<SEC-DOCUMENT>0001445546-21-001430.txt : 20210311
<SEC-HEADER>0001445546-21-001430.hdr.sgml : 20210311
<ACCEPTANCE-DATETIME>20210311165325
ACCESSION NUMBER:		0001445546-21-001430
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210311
DATE AS OF CHANGE:		20210311
EFFECTIVENESS DATE:		20210311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST ENHANCED EQUITY INCOME FUND
		CENTRAL INDEX KEY:			0001291334
		IRS NUMBER:				300261406
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21586
		FILM NUMBER:		21733958

	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, 2020</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">(a) The Report to Shareholders
is attached herewith.</FONT></P>

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Year Ended</DIV><DIV
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31, 2020</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, 2020</DIV>
<DIV
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<TABLE
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<TR
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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:12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#xx_edafa7cd-36ac-4bb5-8f25-d9148da7f57d_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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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#xx_4ed75966-31ff-49d5-b09e-bf812b565763_1">At a Glance</A></FONT></DIV><HR
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<TR
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style="float:left;"><FONT
><A href="#xx_fdc5747d-27de-435c-9cb4-e93b31873f23_1">Portfolio Commentary</A></FONT></DIV><HR
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<TR
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style="float:left;"><FONT
><A href="#xx_1ead508f-c10b-44bf-b430-fdb653fdb6bb_1">Portfolio of Investments</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_6c3848e6-4a02-4798-9a30-bc9fe2ef138c_1">Statement of Assets and Liabilities</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_8a16e836-a634-48c5-95e8-15fe99abb091_1">Statement of Operations</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_ff19a523-b283-44d6-904c-57582b3d88aa_1">Statements of Changes in Net Assets</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_57eef58d-673e-41b7-a509-17be88ed1781_1">Financial Highlights</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_1769e434-4122-451a-adf7-65681e1cdaf6_1">Notes to Financial Statements</A></FONT></DIV><HR
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<TR
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style="float:left;"><FONT
><A href="#xx_a40b9711-d74e-4538-90e7-1a7a0ee3c367_1">Report of Independent Registered Public Accounting Firm</A></FONT></DIV><HR
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style="float:left;"><FONT
><A href="#xx_44de9e83-6607-4333-b5a0-875d89f8c9c5_1">Additional Information</A></FONT></DIV><HR
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<TR
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style="float:left;"><FONT
><A href="#xx_db4c702c-6f92-43c9-b5a5-b56024c9132c_1">Investment Objective, Policies and Risks</A></FONT></DIV><HR
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">26
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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="#xx_05f085d9-09b8-4b67-97a6-bf19e6fd9758_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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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">30
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#xx_08f58d8d-bb6f-4360-8696-513b5eedc432_1">Privacy Policy</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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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">32
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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&#8217;s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See &#8220;Principal Risks&#8221; in the Investment Objective, Policies, Risks and
Effects of Leverage 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>
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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, 2020.</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;">This past year has been
a whirlwind of challenges for the U.S. and the coronavirus (&#8220;COVID-19&#8221;) pandemic tops the list. It has been a nasty, stubborn virus since it arrived early in 2020. Mistakes have been made, but talented
people are working the problem. The U.S. appears to be on the cusp of turning the corner on this virus over the next few months thanks to a couple of vaccines that proved effective in clinical testing and garnered
approval from the Food and Drug Administration in record time. Hopefully, more vaccines will be gaining approval soon. Speed is key when it comes to distributing the vaccines to the most vulnerable of our population.
This is not the time for bottlenecks or logistical problems.</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;">The COVID-19 pandemic
not only derailed the bull market in stocks in the first quarter of 2020, but it also threw the U.S. economy into a recession (the first and second quarters of 2020 reflected negative real gross domestic product
growth). In response to the negative fallout from the virus, the federal government has stepped up with trillions of dollars of stimulus to help backstop the millions of people who have lost their jobs, in many cases,
through no fault of their own, or have seen their incomes slashed due to the curtailed business activity in certain sectors of the economy, such as leisure and entertainment. In addition to putting money in
people&#8217;s pockets, the government&#8217;s efforts instilled some much needed confidence in the securities markets, in my opinion. After factoring in the 33.79% decline in 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;) from February 19, 2020 through March 23, 2020, as measured by total return performance,
the Index managed to stage a dramatic rally to end 2020 up 18.40%, according to Bloomberg. I think that is incredible when you consider that, from 1926 through 2019, the average annual total return on the Index was
10.20%, according to Morningstar/Ibbotson Associates.</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 now know that the
Democratic party completed its blue wave by winning the two Senate runoff elections in Georgia on January 5, 2021. That means the Democrats have voting control, albeit by a slender margin, in the House of
Representatives and Senate (by way of Vice President Kamala Harris being the deciding vote in 50-50 split votes) for the next two years once they take office. With President Biden in the White House and the results of
the Georgia Senate races, the Democrats now have control of both the Executive and Legislative branches of the government. In addition to focusing on expediting the COVID-19 vaccinations (the President is calling for
100 million doses in his first 100 days in office), we expect President Biden to attempt to make some changes to the individual and corporate tax codes, distribute more financial stimulus to those Americans in need
and perhaps push for some form of an infrastructure spending bill, which may receive bipartisan support, in our opinion. I believe the most important fight right now is not between the politicians, it is against the
virus. We need to reopen the economy. As always, stay tuned and stay the course!</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 play a role in your financial future. 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:1pt;text-align:Left;width:144pt;">
<IMG src="imge11326c14.jpg" alt=" ">
</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>
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</DIV>
<HR
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<A name="xx_4ed75966-31ff-49d5-b09e-bf812b565763_1">
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<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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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:12pt;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:12pt;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%;">$17.62
</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%;">$18.29
</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%;">(3.66)%
</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%;">$365,431,959
</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%;">6.47%
</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%;">6.23%
</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="img067041185.jpg" alt=" ">
</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: 12pt 6pt 2pt 4pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 44%; background-color: #003E87">Performance
</TD><TD STYLE="line-height: 10pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 12pt; text-align: center; vertical-align: bottom; width: 12.29%; background-color: #003E87">
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 12pt; text-align: center; vertical-align: bottom; width: 13.2%; background-color: #003E87">
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 12pt; text-align: center; vertical-align: bottom; width: 14.12%; background-color: #003E87">
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 12pt; text-align: center; vertical-align: bottom; width: 16.94%; background-color: #003E87">
</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; text-decoration: none; color: #000000; text-align: center; 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; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom">Average Annual Total Returns</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 6pt; padding-top: 2.12pt; text-align: left; vertical-align: bottom">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">1 Year Ended<BR>
12/31/20
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">5 Years Ended<BR>
12/31/20
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">10 Years Ended<BR>
12/31/20
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 4pt 2pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">Inception (8/26/04)<BR>
to 12/31/20
</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-decoration: none; text-align: left; 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-decoration: none; text-align: left; 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 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">16.84%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">12.04%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">11.07%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">8.16%
</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-decoration: none; text-align: left; 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-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">10.41%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">14.07%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">11.15%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 1.25pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">7.61%
</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-decoration: none; text-align: left; 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-decoration: none; text-align: left; 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 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">18.40%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">15.22%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">13.88%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">10.01%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 6pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">CBOE S&amp;P 500 BuyWrite Monthly Index
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 6pt 7.67pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">-2.75%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 6pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">5.33%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 6pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">6.14%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 6pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">5.16%
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
<DIV
style="padding-top:281.5pt;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 12/31/2020. Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 1pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; 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: normal 8pt/11pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; 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 12/31/2020.
Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 1pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; 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: normal 8pt/11pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; 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>
<DIV
style="width:100%;" type="Block">
<DIV STYLE="font: normal 9pt/12pt Times New Roman; color: Black; text-decoration: none; margin-top: 10pt; text-align: right; text-transform: none">Page 3</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<A name="xx_4ed75966-31ff-49d5-b09e-bf812b565763_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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;
(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;">As of December 31, 2020
(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: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:12pt;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:12pt;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%;">7.6%
</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%;">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%;">7.5
</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%;">3.5
</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%;">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%;">2.5
</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%;">2.3
</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%;">PayPal Holdings, 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%;">NVIDIA 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="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%;">Mastercard, Inc., Class A
</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%;">Alphabet, Inc., Class C
</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%;">2.2
</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:1.5pt;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%;">35.1%
</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:12pt;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:12pt;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%;">30.6%
</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%;">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%;">14.2
</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;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: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%;">11.5
</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%;">10.8
</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;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%;">10.7
</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;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%;">7.5
</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%;">5.3
</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%;">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%;">3.4
</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%;">3.1
</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%;">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%;">1.8
</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%;">1.1
</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:1.5pt;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
style="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
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:12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.75%;" bgcolor="#003E87">Fund 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:12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:30.47%;" bgcolor="#003E87">% of Net Assets
</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:68.75%;">Common Stocks
</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:30.47%;">93.7%
</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:68.75%;">Real Estate Investment Trusts
</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:30.47%;">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:68.75%;">Common Stocks - Business Development Companies
</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:30.47%;">1.0
</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:68.75%;">$100 Par Preferred Securities
</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:30.47%;">0.7
</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;white-space:nowrap;width:68.75%;">Warrants
</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;width:30.47%;">0.0*
</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:68.75%;">Call Options Written
</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:11.34pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:30.47%;">(0.1)
</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:68.75%;">Net Other Assets and Liabilities
</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:30.47%;">1.4
</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:68.75%;">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:30.47%;">100.0%
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;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:2pt;padding-left:0pt;padding-right:1.5pt;padding-top:12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:2.52%;">*
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2pt;padding-left:1.5pt;padding-top:12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:98.06%;">Amount is less than 0.1%.
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
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style="clear:both;">&nbsp;
<DIV
style="clear:both;width:100%;" type="Block">
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<DIV
style="width:100%;" type="Block">
</DIV>
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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:10.80pt;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 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:10.80pt;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 year 2020 was unlike
any we have seen in quite some time. The worldwide coronavirus (&#8220;COVID-19&#8221;) pandemic was the driver of almost everything in our personal lives as well as in the financial markets. Despite the upheaval
brought on by the pandemic, 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;) rose 18.40% (inclusive of dividends, 16.26% price-only), closing at an all-time high
for the year ended December 31, 2020. This was quite a reversal from the depths of March 2020. Early in the year the Index rose 4.81% to an all-time high on February 19th before the market realized that the COVID-19
issue was going to have such a significant impact on our lives and the global economy. From that February high, the market fell 33.92% (price-only) in only 23 trading days. The decline occurred as the stunning cost to
human life became better understood and the worldwide, government-imposed economic shutdowns began to take hold. Then, almost as quickly, the market began to rebound. While we cannot point to one thing that sparked
the rally, there were several items, in our opinion, that contributed. The Federal government and the Federal Reserve (the &#8220;Fed&#8221;) communicated publicly that they would do what was needed to help offset the
crippling economic impacts of the shutdown. They then approved, and began to implement, beneficial fiscal and monetary policies which were larger and more quickly executed than during the Great Financial Crisis of
2008-2009. In addition, some positive news on therapeutic treatments and possible vaccines began to surface followed by the desired &#8216;flattening of the curve&#8217; in the number of new cases of COVID-19 which,
as spring turned to summer, brought about some initial tentative &#8216;re-openings&#8217; of numerous states that led to better than expected economic data. As the year progressed, there were periodic
&#8216;waves&#8217; of increased COVID-19 cases and deaths, yet the Index, buoyed by stronger than expected corporate earnings, low interest rates brought about by the Fed&#8217;s actions, fiscal stimulus and hopes
surrounding effective vaccines, continued to rise. In the early fall, news broke that the healthcare community had found two highly effective vaccines for which distribution would start late in the year. The news
caused a shift in the drivers of the market, from large-cap growth to small-cap and value, while also adding more fuel to the rally as the market gained over 12% in the fourth quarter of 2020 bringing the increase
from Index lows to 67.88%.</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:63pt;text-align:right;text-decoration:none;text-transform:none;">Page 5</DIV>
</DIV>
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<HR
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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:10.80pt;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, 2020 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 16.84% and 10.41%, respectively, on a total return basis. The Index returned 18.40% on a total return basis over the
same period. The covered call options program had a slight positive influence on the Fund&#8217;s return for the same period. We are pleased with this outcome given the significant positive market move and the high
level of volatility that occurred during the period. Overall, the equity portfolio underperformed the Index slightly during the 12-month period ended December 31, 2020 as the portfolio faced a couple of significant
headwinds. As we&#8217;ve written about in the past, our approach in managing the Fund is to create a portfolio with a yield that is higher than that of the market while also having an overall valuation that is lower
than that of the market. This causes the portfolio to have a slight tilt towards the value side of the value/growth continuum. As an example of the magnitude of the headwind facing value-tilted portfolios, the price
return of the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Value Index trailed the price return of the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Growth Index by over 35 percentage points during the year. Another headwind was that higher yielding stocks also had
difficulties in the period versus lower yielding stocks as shown by a Bank of America Merrill Lynch study. This study segmented the Index into those stocks with the highest yields and those with the lowest yields and
compared their relative performance. For the year, the 200 stocks in the Index with the lowest yields returned an average of 36.91% while the 200 stocks in the Index with the highest yields returned -5.96%.
Specifically, within the equity portfolio, the largest drag on relative performance came from stock selection with the Consumer Discretionary sector having the largest negative impact. Several of the Fund&#8217;s
holdings in this sector were significantly impacted by the economic lockdowns caused by the COVID-19 pandemic. Otherwise solid companies such as Carnival Corp. (-56.89%), an operator of cruise lines, Six Flags
Entertainment Corp. (-23.62%), an amusement park operator, and Las Vegas Sands Corp. (-10.46%), the owner and operator of casinos around the world, had their revenues cut severely due to the closure of global
economies.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:7.20pt;text-align:left;text-decoration:none;text-transform:none;">Another detractor
within the Consumer Discretionary sector came from the Fund not owning Amazon.com, Inc. (+76.26%) which was a direct beneficiary of the closure as more people used Amazon&#8217;s services to replace regular shopping
trips. Stock selection within the Technology sector was strong and helped to offset the detrimental impacts of the stock selection in the Consumer Discretionary sector. The Fund did not own any of the more newsworthy
direct beneficiaries of shelter-in-place orders such as Zoom Video Communications, Inc. (+395.77%), however, it did own several stocks that did benefit such as Microsoft Corp. (+42.53%), PayPal Holdings, Inc.
(+116.51%), and NVIDIA Corp. (+122.30%), a semi-conductor manufacturer, being examples.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:10.80pt;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;">As we all know, our
lives, the economy, and the markets over most of 2020 were upended by the COVID-19 pandemic and its all too unfortunate impacts. Thankfully, effective vaccines have been developed and now the difficult task of
distribution of those vaccines in the United States and the rest of the world has begun. In addition, more therapeutic treatments have been found that mitigate the worst outcomes for those unfortunate enough to get
infected with the virus. The faith in the healthcare sector and its ability to find treatments and vaccines that we expressed six months ago was well founded, but there is still a long way to go. Those vaccines have
to be distributed and taken by enough people to create the oft-used &#8220;herd immunity&#8221; which we expect will slow, and eventually stop, the spread of the virus.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:7.20pt;text-align:left;text-decoration:none;text-transform:none;">With the Index closing
2020 at all-time highs, we believe that the market is looking for strong earnings growth in the upcoming years. And that strong growth, in our opinion, ought to occur assuming the vaccine roll-out proceeds as expected
which should allow for an eventual full re-opening of not only our domestic economy, but the global economy as well. We also believe that the market is currently expecting additional fiscal stimulus to come from the
newly elected Administration which has effective control of both houses of Congress. What we are unsure of is whether or not the market is discounting any of the new Administration&#8217;s stated priorities around
increased taxes on corporations and higher-income individuals and the likelihood of the reversal of the previous Administration&#8217;s loosening of regulatory burdens on corporate America.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:7.20pt;text-align:left;text-decoration:none;text-transform:none;">Despite the surge of
COVID-19 infections and the appearance of new variants of the virus we are witnessing at the time of this writing, our belief continues to be that human ingenuity, perseverance, and the strength of the worldwide
healthcare system will allow us to move ahead toward something very close to the &#8216;normal&#8217; that we had before the pandemic struck. While we have no idea when that point will be reached, we believe that the
time is coming closer. In the meantime, the hard work of re-opening the economy will continue, in our opinion. Should the economic re-opening go well, we believe the market&#8217;s expectations should be met and that
would provide a solid backdrop for the market and the Fund going forward. Should the re-opening stumble or the market&#8217;s expectations not be met, we would anticipate a bout of increased volatility which could see
the Index decline, and possibly significantly, in our view. However, no matter the outcome, we will continue to manage the Fund with the objective of providing a high level of current income and gains and, to a lesser
extent, capital appreciation over the market cycle.</DIV>
</DIV>
<DIV
style="margin-top:4pt;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:2.78%;"><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:97.22%;">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
Common 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>
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style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
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</DIV>
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style="width:100%;">
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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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;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; 93.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align: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; 1.9%
</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: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: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;">Boeing (The) 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:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">2,996,840</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: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%;">11,000
</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;">Lockheed Martin 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%;">3,904,780
</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%;">6,901,620
</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; 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%;">75,000
</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%;">3,123,000
</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; 5.7%
</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: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;">JPMorgan Chase &amp; 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:18pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">12,707,000
</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%;">200,000
</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;">KeyCorp (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%;">3,282,000
</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%;">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;">Truist Financial 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%;">4,793,000
</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%;">20,782,000
</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; 2.7%
</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: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%;">107,000
</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%;">5,867,880
</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%;">18,500
</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 (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%;">4,052,425
</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%;">9,920,305
</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; 1.0%
</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%;">52,500
</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;">Morgan Stanley (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%;">3,597,825
</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%;">Chemicals&#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%;">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 (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%;">3,952,650
</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; 1.4%
</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%;">117,500
</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.</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%;">5,258,125
</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; 3.1%
</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%;">215,000
</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;">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: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%;">6,183,400
</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%;">90,000
</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;">Verizon Communications, 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%;">5,287,500
</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%;">11,470,900
</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; 2.2%
</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: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%;">4,222,000
</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%;">3,807,000
</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:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,029,000
</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; 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%;">22,500
</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;">Keysight Technologies, 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%;">2,972,025
</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; 4.6%
</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: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%;">79,000
</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;">Activision Blizzard, 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%;">7,335,150
</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%;">90,000
</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%;">1,566,900
</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%;">157,500
</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;">Lions Gate Entertainment Corp., Class B (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%;">1,634,850
</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;">Walt Disney (The) Co. (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%;">6,341,300
</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%;">16,878,200
</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%;">Food &amp; Staples Retailing&#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: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%;">17,500
</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;">Costco Wholesale 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%;">6,593,650
</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 Products&#8201;&#8211; 0.7%
</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%;">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;">Mondelez International, 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: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%;">2,631,150
</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%;">Health Care Equipment &amp; Supplies&#8201;&#8211; 1.4%
</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;">Danaher 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%;">5,109,220
</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%;">29,000
</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;">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:18pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">10,169,720
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:31pt;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-->
<DIV
style="width:100%;">
<A name="xx_1ead508f-c10b-44bf-b430-fdb653fdb6bb_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</DIV>
</DIV>
<DIV
style="margin-top:25pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;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; 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%;">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;">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;">1,841,100</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%;">60,000
</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;">Las Vegas Sands 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%;">3,576,000
</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%;">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%;">3,177,720
</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: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%;">47,500
</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;">Six Flags Entertainment 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%;">1,619,750
</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%;">10,214,570
</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; 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: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. (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%;">7,444,500
</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; 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: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%;">41,000
</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;">Arthur J. Gallagher &amp; 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%;">5,072,110
</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: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%;">37,000
</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;">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: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%;">5,695,040
</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%;">10,767,150
</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%;">Interactive Media &amp; Services&#8201;&#8211; 3.2%
</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: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 (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%;">7,883,460
</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%;">3,824,240
</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%;">11,707,700
</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; 1.1%
</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%;">17,500
</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;">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%;">4,072,775
</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; 4.5%
</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%;">22,500
</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;">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%;">8,031,150
</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;">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%;">8,197,000
</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%;">16,228,150
</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%;">Life Sciences Tools &amp; Services&#8201;&#8211; 2.4%
</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%;">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;">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%;">8,849,820
</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; 2.2%
</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%;">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. (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%;">4,004,440
</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%;">22,000
</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. (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%;">3,928,320
</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%;">7,932,760
</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; 0.4%
</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;">ViacomCBS, Inc., Class B (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%;">1,453,140
</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; 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: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%;">50,000
</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;">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%;">2,639,500
</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: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%;">58,500
</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;">Occidental Petroleum 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%;">1,012,635
</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;">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%;">3,018,085
</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%;">6,670,220
</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; 6.7%
</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: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;">Bristol-Myers Squibb 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%;">6,203,000
</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%;">40,000
</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;">Horizon Therapeutics PLC (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%;">2,926,000
</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%;">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%;">8,343,600
</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%;">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;">Zoetis, 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%;">7,033,750
</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%;">24,506,350
</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; 1.3%
</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%;">52,000
</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. (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%;">4,719,000
</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; 5.5%
</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: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%;">157,000
</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.</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%;">7,821,740
</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:6pt;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%;">56,500
</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%;">4,247,670
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:29pt;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-->
<DIV
style="width:100%;">
<A name="xx_1ead508f-c10b-44bf-b430-fdb653fdb6bb_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</DIV>
</DIV>
<DIV
style="margin-top:25pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;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%;">15,500
</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;">NVIDIA 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:3pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">8,094,100</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%;">20,163,510
</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; 10.6%
</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: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: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, 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%;">7,501,800
</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: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%;">123,000
</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%;">27,357,660
</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%;">14,500
</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;">Synopsys, 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%;">3,758,980
</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%;">38,618,440
</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%;">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%;">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;">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%;">4,446,350
</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: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%;">83,000
</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;">Foot Locker, 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%;">3,356,520
</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%;">41,000
</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;">Lowe&#8217;s Cos., 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%;">6,580,910
</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%;">14,383,780
</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; 7.4%
</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%;">204,000
</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%;">27,068,760
</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; 1.9%
</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%;">50,000
</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%;">7,073,500
</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%;">Water Utilities&#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%;">20,000
</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;">American Water Works 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: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%;">3,069,400
</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%;">342,332,915
</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 $240,183,291)
</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; 3.3%
</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%;">Equity Real Estate Investment Trusts&#8201;&#8211; 3.3%
</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%;">34,000
</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%;">5,412,460
</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%;">120,000
</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;">Healthcare Trust of America, 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-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,304,800
</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%;">43,000
</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%;">3,578,460
</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:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">12,295,720
</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 $9,729,380)
</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 - 1.0%
</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; 1.0%
</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%;">215,000
</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%;">3,631,350
</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 $3,728,891)
</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">WARRANTS&#8201;&#8211; 0.0%
</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%;">Oil, Gas &amp; Consumable Fuels&#8201;&#8211; 0.0%
</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: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%;">7,312
</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;">Occidental Petroleum Corp., expiring 08/03/2027 (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:35.5pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">49,795
</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 $36,194)
</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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Stated<BR>
Maturity
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:12pt;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:12pt;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">$100 PAR PREFERRED SECURITIES&#8201;&#8211; 0.7%
</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; 0.7%
</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-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:center;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%;">22,500
</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;">Boston Scientific Corp., 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%;">5.50%
</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%;">06/01/23
</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: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:20pt;padding-top:1pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,465,325
</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 $2,579,715)
</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:center;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: 12pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 12pt 3pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Total Investments &#8211; 98.7%</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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 3pt; padding-top: 12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">360,775,105
</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-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">(Cost $256,257,471) (c)
</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>
<DIV
style="margin-top:37pt;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:34pt;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-->
<DIV
style="width:100%;">
<A name="xx_1ead508f-c10b-44bf-b430-fdb653fdb6bb_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;
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:12pt;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:12pt;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; (0.1)%
</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;">Activision Blizzard, 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:15.84pt;">(928,500)</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:32.5pt;">92.50</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2021
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:20.84pt;">(23,500)</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%;">(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;">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: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:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,046,200)
</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:35.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
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: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%;">Jan 2021
</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%;">(36,120)
</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%;">(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;">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:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,365,150)
</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:35.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">190.00
</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%;">Jan 2021
</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%;">(9,375)
</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;">Cinemark Holdings, 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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(174,100)
</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:40.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">17.50
</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%;">Jan 2021
</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%;">(12,000)
</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;">Cinemark Holdings, 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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(348,200)
</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:40.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">20.00
</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%;">Jan 2021
</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%;">(8,800)
</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: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%;">(130)
</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;">Foot Locker, 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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(525,720)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">47.50
</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%;">Jan 2021
</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%;">(910)
</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;">Horizon Therapeutics 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: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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(731,500)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">80.00
</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%;">Jan 2021
</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%;">(13,500)
</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%;">(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;">Lamar Advertising Co., 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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(832,200)
</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:40.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">87.50
</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%;">Jan 2021
</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%;">(7,500)
</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%;">(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:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,414,700)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">155.00
</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%;">Jan 2021
</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%;">(1,600)
</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: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%;">(125)
</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;">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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(216,375)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">24.00
</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%;">Jan 2021
</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%;">(625)
</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%;">(125)
</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;">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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(216,375)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">29.00
</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%;">Jan 2021
</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%;">(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%;">(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;">PayPal Holdings, 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:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,756,500)
</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:35.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
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: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%;">Jan 2021
</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%;">(5,250)
</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: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%;">(275)
</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 (d)</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:6.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(103,291,925)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">3,875.00
</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%;">Jan 2021
</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%;">(116,600)
</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: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%;">(275)
</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 (d)</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:6.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(103,291,925)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">3,900.00
</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%;">Jan 2021
</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%;">(118,250)
</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: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;">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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(341,000)
</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:40.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">37.50
</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%;">Jan 2021
</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%;">(4,700)
</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: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%;">(125)
</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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(426,250)
</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:40.5pt;padding-right:3pt;padding-top:1pt;text-align:left;
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: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%;">Jan 2021
</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%;">(1,875)
</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: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%;">(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;">Walt Disney (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:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,358,850)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">180.00
</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%;">Jan 2021
</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%;">(38,625)
</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%;">(50)
</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;">Walt Disney (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: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:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(905,900)
</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:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">190.00
</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:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2021
</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:33.84pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(8,050)
</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%;">(407,530)
</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 $632,168)
</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: 12pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 12pt 3pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Net Other Assets and Liabilities &#8211; 1.4%</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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 23pt; padding-top: 12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">5,064,384
</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-decoration: none; text-align: left; 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; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 3pt; padding-top: 1.88pt; text-align: right; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:5pt;">365,431,959</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;padding-top:12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="2"><HR NOSHADE ALIGN="LEFT" STYLE="border-top: #000000 0.5pt solid; background-color: #000000; border-bottom-width: 0pt; border-left-width: 0pt; border-right-width: 0pt; 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%;">Aggregate cost for federal income tax purposes was $257,133,024. As of December 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess
of value over tax cost was $119,761,544 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $16,526,993. The net unrealized appreciation was
$103,234,551. The unrealized 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%;">(d)
</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:0pt;padding-right:6pt;padding-top:12pt;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-top:12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:96.09%;">American Depositary Receipt
</TD></TR></TABLE>
</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 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-->
<DIV
style="width:100%;">
<A name="xx_1ead508f-c10b-44bf-b430-fdb653fdb6bb_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</DIV>
</DIV>
<DIV
style="margin-top:7pt;width:100%;" type="Block">
<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, 2020 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:12pt;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>
12/31/2020
</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>342,332,915
</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%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>342,332,915
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3.5pt;padding-right:3pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="padding-left:15.83pt;"></FONT><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:11pt;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;">12,295,720</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:15pt;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;">12,295,720</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:24.33pt;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;">3,631,350</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;">3,631,350</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:24.33pt;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;white-space:nowrap;width:45.55%;"><DIV
style="float:left;">Warrants*</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:28.5pt;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;">49,795</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:32.5pt;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;">49,795</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:24.33pt;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;">$100 Par 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;">2,465,325</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;">2,465,325</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:24.33pt;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>360,775,105
</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%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>360,775,105
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="padding-left:18.33pt;"></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>
12/31/2020
</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>(407,530)
</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%;">$<FONT
style="padding-left:14.17pt;"></FONT><FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(406,370)
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(1,160)
</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:12pt;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:12pt;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:375pt;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-->
<DIV
style="width:100%;">
<A name="xx_6c3848e6-4a02-4798-9a30-bc9fe2ef138c_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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;padding-top:12pt;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;padding-top: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;">Investments, at value</DIV><BR>
<DIV
style="float:left;">&nbsp;&nbsp;&nbsp;&nbsp;(Cost $256,257,471)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">$&#8194;360,775,105
</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%;">5,217,513
</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;">Dividends receivable</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%;">270,624
</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: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%;">2,736
</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%;">366,265,978
</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 $632,168)</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%;">407,530
</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 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%;">306,014
</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%;">28,211
</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%;">15,460
</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%;">14,039
</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:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">11,424
</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%;">5,209
</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:58pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">3
</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%;">1,835
</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:30.5pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">834,019
</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>365,431,959
</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;263,882,127
</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%;">199,828
</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:13pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">101,350,004
</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>365,431,959
</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>18.29
</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%;">19,982,838
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:284pt;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-->
<DIV
style="width:100%;">
<A name="xx_8a16e836-a634-48c5-95e8-15fe99abb091_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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:12pt;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: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;">Dividends (net of foreign withholding tax of $16,235)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.41%;">$<FONT
style="padding-left:5pt;"></FONT>&#8194;6,155,664
</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: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;2,955
</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%;">6,158,619
</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;3,207,284
</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;157,476
</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;100,950
</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;48,931
</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;43,604
</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;31,056
</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;28,084
</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;26,268
</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;15,934
</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;15,825
</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%;">3,684,662
</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%;">2,473,957
</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%;">18,222,559
</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 contracts</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:33pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">1,980,766
</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;20,203,325
</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:28pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">27,158,774
</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 contracts</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:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">177,893
</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:11pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;27,336,667
</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:16pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">47,539,992
</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;white-space:nowrap;width:12.41%;">$&#8194;50,013,949
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:266pt;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-->
<DIV
style="width:100%;">
<A name="xx_ff19a523-b283-44d6-904c-57582b3d88aa_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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
style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3pt;padding-right:3pt;padding-top:12pt;text-align:center;vertical-align:bottom;width:75.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 10.78%">Year<BR>
Ended<BR>
12/31/2020
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 13.33%">Year<BR>
Ended<BR>
12/31/2019
</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:75.00%;">OPERATIONS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 13.33%">&#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:75.00%;"><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="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.25pt 6pt 1.25pt 0pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; width: 10.78%">$<FONT
style="padding-left:10pt;"></FONT>&#8194;2,473,957
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.25pt; padding-left: 0pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; width: 13.33%">$<FONT
style="padding-left:10pt;"></FONT>&#8194;3,417,780
</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:75.00%;"><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="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.25pt 6pt 1.25pt 13pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;20,203,325
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;19,605,590
</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:75.00%;"><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: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 13pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;27,336,667
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 16pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;60,345,744
</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:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><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: Black 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 18pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">50,013,949
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: Black 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 21pt; padding-top: 2.12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">83,369,114
</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;width:75.00%;">DISTRIBUTIONS TO SHAREHOLDERS FROM:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 13.33%">&#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:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><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 STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 9.67pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;(22,780,435)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 12.67pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;(22,772,258)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="font: normal bold 10pt/13pt Times New Roman; color: #000000; padding: 2.12pt 3pt 1.25pt 0pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 75%">CAPITAL TRANSACTIONS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: right; vertical-align: bottom; width: 13.33%">&#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:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Proceeds from Common Shares reinvested</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 6pt 3pt 0pt; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 28.5pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;158,582
</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:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net increase (decrease) in net assets resulting from capital transactions</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: Black 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 0pt; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: Black 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 33.5pt; padding-top: 2.12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">158,582
</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:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><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 STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 2.12pt 6pt 1.25pt 13pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;27,233,514
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 2.12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;60,755,438
</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:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;">NET ASSETS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 1.25pt; text-align: right; vertical-align: bottom; width: 13.33%">&#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:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><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 STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 8pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;338,198,445
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 11pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;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:Normal;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:75.00%;"><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 STYLE="border-bottom: Black medium double; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 2.75pt 0pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">$&#8194;365,431,959
</TD><TD
style="line-height:0pt;padding-bottom:2.75pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: Black medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 2.75pt; padding-left: 0pt; padding-top: 2.12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">$&#8194;338,198,445
</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:75.00%;">COMMON SHARES:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.75pt; text-align: right; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.75pt; text-align: right; vertical-align: bottom; width: 13.33%">&#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:75.00%;"><DIV
style="float:left;">Common Shares at 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="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.25pt 6pt 1.25pt 13pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;19,982,838
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;19,973,164
</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:75.00%;"><DIV
style="float:left;">Common Shares issued as reinvestment under the Dividend Reinvestment Plan</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 6pt 3pt 0pt; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 38.5pt; padding-top: 1.25pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;9,674
</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:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><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 STYLE="border-top: #000000 0.5pt solid; border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 1.5pt 18pt; text-decoration: none; color: #000000; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">19,982,838
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-top: #000000 0.5pt solid; border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 21pt; padding-top: 2.12pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">19,982,838
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:350pt;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
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-->
<DIV
style="width:100%;">
<A name="xx_57eef58d-673e-41b7-a509-17be88ed1781_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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
style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:12pt;text-align:left;vertical-align:bottom;width:45.30%;" rowspan="2">&#160;
</TD><TD COLSPAN="9" STYLE="padding: 12pt 0 3pt; border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 56.83%">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 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.89%">2020
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">2019
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">2018
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">2017
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; padding: 2.12pt 0 3pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.74%">2016
</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:1.5pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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: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:1.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.89%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;16.92
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#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:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;13.89
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<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:2.00%;">&#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:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.23
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;14.99
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Income from investment operations:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">0.12
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">0.17
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">0.19
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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:25.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">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;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:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">4.00
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;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:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:35.25pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.01
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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: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:25.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">2.51
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;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:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">4.17
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;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:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:35.25pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.20
</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:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Distributions paid to shareholders from:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:22.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(0.08)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.14)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:1.25pt;padding-left:32.09pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.18)
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:22.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(1.06)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(1.00)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:1.25pt;padding-left:32.09pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.48)
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:32.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</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:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</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:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</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:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;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:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.30)
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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: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:22.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(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;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:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:32.09pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.96)
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.89%;">$<FONT
style="padding-left:14.25pt;"></FONT>18.29
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>16.92
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</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:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>13.89
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<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;width:2.00%;">&#160;
</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:1.25pt;padding-left:11.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>15.23
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.25pt 1.5pt 1.25pt 0pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 45.3%"><DIV
style="float:left;">Market value, end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 1.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 7.89%">$<FONT
style="padding-left:14.25pt;"></FONT>17.62
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<FONT
style="padding-left:14.25pt;"></FONT>17.25
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<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; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<FONT
style="padding-left:14.25pt;"></FONT>16.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.25pt; padding-left: 11.5pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; width: 11.74%">$<FONT
style="padding-left:14.25pt;"></FONT>13.51
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Total return based on net asset value<FONT
style="font-weight:Normal;"> (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;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 20.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.89%">16.84%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 30.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">30.78%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 32.09pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">(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;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 30.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">16.53%<FONT
style="font-size:4pt;line-height:7pt;">&#8194;</FONT>(b)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.25pt; padding-left: 35.25pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.74%">9.18%
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Total return based on market value<FONT
style="font-weight:Normal;"> (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;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</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:20.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">10.41%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:30.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">43.34%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;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:1.25pt;padding-left:27.34pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(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;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:1.25pt;padding-left:30.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">9.98%
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Ratios to average net assets/supplemental data:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#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;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">$&#8194;365,432
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#8194;338,198
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#8194;277,443
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#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;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:1.25pt;padding-left:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">$&#8194;304,114
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">1.15%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.13%
</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:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">0.77%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.08%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">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;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:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.27%
</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:5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><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-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:32.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">20%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;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:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">37%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;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:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">45%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;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:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">36%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;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:5pt;padding-left:42.38pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">32%
</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:12pt;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:12pt;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%;">(b)
</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:303pt;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 15</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
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<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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 &#8220;FFA&#8221; 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 Accounting Standards Codification 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 16</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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<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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, 2020, 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 17</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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<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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 contracts&#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 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: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</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 18</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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;">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 net
investment 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, 2020, 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 a decrease in accumulated net investment income (loss) of $44,940, and an increase in accumulated net realized gain (loss) on
investments of $44,940. 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, 2020 and 2019, 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:12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;">Distributions paid from:
</TD><TD STYLE="font: normal bold 10pt/13pt Times New Roman; padding: 12pt 0 1.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">2020
</TD><TD STYLE="font: normal bold 10pt/13pt Times New Roman; padding: 12pt 0 1.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">2019
</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="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.5pt 9pt 1.5pt 0pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; width: 20%">$<FONT
style="padding-left:18pt;">4,535,363</FONT>
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 0pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; width: 20.77%">$<FONT
style="padding-left:18pt;">5,807,796</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="font: normal 10pt/13pt Times New Roman; color: #000000; padding: 1.5pt 9pt 1.5pt 24pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">18,245,072
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 27pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">16,964,462
</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="font: normal 10pt/13pt Times New Roman; color: #000000; color: #000000; padding: 1.5pt 9pt 6pt 0pt; font-family: Times New Roman; text-decoration: none; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">&#8212;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; color: #000000; color: #000000; text-decoration: none; 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-line: 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, 2020,
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:12pt;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="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 12pt; text-align: right; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:18pt;">2,101,603</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; text-decoration: none; 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-line: 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="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 29pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">2,101,603
</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="font: normal 10pt/13pt Times New Roman; color: #000000; color: #000000; text-decoration: none; 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-line: 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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 19pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">103,234,551
</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="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 19pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">105,336,154
</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="font: normal 10pt/13pt Times New Roman; color: #000000; text-decoration: none; padding-bottom: 1.5pt; padding-left: 25.67pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">(3,986,150)
</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; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 19pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">264,081,955
</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; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:8pt;">365,431,959</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, 2020, 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 2017, 2018, 2019,
and 2020 remain open to federal and state audit. As of December 31, 2020, 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>
<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 19</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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;">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;">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, a defined-outcome fund or 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, 2020, were $63,808,419 and $84,285,871, 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, 2020, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.</DIV>
<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:12pt;text-align:center;vertical-align:bottom;width:12.94%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:12pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:12pt;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:12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.93%;" colspan="3">Asset Derivatives
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:12pt;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:12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:38.39%;" 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:12.94%;">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:12.70%;">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:22.62%;">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:8.31%;">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:22.62%;">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:13.77%;">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:12.94%;">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:12.70%;">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:22.62%;">&#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;white-space:nowrap;width:8.31%;">$&#8194;&#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:22.62%;">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;white-space:nowrap;width:13.77%;">$&#8194;407,530
</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, 2020, 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:79.46%;" 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:12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:79.72%;">Statement of Operations Location
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:3pt;padding-top:12pt;text-align:center;vertical-align:bottom;width:16.08%;">&#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:79.72%;">Equity Risk Exposure
</TD><TD
style="line-height:0pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:16.08%;">&#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:79.72%;">Net realized gain (loss) on written options contracts
</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:16.08%;">$1,980,766
</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:79.72%;">Net change in unrealized appreciation (depreciation) on written options contracts
</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:16.08%;">177,893
</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, 2020, the premiums for written options opened were $12,295,406, and the premiums for written options closed, exercised and expired were $12,119,063.</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 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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<DIV
style="width:100%;">
<A name="xx_1769e434-4122-451a-adf7-65681e1cdaf6_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020</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;">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:517pt;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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<DIV
style="width:100%;">
<A name="xx_a40b9711-d74e-4538-90e7-1a7a0ee3c367_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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 of First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;), including the portfolio of investments, as of December 31, 2020, 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, 2020, 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, 2020, by correspondence with the custodian and brokers. 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="img98e641fb6.jpg" alt=" ">
</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, 2021</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 22</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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<DIV
style="width:100%;">
<A name="xx_44de9e83-6607-4333-b5a0-875d89f8c9c5_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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
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 portfolio
holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be
publicly available on the</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;">
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<DIV
style="width:100%;">
<A name="xx_44de9e83-6607-4333-b5a0-875d89f8c9c5_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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;">SEC&#8217;s website at <FONT
style="color:#0000FF;text-decoration:underline;">www.sec.gov</FONT>. The Fund&#8217;s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and
annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The
Fund&#8217;s Forms N-PORT and Forms N-CSR are available on the SEC&#8217;s website listed 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, 2020, the amount of long-term capital gain distributions designated by the Fund was $18,245,072 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, 2020, 41.17% qualified for the corporate dividends received deduction available to corporate
shareholders. The Fund hereby designates as qualified dividend income 45.66% of its ordinary income distributions (including short-term capital gain, if applicable), for the year ended December 31, 2020.</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 23, 2020, 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 Form N-CSR 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 22, 2020. At the Annual Meeting, Robert F. Keith was elected by the Common Shareholders of First Trust Enhanced Equity Income Fund as the Class I
Trustee for a three-year term expiring at the Fund&#8217;s annual meeting of shareholders in 2023. The number of votes cast in favor of Mr. Keith was 17,912,876 and the number of votes withheld was 187,813. Richard E.
Erickson, Thomas R. Kadlec, James A. Bowen 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;">Amended and Restated
By-Laws</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 October 19, 2020,
after a thorough review, and consistent with the interests of the Fund, the Board of Trustees adopted Amended and Restated By-Laws, dated October 19, 2020 (the &#8220;Amended and Restated By-Laws&#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;">Among other changes, the
Amended and Restated By-Laws contain new timelines for advance notice of shareholder proposals and nominations to be brought before a meeting of shareholders. Further, the Amended and Restated By-Laws require
compliance with certain procedural and informational requirements in connection with the advance notice of shareholder proposals or nominations, including a requirement to provide certain information about the
proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or proposal should carefully review and comply with those provisions of the Amended and Restated
By-Laws.</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 Amended and Restated
By-Laws contain certain changes contemplating the nomination, qualification and procedures for the election of Trustees. The Amended and Restated By-Laws require additional information from a nominee for Trustee, and
if requested, require a nominee to sit for an interview with the Board, to determine whether the nominee has the ability to critically review, evaluate, question and discuss information provided to the Board, and
interact effectively with the other Trustees and management of the Fund, among other parties. Additionally, the Amended and Restated By-Laws include qualifications and eligibility requirements for Trustees.</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 Amended and Restated
By-Laws provide that in the instance in which the number of persons nominated for election as Trustee exceeds the number of Trustees to be elected, the affirmative vote of a majority of shares outstanding and entitled
to vote in such an election is required to elect a Trustee. In all other elections, the plurality standard pursuant to which Trustees are elected will remain.</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 Amended and Restated
By-Laws also include provisions (the &#8220;Control Share Provisions&#8221;) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of the Fund in a &#8220;Control Share
Acquisition&#8221; may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share Provisions are
primarily intended to seek to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term
agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share Provisions do not eliminate voting rights for</DIV>
</DIV>
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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 24</DIV>
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<A name="xx_44de9e83-6607-4333-b5a0-875d89f8c9c5_3">
</A>
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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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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;">common shares acquired in Control Share
Acquisitions, but rather entrust the Fund&#8217;s other &#8220;non-interested&#8221; shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.</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;">Subject to various
conditions and exceptions, the Control Share Provisions define a &#8220;Control Share Acquisition&#8221; to include an acquisition of common shares that, but for the Control Share Provisions, would give the beneficial
owner upon the acquisition of such shares the ability to exercise voting power in the election of Trustees of the Fund in any of the following ranges:</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;">(i)
one-tenth or more, but less than one-fifth of all voting power;</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;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;">(ii)
one-fifth or more, but less than one-third of all voting power;</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;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;">(iii)
one-third or more, but less than a majority of all voting power; or</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;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;">(iv) a
majority or more of all voting power.</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;">Share acquisitions that
pre-date the adoption of the Amended and Restated By-Laws are excluded from the definition of Control Share Acquisition. However, such shares are included in assessing whether any subsequent share acquisition exceeds
the above thresholds.</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;">Subject to certain
conditions and procedural requirements set forth in the Control Share Provisions, including the delivery of a &#8220;Control Share Acquisition Statement&#8221; to the Fund setting forth certain required information, a
shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition may demand a special meeting of shareholders for the purpose of considering whether the voting rights
of such acquiring person with respect to such shares shall be authorized. If a shareholder who obtains or proposes to obtain beneficial ownership of shares in a Control Share Acquisition does not demand a special
meeting of Fund shareholders, consideration of the authorization of voting rights of such shares shall be presented at the Fund&#8217;s next annual or special meeting 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:8pt;text-align:left;text-decoration:none;text-transform:none;">This discussion is only a
high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated
By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Fund with the Securities and Exchange Commission on October 20, 2020, which is
available at www.sec.gov, and may also be obtained by writing to the Secretary of the Fund at the Fund&#8217;s principal executive office.</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:347pt;text-align:right;text-decoration:none;text-transform:none;">Page 25</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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<DIV
style="width:100%;">
<A name="xx_db4c702c-6f92-43c9-b5a5-b56024c9132c_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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;
">Investment Objective, Policies and Risks<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, 2020
(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;">Changes Occurring During
the Prior Fiscal Year</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following information
is a summary of certain changes during the most recent fiscal year ended December 31, 2020. This information may not reflect all of the changes that have occurred since you purchased shares of 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;">During the Fund&#8217;s
most recent fiscal year, there were no material changes to the Fund&#8217;s investment objective or policies that have not been approved by shareholders or in the principal risk factors associated with an investment
in 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:15pt;text-align:center;text-decoration:none;text-transform:none;">Investment Objective</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.</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;">Principal Investment
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;">Under normal market
conditions, the Fund pursues an integrated investment strategy in which it invests substantially all of its Managed Assets (as defined below) in a diversified portfolio of common stock of U.S. corporations and U.S.
dollar-denominated equity securities of foreign issuers, in each case that are traded on U.S. securities exchanges, and on an ongoing basis writes (sells) covered call options. Common stocks are selected by the
Sub-Advisor by utilizing a combination of its proprietary quantitative/qualitative selection criteria. The covered call options written (sold) by the Fund are normally against the equity securities that are held in
the Fund&#8217;s portfolio with strike prices and expiration dates that are collectively intended to provide risk/reward characteristics that are consistent with the Fund&#8217;s investment objective.</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;">&#8220;Managed
Assets&#8221; means the average daily gross assets of the Fund minus the sum of the Fund&#8217;s accrued and unpaid dividends on any outstanding Common Shares and accrued liabilities (including the value of call
options written (sold)).</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;">Under normal market
conditions the Fund seeks to produce a high level of current income and gains primarily from the premium income it receives from writing (selling) call options, from the dividends received on the equity securities
held in the Fund&#8217;s portfolio, and to a lesser extent, from capital appreciation in the value of equity securities underlying such covered call options.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:3pt;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%;">Common Stock/Equity Securities: The Sub-Advisor selects common stocks and equity securities by utilizing its proprietary quantitative/qualitative selection criteria, which focuses on sectors, industries
and individual common stocks and equity securities that exhibit strong fundamental characteristics.
</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%;">The Fund invests substantially all, but in no event less than 90%, of its Managed Assets in common stocks and other equity securities such as Real Estate Investment Trusts, Master Limited Partnerships
and Investment Companies (including exchange-traded funds and business development companies).
</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%;">The Fund may invest up to 20% of its Managed Assets in U.S. dollar-denominated equity securities of foreign issuers.
</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%;">The Fund may invest up to 10% of its Managed Assets in equity securities of other investment companies that invest primarily in securities of the type in which the Fund may invest directly.
</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%;">The Fund may invest up to 25% of its Managed Assets in the equity securities of issuers in a single industry or sector of the economy.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:3pt;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%;">Covered Call Options: The Fund writes (sells) covered call options, including Long-Term Equity AnticiPation Securities (&#8220;LEAPS<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP>&#8221;), held against the equity securities held in the Fund&#8217;s portfolio with strike prices (defined below) and
expiration dates (defined below) that are collectively intended to provide risk/reward characteristics that are consistent with the Fund&#8217;s investment objective.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:6.77%;margin-top:3pt;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%;">The Fund&#8217;s Sub-Advisor writes (sells) call options as determined to be appropriate, consistent with the Fund&#8217;s investment objective.
</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%;">The Fund writes (sells) options that are considered &#8220;covered&#8221; because the Fund owns equity securities against which the options are written (sold). The number of call options the Fund can
write (sell) is limited by the number of equity securities the Fund holds in its portfolio.
</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%;">The Fund does not write (sell) &#8220;naked&#8221; options, <FONT
style="font-style:italic;">i.e.</FONT>, options on more equity securities than are held in the Fund&#8217;s portfolio.
</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%;">When the Fund writes (sells) a call option, it sells to the buyer (the &#8220;option holder&#8221;) the right, but not the obligation, to purchase a particular asset (the underlying equity security)
from the Fund at a fixed price (the &#8220;strike price&#8221;) on or before a specified date (the &#8220;expiration date&#8221;). In exchange for the right to purchase the underlying equity security, the option
holder pays a fee (a &#8220;premium&#8221;) to the Fund. The Fund typically utilizes &#8220;American-style&#8221; options, which may be exercised at any time between the date of purchase and the expiration date. The
Fund may write (sell) &#8220;European-style&#8221; options, which may be exercised only during a specified period of time just prior to the expiration date.
</TD></TR></TABLE>
</DIV>
</DIV>
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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 26</DIV>
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style="width:100%;">
<A name="xx_db4c702c-6f92-43c9-b5a5-b56024c9132c_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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;
">Investment Objective, Policies and Risks (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, 2020
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:6.67%;margin-top:0pt;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%;">A call option normally represents the right to purchase 100 shares of the underlying equity 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: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%;">Conventional listed call options have expiration dates which generally can be up to nine months from the date the call options are first listed for trading. Longer-term call options, such as LEAPS<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP>, can have expiration dates up to three years from the date of listing.
</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%;">The Fund primarily writes (sells) call options which are &#8220;out-of-the-money&#8221;, meaning options with a strike price above the current market price of the underlying equity security. The Fund
may write (sell) &#8220;in-the-money&#8221; (call options with a strike price below the current market price of the underlying equity security) and &#8220;at-the-money&#8221; (call options with a strike price equal to
the current price of the underlying equity security). In-the-money and at-the-money call options may be written (sold) as a defensive measure to protect against a possible decline in the underlying 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;">In addition to the
Fund&#8217;s use of covered call option writing (selling), the Fund may, but is not required to, use various hedging and strategic transactions to facilitate portfolio management and mitigate risks. In utilizing these
strategic transactions, the Fund may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, equity, fixed income and interest rate indices, and other
financial instruments, purchase and sell financial futures contracts and options thereon, and enter into various interest rate transactions such as swaps, caps, floors or collars or credit transactions. The Fund may
purchase derivative investments that combine features of these instruments.</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 considered fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as further detailed below. The remainder of the Fund&#8217;s
investment policies, unless otherwise stated, including its investment strategy, are considered non-fundamental and may be changed by the Board of Trustees of the Fund without approval of the holders of the
Fund&#8217;s Common Shares. The Fund will provide investors with at least 60 days prior notice of any change in the Fund&#8217;s investment strategy.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Fundamental Investment
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:8pt;text-align:left;text-decoration:none;text-transform:none;">Except as provided below,
the Fund, as a fundamental policy, may not, without the approval of the holders of a majority of the outstanding Common Shares:</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%;">issue senior securities, as defined in the 1940 Act, other than the borrowings permitted by investment restriction (2) set forth below;
</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: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%;">borrow money, except as permitted by the 1940 Act;
</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: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%;">act as underwriter of another issuer&#8217;s securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 in connection with the
purchase and sale of portfolio 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:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;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%;">purchase or sell real estate, but this shall not prevent the Fund from investing in securities of companies that deal in real estate or are engaged in the real estate business, including real estate
investment trusts, and securities secured by real estate or interests therein and the Fund may hold and sell real estate or mortgages on real estate acquired through default, liquidation, or other distributions of an
interest in real estate as a result of the Fund&#8217;s ownership of such 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:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;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%;">purchase or sell physical commodities (but this shall not prevent the Fund from purchasing or selling options, futures contracts, derivative instruments or from investing in securities or other
instruments backed by physical commodities;
</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: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%;">make loans of funds or other assets, other than by entering into repurchase agreements, lending portfolio securities and through the purchase of debt securities in accordance with its investment
objectives, policies and limitations;
</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: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%;">with respect to 75% of its total assets, purchase any securities, if as a result more than 5% of the Fund&#8217;s total assets would then be invested in securities of any single issuer or if, as a
result, the Fund would hold more than 10% of the outstanding voting securities of any single issuer; provided, that Government securities (as defined in the 1940 Act), securities issued by other investment companies
and cash items (including receivables) shall not be counted for purposes of this limitation; 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: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-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:96.51%;">invest 25% or more of its total assets in securities of issuers in any single industry, provided there shall be no limitation on the purchase obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities.
</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;">For the purpose of
applying the limitation set forth in subparagraph (7) above, an issuer shall be deemed the sole issuer of a security when its assets and revenues are separate from other governmental entities and its securities are
backed only by its assets and revenues. Similarly, in the case of a non-governmental issuer, such as an industrial corporation or a privately owned or operated hospital, if the security is backed only by the assets
and revenues of the non-governmental issuer, then such non-governmental issuer would be deemed to be the sole issuer. Where a security is also backed by the enforceable obligation of a superior or unrelated
governmental or</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 27</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<A name="xx_db4c702c-6f92-43c9-b5a5-b56024c9132c_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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;
">Investment Objective, Policies and Risks (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, 2020
(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;">other entity (other than a bond
insurer), it shall also be included in the computation of securities owned that are issued by such governmental or other entity. Where a security is guaranteed by a governmental entity or some other facility, such as
a bank guarantee or letter of credit, such a guarantee or letter of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal bond is
insured by bond insurance, it shall not be considered a security that is issued or guaranteed by the insurer; instead, the issuer of such municipal bond will be determined in accordance with the principles set forth
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;">Under the 1940 Act, when
used with respect to particular shares of the Fund, a &#8220;majority of the outstanding&#8221; Common Shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the
Fund&#8217;s outstanding voting shares are present or represented by proxy, or (ii) more than 50% of the Fund&#8217;s outstanding voting shares, whichever is less.</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;">Principal Risks</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 a closed-end
management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all
investments, there can be no assurance that the Fund will achieve its investment objective. The following discussion summarizes the principal risks associated with investing in the Fund, which includes the risk that
you could lose some or all of your investment in the Fund. The Fund is subject to the 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;"> The Fund is 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 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.</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;">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</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:8pt;width:100%;" type="Block">
<DIV
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
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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;
">Investment Objective, Policies and Risks (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, 2020
(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;">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. In addition, technology companies can be particularly vulnerable to
federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production costs.</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 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. 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;">Market Risk.<FONT
style="font-weight:Normal;"> Securities held by the Fund, as well as shares of the Fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or
market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments as a result of the risk of loss associated with
these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a
significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease
designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time
and will continue to impact the economy for the foreseeable future.</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. issuers 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 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.</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;">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>
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style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:81pt;text-align:right;text-decoration:none;text-transform:none;">Page 29</DIV>
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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 East 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;padding-top:12pt;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;padding-top:12pt;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;padding-top:12pt;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;padding-top:12pt;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;padding-top:12pt;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">&nbsp;</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)
</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%;">190
</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">&nbsp;</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%;">190
</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">&nbsp;</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%;">190
</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">&nbsp;</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)
</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%;">190
</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;white-space:nowrap;width:15.56%;">None
</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">&nbsp;</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%;">190
</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:141pt;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, 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. James A. Bowen and Niel B. Nielson, as
Class III Trustees, are serving as trustees until the Fund&#8217;s 2022 annual meeting of shareholders. Robert F. Keith, as a Class I Trustee, is serving as a trustee until the Fund&#8217;s 2023 annual meeting of
shareholders.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 1pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; 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: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; 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>
<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 30</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<DIV
style="width:100%;">
<A name="xx_05f085d9-09b8-4b67-97a6-bf19e6fd9758_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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;padding-top:12pt;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;padding-top:12pt;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;padding-top:12pt;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;padding-top:12pt;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 Since January 2011</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Assistant Secretary 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:257pt;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
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 31</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<DIV
style="width:100%;">
<A name="xx_08f58d8d-bb6f-4360-8696-513b5eedc432_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="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
</A>
</DIV>
<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, 2020
(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 professional 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;">March 2020</DIV>
</DIV>
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
Table of Contents
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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;">First Trust Advisors L.P.</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;">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>
<DIV
style="color:#003E87;font-family:Arial;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:15pt;text-align:left;text-decoration:none;text-transform:none;">INVESTMENT SUB-ADVISOR</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;">Chartwell Investment Partners,
LLC</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;">1205 Westlakes Drive, Suite 100</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;">Berwyn, PA 19312</DIV>
<DIV
style="color:#003E87;font-family:Arial;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:15pt;text-align:left;text-decoration:none;text-transform:none;">TRANSFER AGENT</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;">BNY Mellon Investment Servicing
(US) Inc.</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;">301 Bellevue Parkway</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;">Wilmington, DE 19809</DIV>
<DIV
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FUND ACCOUNTANT, AND<BR>
CUSTODIAN</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;">The Bank of New York Mellon</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;">240 Greenwich Street</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;">New York, NY 10286</DIV>
<DIV
style="color:#003E87;font-family:Arial;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:15pt;text-align:left;text-decoration:none;text-transform:none;">INDEPENDENT REGISTERED<BR>
PUBLIC ACCOUNTING FIRM</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;">Deloitte &amp; Touche LLP</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;">111 S. Wacker Drive</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;">Chicago, IL 60606</DIV>
<DIV
style="color:#003E87;font-family:Arial;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:15pt;text-align:left;text-decoration:none;text-transform:none;">LEGAL COUNSEL</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;">Chapman and Cutler LLP</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;">111 W. Monroe Street</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;">Chicago, IL 60603</DIV>
</DIV>
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<A href="#JOB_12-31_8534a84d-c946-43d6-aeb3-eb4353bb302c_TOC">
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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>&nbsp;</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b) Not applicable.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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">(f)</TD><TD STYLE="text-align: justify">A copy of the code of ethics that applies to the registrant&rsquo;s principal executive officer,
principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item&nbsp;13(a)(1).</TD></TR></TABLE>

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

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&#9;(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 2019 and $38,000.00 for 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&#9;(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 2019 and $0 for 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 61.9pt"><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 2019 and $0 for 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&#9;(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 $5,266 for 2019 and $5,263 for 2020. These fees
were for tax preparation. These fees were for tax consultation and/or tax return preparation and professional services rendered
for PFIC (Passive Foreign Investment Company) Identification Services.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 61.9pt"><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 2019 and $0 for 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&#9;(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 2019 and $0 for 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 61.9pt"><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 2019 and $0 for 2020.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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 2019 were $5,266 and $75,670
for the Registrant and the Registrant&rsquo;s investment adviser, respectively, and for 2020 were $5,263 and $23,200, 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>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: 12pt 0"><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"><A HREF="proxyguidelines.htm">The Proxy Voting Policies are attached herewith</A>.</P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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 March 10, 2021</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 Senior Portfolio
Manager on Chartwell&rsquo;s large-cap equity portfolio management team and has 24 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 36 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 265 years of investment experience.
All team members (portfolio managers and analysts) conduct fundamental research and meet with company management. Purchase and
sale decisions are discussed among the team members, however, final decision-making responsibility rests with Mr. Kugler. In addition,
while each team member may be consulted on any options transactions involving the portfolio, Mr. Kugler has full responsibility
for decisions involving the options program.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&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, 2020</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: 25%; 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: 29%; 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: 10%; 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: 11%; 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">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$1,522,207</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">19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$504,921,207</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">$56,773,147</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">19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$504,921,207</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"><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; text-align: justify">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. 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; text-align: justify">On a monthly basis, Jon Caffey, a member
of our 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, COO, 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; text-align: justify"><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, 2020</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><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; text-align: justify"><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; text-align: justify"><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. 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 12pt; text-align: justify">The performance of the fund does factor
into each portfolio manager&rsquo;s compensation. Chartwell considers the one (1) and three (3) year performance of the fund compared
to a combination of either the S&amp;P 500 or BXM benchmarks and the fund&rsquo;s performance compared to its&rsquo; peer group
in consideration of each portfolio manager&rsquo;s compensation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As described above, 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 paydate. Chartwell also provides a profit sharing and 401(k) plan for all employees.</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, 2020:</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"><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">$100,001-500,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in"><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 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 0 12pt; text-align: justify">On October 19, 2020, after a thorough
review, and consistent with the interests of the Fund, the Board of Trustees adopted Amended and Restated By-Laws, dated October
19, 2020 (the &ldquo;Amended and Restated By-Laws&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Among other changes, the Amended and
Restated By-Laws contain new timelines for advance notice of nominees for Trustee to be brought before a meeting of shareholders.
Further, the Amended and Restated By-Laws require compliance with certain procedural and informational requirements in connection
with the advance notice of nominations, including a requirement to provide certain information about the nominee, and if requested,
requires a nominee to sit for an interview with the Board to determine whether the nominee has the ability to critically review,
evaluate, question and discuss information provided to the Board, and interact effectively with the other Trustees and management
of the Fund, among other parties. Additionally, the Amended and Restated By-Laws include qualifications and eligibility requirements
for Trustees. Any shareholder considering making a nomination should carefully review and comply with those provisions of the Amended
and Restated By-Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This discussion is only a high-level
summary of certain aspects of the Amended and Restated By-Laws and is qualified in its entirety by reference to the Amended and
Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and
Restated By-Laws can be found in the Current Report on Form 8-K filed by the Fund with the Securities and Exchange Commission on
October 20, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Fund at the Fund&rsquo;s
principal executive office.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; 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 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: 12pt 0"><B>Item 12. Disclosure of Securities Lending Activities for
Closed-end Management Investment Companies.</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: 35pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><B>Item 13. 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: 35pt; text-align: right">(a)(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><A HREF="ethics.htm">Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 &#9;is attached hereto</A>.</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="width: 35pt; text-align: right">(a)(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><A HREF="certs_302.htm">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto</A>.</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="width: 35pt; text-align: right">(a)(3)</TD><TD STYLE="width: 5pt"></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="width: 35pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><A HREF="certs_906.htm">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto</A>.</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 0 12pt"></P>

<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="border-bottom: Black 1pt solid; text-align: center; 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="border-bottom: Black 1pt solid; text-align: left; width: 60%; vertical-align: top">/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 11, 2021</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="border-bottom: Black 1pt solid; text-align: left; 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 11, 2021</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="border-bottom: Black 1pt solid; text-align: left; 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 11, 2021</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>


</SUP></I></B></FONT></TD></TR>


<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="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<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>


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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="font: 12pt Times New Roman, Times, Serif; margin: 0; 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 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="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; 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 11, 2021</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>


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    <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>
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<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">&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 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="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; 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 11, 2021</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"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 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="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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; 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 11, 2021</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; 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="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; 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 11, 2021</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"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>exh99a.htm
<DESCRIPTION>QUARTERLY DISTRIBUTIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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 (the "Fund") has declared a distribution payable on September 30, 2020, to shareholders of record
as of September 23, 2020, with an ex-dividend date of September 22, 2020. This Notice is meant to provide you information about the sources
of your Fund's distributions. You should not draw any conclusions about the Fund's investment performance from the amount of its 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 ("NII"); net realized short-term capital gains ("STCG"); net realized
long-term capital gains ("LTCG"); and return of capital ("ROC"). These estimates are based upon information projected through September
30, 2020, are calculated based on a generally accepted accounting principles ("GAAP") 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</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">12/31/2020</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">$0.05489</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">$0.23011</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">19.26%</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">80.74%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">6.68%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">10.71%</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</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">12/31/2020</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">$0.16467</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">$0.69033</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">19.26%</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">80.74%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">5.01%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">5.26%</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 30, 2020.</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 "yield" or "income."</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 (&ldquo;NAV&rdquo;) as of August 31, 2020.</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, 2020.</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'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>
<TYPE>EX-99
<SEQUENCE>6
<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 (the "Fund") has declared a distribution payable on December 31, 2020, to shareholders of record as of
December 23, 2020, with an ex-dividend date of December 22, 2020. This Notice is meant to provide you information about the sources of
your Fund's distributions. You should not draw any conclusions about the Fund's investment performance from the amount of its 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 ("NII"); net realized short-term capital gains ("STCG"); net realized
long-term capital gains ("LTCG"); and return of capital ("ROC"). These estimates are based upon information projected through December
31, 2020, are calculated based on a generally accepted accounting principles ("GAAP") 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</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">12/31/2020</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">$0.04919</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.01251</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.22330</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">17.26%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">4.39%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">78.35%</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">6.44%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">10.71%</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</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">12/31/2020</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">$0.19676</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.05005</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.89319</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">17.26%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">4.39%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">78.35%</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">6.44%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">11.19%</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, 2020.</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 "yield" or "income."</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 ("NAV") as of November 30, 2020.</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, 2020.</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'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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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>7
<FILENAME>proxyguidelines.htm
<DESCRIPTION>ISS PROXY VOTING GUIDELINES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 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="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Adopted April 11, 1997</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">As Amended July 15, 2020</P>

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><I>Purpose.</I> <FONT STYLE="font-weight: normal">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.</FONT></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><I>Scope. </I><FONT STYLE="font-weight: normal">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</FONT><I>.</I></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 contribute to
positive long-term performance of the companies the client is an investor and casting votes accordingly. Chartwell recognizes the
growing view among investors that not only is the concern for economic returns to shareholders and good corporate governance, but
also with ensuring corporate activities and practices are aligned with the broader objectives of society. With this in mind, Chartwell
subscribes to Sustainability Proxy Voting Guidelines. Sustainability or environmental, social, and corporate governance (ESG) factors
enhance investment making decisions in order to have a more comprehensive understanding of the overall risk profile of the companies
in which we invest while simultaneously contributing to positive environmental or social impact. For these reasons, the following
guidelines will govern Chartwell&rsquo;s proxy voting decisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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 four
representatives of the firm&rsquo;s compliance, client services 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: bold 12pt Times New Roman, Times, Serif; margin: 0"><I>When Chartwell Does Not Vote Proxies. </I><FONT STYLE="font-weight: normal">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.</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Voting Guidelines</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&rsquo; (ISS) Sustainability Proxy Voting Policy. 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>

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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; text-align: center"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">The policies contained herein are a sampling only of selected key ISS U.S. proxy voting guidelines,</FONT>
                     <BR><FONT STYLE="font: bold 9pt Arial; color: #337EFF"> </FONT><FONT STYLE="font: bold 9pt Arial; color: #337EFF">and are not intended to be exhaustive. The complete guidelines can be found at:</FONT>
                     <BR><FONT STYLE="font: bold 9pt Arial; color: #337EFF">https://www.issgovernance.com/policy-gateway/voting-policies/</FONT></DIV>

                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; margin-top: 23.2pt; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">BOARD OF DIRECTORS</FONT></DIV>

                  <DIV STYLE="line-height: 11.7pt; margin-left: 0%; margin-top: 16.6pt; text-align: left"><FONT STYLE="font: bold 9.9pt Arial; color: #4C4C4C; margin-left: 0%">Voting on Director Nominees in Uncontested Elections</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for director nominees, except under the following circumstances (with </FONT><FONT STYLE="font: 9pt Arial; color: #000000">new nominees</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> considered on case-by-case basis):</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Independence</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.4pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">2</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Directors per ISS&#8217; Classification of Directors) when:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Independent directors comprise 50 percent or less of the board;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The non-independent director serves on the audit, compensation, or nominating committee;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the functions of such a committee.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Composition</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.4pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Attendance at Board and Committee Meetings:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote against or withhold from directors (except nominees </FONT><FONT STYLE="font: 9pt Arial; color: #000000">who served only part of the fiscal year</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">3</FONT><FONT STYLE="font: 9pt Arial; color: #000000">) who attend less than 75 percent of the aggregate of their board and committee </FONT><FONT STYLE="font: 9pt Arial; color: #000000">meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">SEC filing. Acceptable reasons for director absences are generally limited to the following:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Medical issues/illness;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Family emergencies; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Missing only one meeting (when the total of all meetings is three or fewer).</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with </FONT><FONT STYLE="font: 9pt Arial; color: #000000">poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or the full board.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">director(s) in question.</FONT></DIV>
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                     <HR STYLE="background-color: #000000; height: 0.5pt; margin-left: 0%; text-align: left; width: 20.65%"><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new
                        nominees</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000"> who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and
                        the </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">problematic governance issue in question.</FONT><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">2</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">In general, companies with a plurality vote standard use &#8220;Withhold&#8221; as the contrary vote option in director elections; companies with </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">a majority vote standard use &#8220;Against&#8221;. However, it will vary by company and the proxy must be checked to determine the valid contrary</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000"> vote option for the particular company.</FONT><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">3</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; text-align: left"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Overboarded Directors:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote against or withhold from individual directors who:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Sit on more than five public company boards; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Are CEOs of public companies who sit on the boards of more than two public companies besides their own</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8212;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT><FONT STYLE="font: 9pt Arial; color: #000000">withhold only at their outside boards</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">4</FONT><FONT STYLE="font: 9pt Arial; color: #000000">.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Diversity:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> For companies in the Russell 3000 or S&amp;P 1500 indices, generally vote against or withhold from the chair </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of the nominating committee (or other directors on a case-by-case basis) at companies when there are no women on the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">company's board. Mitigating factors include:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Until Feb. 1, 2021, a firm commitment, as stated in the proxy statement, to appoint at least one woman to the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">board within a year;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The presence of a woman on the board at the preceding annual meeting and a firm commitment to appoint at </FONT><FONT STYLE="font: 9pt Arial; color: #000000">least one woman to the board within a year; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Other relevant factors as applicable.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Responsiveness</FONT><FONT STYLE="font: bold 10.8pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.4pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that </FONT><FONT STYLE="font: 9pt Arial; color: #000000">received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosed outreach efforts by the board to shareholders in the wake of the vote;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Rationale provided in the proxy statement for the level of implementation;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The subject matter of the proposal;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The level of support for and opposition to the resolution in past meetings;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Actions taken by the board in response to the majority vote and its engagement with shareholders;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management </FONT><FONT STYLE="font: 9pt Arial; color: #000000">proposals); and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Other factors as appropriate.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board failed to act on takeover offers where the majority of shares are tendered;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">At the previous board election, any director received more than 50 percent withhold/against votes of the shares </FONT><FONT STYLE="font: 9pt Arial; color: #000000">cast and the company has failed to address the issue(s) that caused the high withhold/against vote.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Pay proposal if:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will </FONT><FONT STYLE="font: 9pt Arial; color: #000000">be considered are:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's response, including:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 20.65%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 76.1%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of engagement efforts with major institutional investors, including the frequency </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and timing of engagements and the company participants (including whether independent </FONT><FONT STYLE="font: 9pt Arial; color: #000000">directors participated);</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 76.1%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of the specific concerns voiced by dissenting shareholders that led to the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">say-on-pay opposition;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 76.1%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of specific and meaningful actions taken to address shareholders' concerns;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Other recent compensation actions taken by the company;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the issues raised are recurring or isolated;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 6.5pt; margin-left: 0%; text-align: left; width: 0.63%"><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">4</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 9.1pt; margin-left: 2.24%; text-align: left; width: 96.18%"><FONT STYLE="font: 8.1pt Arial; color: #000000">Although all of a CEO&#8217;s subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000"> a withhold vote for the CEO of a parent company board or any of the controlled (&gt;50 percent ownership) subsidiaries of that
                              </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">3</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's ownership structure; and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the support level was less than 50 percent, which would warrant the highest degree of </FONT><FONT STYLE="font: 9pt Arial; color: #000000">responsiveness.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board implements an advisory vote on executive compensation on a less frequent basis than the frequency </FONT><FONT STYLE="font: 9pt Arial; color: #000000">that received the plurality of votes cast.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Accountability</FONT><FONT STYLE="font: bold 10.8pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.4pt; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Problematic Takeover Defenses/Governance Structure</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Poison Pills:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote against or withhold from all nominees (except new nominees</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, who should be considered case-by-case) </FONT><FONT STYLE="font: 9pt Arial; color: #000000">if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company has a poison pill that was not approved by shareholders</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">5</FONT><FONT STYLE="font: 9pt Arial; color: #000000">. However, vote case-by-case on nominees </FONT><FONT STYLE="font: 9pt Arial; color: #000000">if the board adopts an initial pill with a term of one year or less, depending on the disclosed rationale for the adoption,
                              </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and other factors as relevant (such as a commitment to put any renewal to a shareholder vote).</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or lowering the trigger, without shareholder approval.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Classified Board Structure:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> The board is classified, and a continuing director responsible for a problematic governance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All </FONT><FONT STYLE="font: 9pt Arial; color: #000000">appropriate nominees (except new) may be held accountable.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Removal of Shareholder Discretion on Classified Boards:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> The company has opted into, or failed to opt out of, state </FONT><FONT STYLE="font: 9pt Arial; color: #000000">laws requiring a classified board structure.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Director Performance Evaluation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> The board lacks mechanisms to promote accountability and oversight, coupled </FONT><FONT STYLE="font: 9pt Arial; color: #000000">with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year </FONT><FONT STYLE="font: 9pt Arial; color: #000000">total shareholder returns in the bottom half of a company&#8217;s four-digit GICS industry group (Russell 3000 companies only). </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Take into consideration the company&#8217;s operational metrics and other factors as warranted. Problematic provisions include </FONT><FONT STYLE="font: 9pt Arial; color: #000000">but are not limited to:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A classified board structure;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A supermajority vote requirement;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The inability of shareholders to call special meetings;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The inability of shareholders to act by written consent;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A multi-class capital structure; and/or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A non-shareholder-approved poison pill.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Unilateral Bylaw/Charter Amendments and Problematic Capital Structures</FONT><FONT STYLE="font: 9pt Arial; color: #000000">: Generally vote against or withhold </FONT><FONT STYLE="font: 9pt Arial; color: #000000">from directors individually, committee members, or the entire board (except new nominees, who should be considered case-by-case)
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">if the board amends the company's bylaws or charter without shareholder approval</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> in a manner that materially diminishes </FONT><FONT STYLE="font: 9pt Arial; color: #000000">shareholders' rights or that could adversely impact shareholders, considering the following factors:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure by the company of any significant engagement with shareholders regarding the amendment;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment </FONT><FONT STYLE="font: 9pt Arial; color: #000000">provisions;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's ownership structure;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 9.1pt; margin-left: 2.24%; text-align: left; width: 96.18%"><FONT STYLE="font: 8.1pt Arial; color: #000000">Public shareholders only, approval prior to a company&#8217;s becoming public is insufficient.</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">4</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's existing governance provisions;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The timing of the board's amendment to the bylaws/charter in connection with a significant business development; </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and,</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote </FONT><FONT STYLE="font: 9pt Arial; color: #000000">case-by-case on director nominees. Generally vote against (except new nominees</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, who should be considered case-by-case) </FONT><FONT STYLE="font: 9pt Arial; color: #000000">if the directors:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Classified the board;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Adopted supermajority vote requirements to amend the bylaws or charter; or</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Eliminated shareholders' ability to amend bylaws.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Problematic Capital Structure </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: bold 9pt Arial; color: #000000; padding-left: 2.5pt"> Newly Public Companies</FONT><FONT STYLE="font: 9pt Arial; color: #000000">: For newly public companies</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">6</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> , generally vote against </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or withhold from the entire board (except new nominees</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, who should be considered case-by-case) if, prior to or in connection </FONT><FONT STYLE="font: 9pt Arial; color: #000000">with the company's public offering, the company or its board implemented a multi-class capital structure in which the classes
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">have unequal voting rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the reasonableness of a time-based sunset provision, consideration will be given to the company&#8217;s lifespan, its post-IPO ownership </FONT><FONT STYLE="font: 9pt Arial; color: #000000">structure and the board&#8217;s disclosed rationale for the sunset period selected. No sunset period of more than seven years from </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the date of the IPO will be considered to be reasonable.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Continue to vote against or withhold from incumbent directors in subsequent years, unless the problematic capital </FONT><FONT STYLE="font: 9pt Arial; color: #000000">structure is reversed or removed.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Problematic Governance Structure </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: bold 9pt Arial; color: #000000; padding-left: 2.5pt"> Newly Public Companies</FONT><FONT STYLE="font: 9pt Arial; color: #000000">: For newly public companies</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">6</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, generally vote against </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or withhold from directors individually, committee members, or the entire board (except new nominees</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">1</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, who should be considered </FONT><FONT STYLE="font: 9pt Arial; color: #000000">case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">bylaw or charter provisions that are considered to be materially adverse to shareholder rights:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Supermajority vote requirements to amend the bylaws or charter;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A classified board structure; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Other egregious provisions.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">A reasonable sunset provision will be considered a mitigating factor.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Management Proposals to Ratify Existing Charter or Bylaw Provisions:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote against/withhold from individual directors, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">provisions considering the following factors:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The presence of a shareholder proposal addressing the same issue on the same ballot;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board's rationale for seeking ratification;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of actions to be taken by the board should the ratification proposal fail;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The level of impairment to shareholders' rights caused by the existing provision;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the current provision was adopted in response to the shareholder proposal;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's ownership structure; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Previous use of ratification proposals to exclude shareholder proposals.</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; margin-left: 0%; text-align: justify"><FONT STYLE="font: 5.5pt Arial; color: #000000; margin-left: 0%; position: relative; top: -2.75pt">6</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000"> Newly-public companies generally include companies that emerge from bankruptcy, spin-offs, direct listings, and those who
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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               <DIV STYLE="float: left; margin-left: 7.34%; margin-top: 108pt; width: 523pt">

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Restrictions on Shareholders&#8217; Rights</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 6.88%">Restricting Binding Shareholder Proposals:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote against or withhold from the members of the governance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">committee if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s governing documents impose undue restrictions on shareholders&#8217; ability to amend the bylaws. </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder </FONT><FONT STYLE="font: 9pt Arial; color: #000000">proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or a proposal providing for such unfettered right is submitted for shareholder approval.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Problematic Audit-Related Practices</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote against or withhold from the members of the Audit Committee if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The non-audit fees paid to the auditor are excessive;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company receives an adverse opinion on the company&#8217;s financial statements from its auditor; or</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement </FONT><FONT STYLE="font: 9pt Arial; color: #000000">with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against
                              </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the audit firm.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on members of the Audit Committee and potentially the full board if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of </FONT><FONT STYLE="font: 9pt Arial; color: #000000">GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological </FONT><FONT STYLE="font: 9pt Arial; color: #000000">sequence, and duration, as well as the company&#8217;s efforts at remediation or corrective actions, in determining whether </FONT><FONT STYLE="font: 9pt Arial; color: #000000">withhold/against votes are warranted.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Problematic Compensation Practices</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">vote against or withhold from the members of the Compensation Committee and potentially the full board if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company maintains significant problematic pay practices; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board exhibits a significant level of poor communication and responsiveness to shareholders.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the full board if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company&#8217;s </FONT><FONT STYLE="font: 9pt Arial; color: #000000">declared frequency of say on pay; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote against members of the board committee responsible for approving/setting non-employee director </FONT><FONT STYLE="font: 9pt Arial; color: #000000">compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">disclosing a compelling rationale or other mitigating factors.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Problematic Pledging of Company Stock:</FONT><FONT STYLE="font: italic bold 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">level of pledged company stock by executives or directors raises concerns. The following factors will be considered:</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">6</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading </FONT><FONT STYLE="font: 9pt Arial; color: #000000">volume;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include </FONT><FONT STYLE="font: 9pt Arial; color: #000000">pledged company stock; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other relevant factors.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: italic bold 9pt Arial; color: #337EFF; margin-left: 4.59%">Governance Failures</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the entire board, due to:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Material failures of governance, stewardship, risk oversight</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">7</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, or fiduciary responsibilities at the company;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Failure to replace management as appropriate; or</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Egregious actions related to a director&#8217;s service on other boards that raise substantial doubt about his or her ability </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to effectively oversee management and serve the best interests of shareholders at any company.</FONT></DIV>
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                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; margin-top: 23.2pt; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">Voting on Director Nominees in Contested Elections</FONT></DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.6pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Vote-No Campaigns</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> In cases where companies are targeted in connection with public &#8220;vote-no&#8221; </FONT><FONT STYLE="font: 9pt Arial; color: #000000">campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in </FONT><FONT STYLE="font: 9pt Arial; color: #000000">uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly </FONT><FONT STYLE="font: 9pt Arial; color: #000000">available information.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Proxy Contests/Proxy Access </FONT><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; padding-left: 3pt">&#8212;</FONT><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; padding-left: 3pt"> Voting for Director Nominees in Contested Elections</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote case-by-case on the election of directors in contested elections, considering the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">following factors:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Long-term financial performance of the company relative to its industry;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Management&#8217;s track record;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Background to the contested election;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Nominee qualifications and any compensatory arrangements;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Strategic plan of dissident slate and quality of the critique against management;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Likelihood that the proposed goals and objectives can be achieved (both slates); and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Stock ownership positions.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors </FONT><FONT STYLE="font: 9pt Arial; color: #000000">listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s)
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and/or to the nature of the election (such as whether there are more candidates than board seats).</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 6.5pt; margin-left: 0%; text-align: left; width: 0.63%"><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">7</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 9.1pt; margin-left: 2.24%; text-align: left; width: 96.18%"><FONT STYLE="font: 8.1pt Arial; color: #000000">Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory
                              bodies; </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">significant adverse legal judgments or settlement; or hedging of company stock.</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">7</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Independent Board Chair</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for shareholder proposals requiring that the chair position be filled by </FONT><FONT STYLE="font: 9pt Arial; color: #000000">an independent director, taking into consideration the following:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The scope and rationale of the proposal;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's current board leadership structure;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's governance structure and practices;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Company performance; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other relevant factors that may be applicable.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">The following factors will increase the likelihood of a &#8220;for&#8221; recommendation:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A majority non-independent board and/or the presence of non-independent directors on key board committees;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to </FONT><FONT STYLE="font: 9pt Arial; color: #000000">a combined CEO/chair role;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of CEO and chair, and/or departure from a structure with an independent chair;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Evidence that the board has failed to oversee and address material risks facing the company;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or if the board has materially diminished shareholder rights; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Evidence that the board has failed to intervene when management&#8217;s interests are contrary to shareholders' interests.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Proxy Access</FONT><FONT STYLE="font: bold 10.8pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for management and shareholder proposals for proxy access with the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">following provisions:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Ownership threshold:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> maximum requirement not more than three percent (3%) of the voting power;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Ownership duration:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> maximum requirement not longer than three (3) years of continuous ownership for each </FONT><FONT STYLE="font: 9pt Arial; color: #000000">member of the nominating group;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Aggregation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> minimal or no limits on the number of shareholders permitted to form a nominating group;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Cap:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> cap on nominees of generally twenty-five percent (25%) of the board.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Review for reasonableness any other restrictions on the right of proxy access.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote against proposals that are more restrictive than these guidelines.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; margin-top: 23.2pt; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">Shareholder Rights &amp; Defenses</FONT></DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.6pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote against management proposals to ratify provisions of the company&#8217;s </FONT><FONT STYLE="font: 9pt Arial; color: #000000">existing charter or bylaws, unless these governance provisions align with best practice.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">In addition, voting against/withhold from individual directors, members of the governance committee, or the full </FONT><FONT STYLE="font: 9pt Arial; color: #000000">board may be warranted, considering:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The presence of a shareholder proposal addressing the same issue on the same ballot;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board's rationale for seeking ratification;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of actions to be taken by the board should the ratification proposal fail;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of shareholder engagement regarding the board&#8217;s ratification request;</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The level of impairment to shareholders' rights caused by the existing provision;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The history of management and shareholder proposals on the provision at the company&#8217;s past meetings;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the current provision was adopted in response to the shareholder proposal;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's ownership structure; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Previous use of ratification proposals to exclude shareholder proposals.</FONT></DIV>
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                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; margin-top: 23.2pt; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">CAPITAL/RESTRUCTURING</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote for proposals to increase the number of authorized common shares where the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">primary purpose of the increase is to issue shares in connection with a transaction on the same ballot that </FONT><FONT STYLE="font: 9pt Arial; color: #000000">warrants support.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against proposals at companies with more than one class of common stock to increase the number of authorized </FONT><FONT STYLE="font: 9pt Arial; color: #000000">shares of the class of common stock that has superior voting rights.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against proposals to increase the number of authorized common shares if a vote for a reverse stock split on the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">same ballot is warranted despite the fact that the authorized shares would not be reduced proportionally.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on all other proposals to increase the number of shares of common stock authorized for issuance. </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Take into account company-specific factors that include, at a minimum, the following:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Past Board Performance:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's use of authorized shares during the last three years</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The Current Request:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure in the proxy statement of the specific purposes of the proposed increase;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure in the proxy statement of specific and severe risks to shareholders of not approving the request; </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The dilutive impact of the request as determined relative to an allowable increase calculated by ISS (typically </FONT><FONT STYLE="font: 9pt Arial; color: #000000">100 percent of existing authorized shares) that reflects the company's need for shares and total shareholder </FONT><FONT STYLE="font: 9pt Arial; color: #000000">returns.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">ISS will apply the relevant allowable increase below to requests to increase common stock that are for general corporate </FONT><FONT STYLE="font: 9pt Arial; color: #000000">purposes (or to the general corporate purposes portion of a request that also includes a specific need):</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.74%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">A.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 3.99%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 12.62%">Most companies: </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">100 percent</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> of existing authorized shares.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.68%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">B.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.06%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Companies with less than 50 percent of existing authorized shares either outstanding or reserved for issuance: </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">50 percent</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> of existing authorized shares.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.64%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">C.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.1%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Companies with one- and three-year total shareholder returns (TSRs) in the bottom 10 percent of the U.S. </FONT><FONT STYLE="font: 9pt Arial; color: #000000">market as of the end of the calendar quarter that is closest to their most recent fiscal year end: </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">50 percent</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of existing authorized shares.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.74%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">D.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Companies at which both conditions (B and C) above are both present: </FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">25 percent</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> of existing authorized </FONT><FONT STYLE="font: 9pt Arial; color: #000000">shares.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">If there is an acquisition, private placement, or similar transaction on the ballot (not including equity incentive plans)
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">that ISS is recommending FOR, the allowable increase will be the greater of (i) twice the amount needed to support the transactions
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">on the ballot, and (ii) the allowable increase as calculated above.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Share Repurchase Programs</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation: </FONT><FONT STYLE="font: 9pt Arial; color: #000000">For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers </FONT><FONT STYLE="font: 9pt Arial; color: #000000">that are traded solely on U.S. exchanges, vote for management proposals to institute open-market share </FONT><FONT STYLE="font: 9pt Arial; color: #000000">repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to </FONT><FONT STYLE="font: 9pt Arial; color: #000000">conduct open-market repurchases, in the absence of company-specific concerns regarding:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Greenmail,</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The use of buybacks to inappropriately manipulate incentive compensation metrics,</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Threats to the company's long-term viability, or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Other company-specific factors as warranted.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale </FONT><FONT STYLE="font: 9pt Arial; color: #000000">against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to market price.</FONT></DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Share Repurchase Programs Shareholder Proposals</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote against shareholder proposals prohibiting executives from selling </FONT><FONT STYLE="font: 9pt Arial; color: #000000">shares of company stock during periods in which the company has announced that it may or will be repurchasing </FONT><FONT STYLE="font: 9pt Arial; color: #000000">shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising options or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">selling shares during periods of share buybacks.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Financial issues </FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt"> company&#8217;s financial situation; degree of need of capital; use of proceeds; effect of the financing </FONT><FONT STYLE="font: 9pt Arial; color: #000000">on the company&#8217;s cost of capital;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Management efforts to pursue other alternatives;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Control issues </FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt"> change in management; change in control, guaranteed board and committee seats; standstill </FONT><FONT STYLE="font: 9pt Arial; color: #000000">provisions; voting agreements; veto power over certain corporate actions; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Conflict of interest </FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt"> arm&#8217;s length transaction, managerial incentives.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not </FONT><FONT STYLE="font: 9pt Arial; color: #000000">approved.</FONT></DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Mergers and Acquisitions</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and </FONT><FONT STYLE="font: 9pt Arial; color: #000000">drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Valuation</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed </FONT><FONT STYLE="font: 9pt Arial; color: #000000">on the offer premium, market reaction, and strategic rationale.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Market reaction</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - How has the market responded to the proposed deal? A negative market reaction should cause </FONT><FONT STYLE="font: 9pt Arial; color: #000000">closer scrutiny of a deal.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Strategic rationale</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - Does the deal make sense strategically? From where is the value derived? Cost and revenue </FONT><FONT STYLE="font: 9pt Arial; color: #000000">synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have </FONT><FONT STYLE="font: 9pt Arial; color: #000000">a favorable track record of successful integration of historical acquisitions.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Negotiations and process</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - Were the terms of the transaction negotiated at arm's-length? Was the process fair and </FONT><FONT STYLE="font: 9pt Arial; color: #000000">equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also </FONT><FONT STYLE="font: 9pt Arial; color: #000000">signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">no auction) can also affect shareholder value.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Conflicts of interest</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - Are insiders benefiting from the transaction disproportionately and inappropriately as compared </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may </FONT><FONT STYLE="font: 9pt Arial; color: #000000">be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests </FONT><FONT STYLE="font: 9pt Arial; color: #000000">may have influenced these directors and officers to support or recommend the merger. The CIC figure presented </FONT><FONT STYLE="font: 9pt Arial; color: #000000">in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading </FONT><FONT STYLE="font: 9pt Arial; color: #000000">indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze </FONT><FONT STYLE="font: 9pt Arial; color: #000000">the underlying assumptions to determine whether a potential conflict exists.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: italic 9pt Arial; color: #000000">Governance</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> - Will the combined company have a better or worse governance profile than the current governance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden </FONT><FONT STYLE="font: 9pt Arial; color: #000000">is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 15.6pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; color: #000000; margin-left: 0%">Executive Pay Evaluation</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.4pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and administering executive and director compensation programs:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">1.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This </FONT><FONT STYLE="font: 9pt Arial; color: #000000">principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately </FONT><FONT STYLE="font: 9pt Arial; color: #000000">motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">among other factors, the link between pay and performance; the mix between fixed and variable pay; performance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">goals; and equity-based plan costs;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">2.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Avoid arrangements that risk &#8220;pay for failure&#8221;: This principle addresses the appropriateness of long or indefinite </FONT><FONT STYLE="font: 9pt Arial; color: #000000">contracts, excessive severance packages, and guaranteed compensation;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">3.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Maintain an independent and effective compensation committee: This principle promotes oversight of executive </FONT><FONT STYLE="font: 9pt Arial; color: #000000">pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation </FONT><FONT STYLE="font: 9pt Arial; color: #000000">decision-making (e.g., including access to independent expertise and advice when needed);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">4.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices </FONT><FONT STYLE="font: 9pt Arial; color: #000000">fully and fairly;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">5.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders </FONT><FONT STYLE="font: 9pt Arial; color: #000000">in ensuring that compensation to outside directors is reasonable and does not compromise their independence </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and ability to make appropriate judgments in overseeing managers&#8217; pay and performance. At the market level, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">it may incorporate a variety of generally accepted best practices.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Advisory Votes on Executive Compensation</FONT><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; padding-left: 3pt">&#8212;</FONT><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; padding-left: 3pt">Management Proposals (Say-on-Pay)</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote case-by-case on ballot items related to executive pay and practices, as well as </FONT><FONT STYLE="font: 9pt Arial; color: #000000">certain aspects of outside director compensation.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">There is an unmitigated misalignment between CEO pay and company performance (pay for performance);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company maintains significant problematic pay practices;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board exhibits a significant level of poor communication and responsiveness to shareholders.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against or withhold from the members of the Compensation Committee and potentially the full board if:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised </FONT><FONT STYLE="font: 9pt Arial; color: #000000">previously, or a combination thereof;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of </FONT><FONT STYLE="font: 9pt Arial; color: #000000">votes cast;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company has recently practiced or approved problematic pay practices, such as option repricing or option </FONT><FONT STYLE="font: 9pt Arial; color: #000000">backdating; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The situation is egregious.</FONT></DIV>
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                  <DIV STYLE="line-height: 11.7pt; margin-left: 0%; margin-top: 16.2pt; text-align: left"><FONT STYLE="font: bold 9.9pt Arial; color: #4C4C4C; margin-left: 0%">Primary Evaluation Factors for Executive Pay</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.3pt; text-align: left"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 0%">Pay-for-Performance Evaluation</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and </FONT><FONT STYLE="font: 9pt Arial; color: #000000">performance over a sustained period. With respect to companies in the S&amp;P1500, Russell 3000, or Russell 3000E Indices</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">8</FONT><FONT STYLE="font: 9pt Arial; color: #000000">, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">this analysis considers the following:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">1.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 12.62%">Peer Group</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">9</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Alignment:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay </FONT><FONT STYLE="font: 9pt Arial; color: #000000">rank within a peer group, each measured over a three-year period.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The rankings of CEO total pay and company financial performance within a peer group, each measured </FONT><FONT STYLE="font: 9pt Arial; color: #000000">over a three-year period.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 6.88%; text-align: left; width: 1.67%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">2.</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 4.07%; text-align: left; width: 86.42%"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 0%">Absolute Alignment</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">10</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt"> the absolute alignment between the trend in CEO pay and company TSR over the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">prior five fiscal years </FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8211;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt"> i.e., the difference between the trend in annual pay changes and the trend in annualized </FONT><FONT STYLE="font: 9pt Arial; color: #000000">TSR during the period.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">encourage or to undermine long-term value creation and alignment with shareholder interests:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The ratio of performance- to time-based incentive awards;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The overall ratio of performance-based compensation to fixed or discretionary pay;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The rigor of performance goals;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The complexity and risks around pay program design;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The transparency and clarity of disclosure;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's peer group benchmarking practices;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Financial/operational results, both absolute and relative to peers;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., </FONT><FONT STYLE="font: 9pt Arial; color: #000000">bi-annual awards);</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; margin-left: 0%; text-align: left"><FONT STYLE="font: 5.5pt Arial; color: #000000; margin-left: 0%; position: relative; top: -2.75pt">8</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.</FONT><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">9</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for
                        certain </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process
                        designed </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap
                        </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">bucket that is reflective of the company's. For Oil, Gas &amp; Consumable Fuels companies, market cap is the only size determinant.</FONT><FONT STYLE="font: 5.5pt Arial; color: #000000; position: relative; top: -2.75pt">10</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Realizable pay</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">11</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> compared to grant pay; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other factors deemed relevant.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other factors deemed relevant.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 0%">Problematic Pay Practices</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">The focus is on executive compensation practices that contravene the global pay principles, including:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Problematic practices related to non-performance-based compensation elements;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Incentives that may motivate excessive risk-taking or present a windfall risk; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 0%">Problematic Pay Practices related to Non-Performance-Based Compensation Elements</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Pay elements that are not directly based on performance are generally evaluated case-by-case considering the context </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of a company's overall pay program and demonstrated pay-for-performance philosophy. Please refer to ISS' U.S. Compensation
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Policies FAQ document for detail on specific pay practices that have been identified as potentially problematic and may lead
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices.
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">The list below highlights the problematic practices that carry significant weight in this overall consideration and may result
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">in adverse vote recommendations:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Repricing or replacing of underwater stock options/SARS without prior shareholder approval (including cash buyouts </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and voluntary surrender of underwater options);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Extraordinary perquisites or tax gross-ups;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">New or materially amended agreements that provide for:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Excessive termination or CIC severance payments (generally exceeding 3 times base salary and </FONT><FONT STYLE="font: 9pt Arial; color: #000000">average/target/most recent bonus);</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified </FONT><FONT STYLE="font: 9pt Arial; color: #000000">single" triggers) or in connection with a problematic Good Reason definition;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">CIC excise tax gross-up entitlements (including "modified" gross-ups);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Liberal CIC definition combined with any single-trigger CIC benefits;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of pay programs and practices applicable to the EMI's executives is not possible;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other provision or practice deemed to be egregious and present a significant risk to investors.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 9pt Arial; color: #000000; margin-left: 0%">Compensation Committee Communications and Responsiveness</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board&#8217;s </FONT><FONT STYLE="font: 9pt Arial; color: #000000">responsiveness to investor input and engagement on compensation issues:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Failure to respond to majority-supported shareholder proposals on executive pay topics; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less </FONT><FONT STYLE="font: 9pt Arial; color: #000000">than 70 percent of votes cast, taking into account:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of engagement efforts with major institutional investors, including the frequency and timing </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of engagements and the company participants (including whether independent directors participated);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Disclosure of specific and meaningful actions taken to address shareholders&#8217; concerns;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Other recent compensation actions taken by the company;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 9.1pt; margin-left: 1.61%; text-align: left; width: 96.18%"><FONT STYLE="font: 8.1pt Arial; color: #000000">ISS research reports include realizable pay for S&amp;P1500 companies.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the issues raised are recurring or isolated;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's ownership structure; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the support level was less than 50 percent, which would warrant the highest degree of </FONT><FONT STYLE="font: 9pt Arial; color: #000000">responsiveness.</FONT></DIV>
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                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; margin-top: 23.2pt; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">Equity-Based and Other Incentive Plans</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.6pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Please refer to ISS' U.S. Equity Compensation Plans FAQ document for additional details on the Equity Plan Scorecard </FONT><FONT STYLE="font: 9pt Arial; color: #000000">policy.</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote case-by-case on certain equity-based compensation plans</FONT><FONT STYLE="font: 6.5pt Arial; color: #000000; position: relative; top: -2.75pt">12</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> depending on a </FONT><FONT STYLE="font: 9pt Arial; color: #000000">combination of certain plan features and equity grant practices, where positive factors may counterbalance </FONT><FONT STYLE="font: 9pt Arial; color: #000000">negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Plan Cost:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> The total estimated cost of the company&#8217;s equity plans relative to industry/market cap peers, measured </FONT><FONT STYLE="font: 9pt Arial; color: #000000">by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">SVT based on new shares requested plus shares remaining for future grants, plus outstanding </FONT><FONT STYLE="font: 9pt Arial; color: #000000">unvested/unexercised grants; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">SVT based only on new shares requested plus shares remaining for future grants.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Plan Features:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Quality of disclosure around vesting upon a change in control (CIC);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Discretionary vesting authority;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Liberal share recycling on various award types;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Lack of minimum vesting period for grants made under the plan;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Dividends payable prior to award vesting.</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: bold 9pt Arial; color: #000000">Grant Practices:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s three-year burn rate relative to its industry/market cap peers;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Vesting requirements in CEO's recent equity grants (3-year look-back);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The estimated duration of the plan (based on the sum of shares remaining available and the new shares </FONT><FONT STYLE="font: 9pt Arial; color: #000000">requested, divided by the average annual shares granted in the prior three years);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">The proportion of the CEO's most recent equity grants/awards subject to performance conditions;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company maintains a sufficient claw-back policy;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 82.98%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company maintains sufficient post-exercise/vesting share-holding requirements.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Awards may vest in connection with a liberal change-of-control definition;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by </FONT><FONT STYLE="font: 9pt Arial; color: #000000">expressly permitting it</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8212;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">for NYSE and Nasdaq listed companies</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8212;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">or by not prohibiting it when the company has </FONT><FONT STYLE="font: 9pt Arial; color: #000000">a history of repricing</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">&#8212;</FONT><FONT STYLE="font: 9pt Arial; color: #000000; padding-left: 2.5pt">for non-listed companies);</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain </FONT><FONT STYLE="font: 9pt Arial; color: #000000">circumstances;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The plan is excessively dilutive to shareholders' holdings;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The plan contains an evergreen (automatic share replenishment) feature; or</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Any other plan features are determined to have a significant negative impact on shareholder interests.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 9.1pt; margin-left: 1.61%; text-align: left; width: 96.18%"><FONT STYLE="font: 8.1pt Arial; color: #000000">Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees
                              and/or </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive
                              </FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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               <DIV STYLE="float: left; margin-left: 7.34%; margin-top: 108pt; width: 523pt">

                  <DIV STYLE="line-height: 14.4pt; margin-left: 0%; text-align: left"><FONT STYLE="font: 12.6pt Arial; color: #337EFF; margin-left: 0%">SOCIAL AND ENVIRONMENTAL ISSUES</FONT></DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.6pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; color: #337EFF; margin-left: 0%">Global Approach</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.4pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Issues covered under the policy include a wide range of topics, including consumer and product safety, environment </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">enhance or protect shareholder value in either the short or long term.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote case-by-case, examining primarily whether implementation of the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">proposal is likely to enhance or protect shareholder value. The following factors will be considered:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">If the issues presented in the proposal are more appropriately or effectively dealt with through legislation or government
                              </FONT><FONT STYLE="font: 9pt Arial; color: #000000">regulation;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal; </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's approach compared with any industry standard practices for addressing the issue(s) raised by the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">proposal;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether there are significant controversies, fines, penalties, or litigation associated with the company's environmental </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or social practices;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information </FONT><FONT STYLE="font: 9pt Arial; color: #000000">is currently available to shareholders from the company or from other publicly available sources; and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary </FONT><FONT STYLE="font: 9pt Arial; color: #000000">or confidential information that could place the company at a competitive disadvantage.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Climate Change</FONT><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF">/Greenhouse Gas (GHG) Emissions</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for resolutions requesting that a company disclose information on the </FONT><FONT STYLE="font: 9pt Arial; color: #000000">financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on </FONT><FONT STYLE="font: 9pt Arial; color: #000000">how the company identifies, measures, and manages such risks, considering:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company already provides current, publicly-available information on the impact that climate change </FONT><FONT STYLE="font: 9pt Arial; color: #000000">may have on the company as well as associated company policies and procedures to address related risks and/or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">opportunities;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s level of disclosure compared to industry peers; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether there are significant controversies, fines, penalties, or litigation associated with the company&#8217;s climate </FONT><FONT STYLE="font: 9pt Arial; color: #000000">change-related performance.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">products and operations, unless:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company already discloses current, publicly-available information on the impacts that GHG emissions may </FONT><FONT STYLE="font: 9pt Arial; color: #000000">have on the company as well as associated company policies and procedures to address related risks and/or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">opportunities;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's level of disclosure is comparable to that of industry peers; and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.</FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking </FONT><FONT STYLE="font: 9pt Arial; color: #000000">into account:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company provides disclosure of year-over-year GHG emissions performance data;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether company disclosure lags behind industry peers;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">15</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's actual GHG emissions performance;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's current GHG emission policies, oversight mechanisms, and related initiatives; and</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to GHG emissions.</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Board Diversity</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for requests for reports on a company's efforts to diversify the board, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">unless:</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The gender and racial minority representation of the company&#8217;s board is reasonably inclusive in relation to companies </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of similar size and business; and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The board already reports on its nominating procedures and gender and racial minority initiatives on the board </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and within the company.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote case-by-case on proposals asking a company to increase the gender and racial minority representation on its </FONT><FONT STYLE="font: 9pt Arial; color: #000000">board, taking into account:</FONT></DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The degree of existing gender and racial minority diversity on the company&#8217;s board and among its executive officers;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The level of gender and racial minority representation that exists at the company&#8217;s industry peers;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s established process for addressing gender and racial minority board representation;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the proposal includes an overly prescriptive request to amend nominating committee charter language;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The independence of the company&#8217;s nominating committee;</FONT></DIV>
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                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company uses an outside search firm to identify potential director nominees; and</FONT></DIV>
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                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company has had recent controversies, fines, or litigation regarding equal employment practices.</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Gender, Race, or Ethnicity Pay Gap</FONT></DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 11.4pt">

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote case-by-case on requests for reports on a company's pay data by </FONT><FONT STYLE="font: 9pt Arial; color: #000000">gender, race, or ethnicity, or a report on a company&#8217;s policies and goals to reduce any gender, race, or ethnicity </FONT><FONT STYLE="font: 9pt Arial; color: #000000">pay gap, taking into account:</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 5.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's current policies and disclosure related to both its diversity and inclusion policies and practices and </FONT><FONT STYLE="font: 9pt Arial; color: #000000">its compensation philosophy and fair and equitable compensation practices;</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">race, or ethnicity pay gap issues; and</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Whether the company's reporting regarding gender, race, or ethnicity pay gap policies or initiatives is lagging its </FONT><FONT STYLE="font: 9pt Arial; color: #000000">peers.</FONT></DIV>
                     </DIV>

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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Sustainability Reporting</FONT></DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 11.4pt">

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for proposals requesting that a company report on its policies, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, unless:</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 5.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company already discloses similar information through existing reports or policies such as an environment, </FONT><FONT STYLE="font: 9pt Arial; color: #000000">health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or</FONT></DIV>
                     </DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company has formally committed to the implementation of a reporting program based on Global Reporting </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Initiative (GRI) guidelines or a similar standard within a specified time frame.</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Lobbying</FONT></DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 11.4pt">

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Vote case-by-case on proposals requesting information on a company&#8217;s lobbying </FONT><FONT STYLE="font: 9pt Arial; color: #000000">(including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:</FONT></DIV>
                     </DIV>

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                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s current disclosure of relevant lobbying policies, and management and board oversight;</FONT></DIV>
                     </DIV>

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                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company&#8217;s disclosure regarding trade associations or other groups that it supports, or is a member of, that </FONT><FONT STYLE="font: 9pt Arial; color: #000000">engage in lobbying activities; and</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
                     </DIV>

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                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Recent significant controversies, fines, or litigation regarding the company&#8217;s lobbying-related activities.</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV STYLE="line-height: 12.6pt; margin-left: 0%; margin-top: 19.2pt; text-align: left"><FONT STYLE="font: bold 10.8pt Arial; text-decoration: underline; color: #337EFF; margin-left: 0%">Political Contributions</FONT></DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 11.4pt">

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 0%; text-align: left; width: 1.75%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 5.13%; text-align: left; width: 92.16%"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">General Recommendation:</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> Generally vote for proposals requesting greater disclosure of a company's political </FONT><FONT STYLE="font: 9pt Arial; color: #000000">contributions and trade association spending policies and activities, considering:</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 5.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's policies, and management and board oversight related to its direct political contributions and payments </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to trade associations or other groups that may be used for political purposes;</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>
                     </DIV>

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                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">The company's disclosure regarding its support of, and participation in, trade associations or other groups that </FONT><FONT STYLE="font: 9pt Arial; color: #000000">may make political contributions; and</FONT></DIV>
                     </DIV>

                     <DIV STYLE="clear: both"> </DIV>
                  </DIV>

                  <DIV>

                     <DIV STYLE="clear: both; padding-top: 1.2pt">

                        <DIV STYLE="float: left; line-height: 7pt; margin-left: 6.88%; text-align: left; width: 0.88%"><FONT STYLE="font: 5pt Arial; color: #337EFF">&#10148;</FONT></DIV>

                        <DIV STYLE="float: left; line-height: 11pt; margin-left: 1.42%; text-align: left; width: 89.87%"><FONT STYLE="font: 9pt Arial; color: #000000">Recent significant controversies, fines, or litigation related to the company's political contributions or political </FONT><FONT STYLE="font: 9pt Arial; color: #000000">activities.</FONT></DIV>
                     </DIV>

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                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against proposals barring a company from making political contributions. Businesses are affected by legislation </FONT><FONT STYLE="font: 9pt Arial; color: #000000">at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Vote against proposals to publish in newspapers and other media a company's political contributions. Such publications </FONT><FONT STYLE="font: 9pt Arial; color: #000000">could present significant cost to the company without providing commensurate value to shareholders.</FONT></DIV>
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                  <DIV STYLE="line-height: 9pt; text-align: center"><FONT STYLE="font: 8.1pt Arial; color: #000000">B</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">-</FONT><FONT STYLE="font: 8.1pt Arial; color: #000000">17</FONT><FONT STYLE="font: 7.2pt Arial; color: #000000">ISSGOVERNANCE.COM</FONT></DIV>
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                  <DIV STYLE="line-height: 12.6pt; text-align: right"><FONT STYLE="font: 10.8pt Arial; color: #337EFF">U.S. Concise Proxy Voting Guidelines</FONT></DIV>
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               <DIV STYLE="float: left; margin-left: 7.34%; margin-top: 108pt; width: 523pt">

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; text-align: left"><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">We empower investors and companies to build</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">for long-term and sustainable growth by providing</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: bold 9pt Arial; color: #337EFF">high-quality data, analytics, and insight.</FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: bold 9pt Arial; color: #000000">&#8195;</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: 9pt Arial; color: #000000">GET STARTED WITH ISS SOLUTIONS</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: 9pt Arial; color: #000000">Email sales@issgovernance.com or visit issgovernance.com for more information.</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Founded in 1985, the Institutional Shareholder Services group of companies (&#8220;ISS&#8221;) is the world&#8217;s leading provider </FONT><FONT STYLE="font: 9pt Arial; color: #000000">of corporate governance and responsible investment solutions alongside fund intelligence and services, events, and editorial
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">content for institutional investors, globally. ISS&#8217; solutions include objective governance research and recommendations; responsible </FONT><FONT STYLE="font: 9pt Arial; color: #000000">investment data, analytics, and research; end-to-end proxy voting and distribution solutions; turnkey securities class-action
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">claims management (provided by Securities Class Action Services, LLC); reliable global governance data and modeling tools;
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">asset management intelligence, portfolio execution and monitoring, fund services, and media. Clients rely on ISS&#8217; expertise </FONT><FONT STYLE="font: 9pt Arial; color: #000000">to help them make informed investment decisions.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">This document and all of the information contained in it, including without limitation all text, data, graphs, and charts
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">(collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or,
                        in some </FONT><FONT STYLE="font: 9pt Arial; color: #000000">cases third party suppliers.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">The Information has not been submitted to, nor received approval from, the United States Securities and Exchange </FONT><FONT STYLE="font: 9pt Arial; color: #000000">Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer
                        to </FONT><FONT STYLE="font: 9pt Arial; color: #000000">buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy,
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">instruments or trading strategies.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION </FONT><FONT STYLE="font: 9pt Arial; color: #000000">AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES </FONT><FONT STYLE="font: 9pt Arial; color: #000000">OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for </FONT><FONT STYLE="font: 9pt Arial; color: #000000">A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.</FONT><FONT STYLE="font: 9pt Arial; color: #000000"> </FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-left: 0%; margin-top: 5.2pt; text-align: justify"><FONT STYLE="font: 9pt Arial; color: #000000; margin-left: 6.88%">Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any </FONT><FONT STYLE="font: 9pt Arial; color: #000000">liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits),
                        or </FONT><FONT STYLE="font: 9pt Arial; color: #000000">any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability
                        </FONT><FONT STYLE="font: 9pt Arial; color: #000000">that may not by applicable law be excluded or limited.</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT><FONT STYLE="font: 9pt Arial; color: #000000">&#8195;</FONT></DIV>

                  <DIV STYLE="line-height: 10.8pt; margin-top: 11.2pt; text-align: center"><FONT STYLE="font: 9pt Arial; color: #000000">&#169; 2019 | Institutional Shareholder Services and/or its affiliates</FONT></DIV>
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