Fundamental Equity Opinion Key: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating.

VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are:

A – Low

B – Medium

C – High

INVESTMENT RATINGS reflect the analyst’s assessment of a stock’s: absolute total return potential and attractiveness for investment relative to other stocks’ within its Coverage Cluster (defined below). There are three investment ratings:

1 – Buy (stocks are expected to have a total return of at least 10% and are the most attractive stocks in a Coverage Cluster)

2 – Neutral (stocks are expected to remain flat or increase in value and are less attractive than Buy rated stocks)

3 – Underperform (stocks are the least attractive stocks in a Coverage Cluster).

Analysts assign investment ratings considering, among other things, the 0 to 12 month total return expectation for a stock and the BofAML Research guidelines for ratings dispersions (shown in the table below). The current price objective for a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price appreciation (depreciation).

INCOME RATINGS, indicators of potential cash dividends, are:

7 – Same/higher (dividend considered to be secure)

8 – Same/lower (dividend not considered to be secure)

9 – Pays no cash dividend

Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofAML Comment referencing the stock.

Closed-end Fund Investment Opinion Key: The Opinion key includes an identifier and an investment rating. The identifier, "F," denotes a closed-end fund and the number is a fund's investment rating, which is based on our 12 month expectation of stability of the Fund's distributions (including net investment income, short and long term capital gains and return of capital) and stock price from the date of the initial rating,

1 – Buy (indicating that distributions are expected to be the same or increase and that the stock price is expected to be stable or increase),

2 – Neutral (indicating that distributions are expected to remain the same or decrease and that the stock price is expected to be stable), and

3 – Underperform (indicating that distributions are expected to decrease and that the stock price is expected to decline).