quarterly distribution paid on September 28, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Fund estimates that it has distributed more than its income and net realized capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when
some or all of the money that you invested in the Fund is paid back to you.&nbsp;&nbsp;A return of capital distribution does not
necessarily reflect the Fund&rsquo;s investment performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Based on Net Asset Value (&quot;NAV&quot;) as of August 31, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Total Returns are through August 31, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; width: 15pt">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P>The Fund anticipates that, due to the tax treatment of cash distributions made by Master Limited Partnerships in which
the Fund invests, a portion of distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of
capital.</P>


</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment
experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
You should not use this Notice as a substitute for your Form 1099-DIV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">_____________________________________&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Advisors L.P. Contact:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don Swade (630) 765-8661 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>12
<FILENAME>exh99b.htm
<DESCRIPTION>QUARTERLY DISTRIBUTIONS
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; text-decoration: underline; margin-top: 0pt; margin-bottom: 0pt">Notice Regarding Your Quarterly Distribution</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Enhanced Equity Income Fund (FFA)</P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The closed-end fund listed above has declared a distribution payable on December 31, 2018, to shareholders of record as of
December 24, 2018, with an ex-dividend date of December 21, 2018. This Notice is meant to provide you information about the
sources of your Fund&rsquo;s distributions. You should not draw any conclusions about the Fund's investment performance from
the amount of this distribution or from the terms of its Managed Distribution Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this
fiscal year to date for the Fund from the following sources: net investment income (&ldquo;NII&rdquo;); net realized short-term
capital gains (&ldquo;STCG&rdquo;); net realized long-term capital gains (&ldquo;LTCG&rdquo;); and return of capital (&ldquo;ROC&rdquo;).
These estimates are based upon information projected through December 31, 2018, are calculated based on a generally accepted
accounting principles (&ldquo;GAAP&rdquo;) basis and include the prior fiscal year-end undistributed net investment income.
The amounts and sources of distributions are expressed per common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annualized</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">5 Year Avg.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Current Dist. Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annual Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.28500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.04745</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.23755</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">16.65%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">83.35%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">7.29%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">8.02%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total Cumulative</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Distributions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal YTD Distributions&nbsp;(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$1.14000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.1961</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.95019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">16.65%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">83.35%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">7.29%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">0.08%</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Includes the most recent quarterly distribution paid on December 31, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you
invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment
performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Based on Net Asset Value (&quot;NAV&quot;) as of November 30, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Total Returns are through November 30, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; width: 15pt">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Fund anticipates that, due to the tax treatment of cash distributions made by Master Limited Partnerships in which the
Fund invests, a portion of distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital.</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment
experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
You should not use this Notice as a substitute for your Form 1099-DIV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">_____________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Advisors L.P. Contact:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don Swade (630) 765-8661 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




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