<SEC-DOCUMENT>0000891804-18-000105.txt : 20180326
<SEC-HEADER>0000891804-18-000105.hdr.sgml : 20180326
<ACCEPTANCE-DATETIME>20180326164011
ACCESSION NUMBER:		0000891804-18-000105
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180426
FILED AS OF DATE:		20180326
DATE AS OF CHANGE:		20180326
EFFECTIVENESS DATE:		20180326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001305197
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21652
		FILM NUMBER:		18713166

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fiduciary/Claymore MLP Opportunity Fund
		DATE OF NAME CHANGE:	20041005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Taxable Municipal Managed Duration Trust
		CENTRAL INDEX KEY:			0001495825
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22437
		FILM NUMBER:		18713168

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Build America Bonds Managed Duration Trust
		DATE OF NAME CHANGE:	20100702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Credit Allocation Fund
		CENTRAL INDEX KEY:			0001551949
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22715
		FILM NUMBER:		18713167

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Dynamic Opportunities Fund
		DATE OF NAME CHANGE:	20120614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Dynamic Income Fund
		DATE OF NAME CHANGE:	20120608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001380936
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		18713170

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20090630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore/Guggenheim Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20070605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20061113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Enhanced Equity Income Fund (f/k/a Old Mutual/Claymore Long-Short Fund)
		CENTRAL INDEX KEY:			0001310709
		IRS NUMBER:				436922646
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21681
		FILM NUMBER:		18713169

	BUSINESS ADDRESS:	
		STREET 1:		C/O GUGGENHEIM FUNDS
		STREET 2:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			6606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		C/O GUGGENHEIM FUNDS
		STREET 2:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			6606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Fund (f.k.a. Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Premium Fund (f.k.a. Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Old Mutual/Claymore Long-Short Premium Fund (f.k.a-Analytic Covered Call Plus Fund)
		DATE OF NAME CHANGE:	20050406
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>gug73626-def14a.htm
<DESCRIPTION>CEF PROXY
<TEXT>
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<p style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;&#160;&#160;&#160;&#160;</font><b style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND (NYSE: FMO) <br>
GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUST (NYSE: GBAB) <br>
GUGGENHEIM CREDIT ALLOCATION FUND (NYSE: GGM) <br>
GUGGENHEIM ENHANCED EQUITY INCOME FUND (NYSE: GPM) <br>
 GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)</b></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><b>227 West Monroe Street, 7th Floor</b><br>
<b>Chicago, Illinois 60606</b></p>

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<font style="FONT-WEIGHT: bold">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<br>
 To be held on April 26, 2018 </font>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Notice is hereby given to the holders of common shares of beneficial interest, par value $0.01 per share (&#8220;Shares&#8221;), of each of Fiduciary/Claymore MLP Opportunity Fund (&#8220;FMO&#8221;), Guggenheim Taxable Municipal Managed Duration Trust (&#8220;GBAB&#8221;), Guggenheim Credit Allocation Fund (&#8220;GGM&#8221;), Guggenheim Enhanced Equity Income Fund (&#8220;GPM&#8221;), and Guggenheim Strategic Opportunities Fund (&#8220;GOF&#8221;) (FMO, GBAB, GGM, GPM, and GOF are each referred to herein as a &#8220;Fund&#8221; and collectively as the &#8220;Funds&#8221;) that the joint annual meeting of shareholders of the Funds (the &#8220;Annual Meeting&#8221;) will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, Chicago, Illinois 60606, on Thursday, April 26, 2018, at 11:00 a.m. (Central time). The Annual Meeting is being held for the following purposes:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 10pt">1. To elect Trustees in the following manner:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -30pt">(a) <i>With respect to each of FMO, GBAB, GGM, and GPM:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(i) To elect, as Class II Trustees, the Trustee nominees named in the accompanying proxy statement (Dr. Jerry B. Farley, Mr. Roman Friedrich III, Mr. Ronald A. Nyberg,) to serve until each Fund&#8217;s 2021 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">(b) <i>With respect to GOF only:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(i) To elect, as Class I Trustees, the Trustee nominees named in the accompanying proxy statement (Mr. Randall C. Barnes, Mr. Donald A. Chubb, Jr., Mr. Roman Friedrich III and Ms. Amy J. Lee) to serve until</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">the Fund&#8217;s 2020 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; WIDTH: 2%" valign="top" nowrap="nowrap">
<div style="MARGIN-LEFT: 10pt">2. </div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 98%; TEXT-INDENT: 10pt">To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof. </td>
</tr>
</table>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE BOARD OF TRUSTEES (THE &#8220;BOARD&#8221;) OF EACH FUND, UNANIMOUSLY RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; THE NOMINEES OF THE BOARD OF YOUR FUND LISTED IN THE ACCOMPANYING PROXY STATEMENT.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Board of each Fund has fixed the close of business on March 21, 2018, as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting and any adjournments, postponements or delays thereof.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;It is important that your Shares be represented at the Annual Meeting in person or by proxy. Whether or not you plan to attend the Annual Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet pursuant to the instructions on the enclosed proxy card so you will be represented at the Annual Meeting. If you attend the Annual Meeting and wish to vote in person, you will be able to do so and your vote at the Annual Meeting will revoke any proxy you may have submitted. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 100pt">By order of the<br>
 Board of each Fund:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 100pt"><img src="bindersignature.jpg"></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 100pt">Brian E. Binder<br>
 Chief Executive Officer and President of each Fund</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Chicago, Illinois<br>
 March 26, 2018</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><!--$$/page=--><u style="FONT-WEIGHT: bold">YOUR VOTE IS IMPORTANT</u></p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE POSTAGE-PAID ENVELOPE PROVIDED OR VOTE VIA TELEPHONE OR THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. IN ORDER TO SAVE THE FUNDS ANY ADDITIONAL EXPENSE OF FURTHER SOLICITATION, PLEASE MAIL YOUR PROXY CARD OR VOTE VIA TELEPHONE OR THE INTERNET PROMPTLY.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">IF YOU WISH TO ATTEND THE ANNUAL MEETING AND VOTE IN PERSON, YOU WILL BE ABLE TO DO SO. IF YOU INTEND TO ATTEND THE ANNUAL MEETING IN PERSON AND YOU ARE A RECORD HOLDER OF A FUND&#8217;S SHARES, IN ORDER TO GAIN ADMISSION YOU MUST SHOW PHOTOGRAPHIC IDENTIFICATION, SUCH AS YOUR DRIVER&#8217;S LICENSE. IF YOU INTEND TO ATTEND THE ANNUAL MEETING IN PERSON AND YOU HOLD YOUR SHARES THROUGH A BANK, BROKER OR OTHER CUSTODIAN, IN ORDER TO GAIN ADMISSION YOU MUST SHOW PHOTOGRAPHIC IDENTIFICATION, SUCH AS YOUR DRIVER&#8217;S LICENSE, AND SATISFACTORY PROOF OF OWNERSHIP OF SHARES OF A FUND, SUCH AS YOUR VOTING INSTRUCTION FORM (OR A COPY THEREOF) OR BROKER&#8217;S STATEMENT INDICATING OWNERSHIP AS OF A RECENT DATE. IF YOU HOLD YOUR SHARES IN A BROKERAGE ACCOUNT OR THROUGH A BANK OR OTHER NOMINEE, YOU WILL NOT BE ABLE TO VOTE IN PERSON AT THE ANNUAL MEETING UNLESS YOU HAVE PREVIOUSLY REQUESTED AND OBTAINED A &#8220;LEGAL PROXY&#8221; FROM YOUR BROKER, BANK OR OTHER NOMINEE AND PRESENT IT AT THE ANNUAL MEETING.</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;<b>FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND (NYSE: FMO) <br>
GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUST (NYSE: GBAB) <br>
GUGGENHEIM CREDIT ALLOCATION FUND (NYSE: GGM) <br>
GUGGENHEIM ENHANCED EQUITY INCOME FUND (NYSE: GPM) <br>
 GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)</b></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center"></p>

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<font style="FONT-WEIGHT: bold">PROXY STATEMENT </font>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS<br>
 TO BE HELD ON APRIL 26, 2018</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;This proxy statement (&#8220;Proxy Statement&#8221;) is furnished to the holders of common shares of beneficial interest, par value $0.01 per share (&#8220;Shares&#8221;), of Fiduciary/Claymore MLP Opportunity Fund (&#8220;FMO&#8221;), Guggenheim Taxable Municipal Managed Duration Trust (&#8220;GBAB&#8221;), Guggenheim Credit Allocation Fund (&#8220;GGM&#8221;), Guggenheim Enhanced Equity Income Fund (&#8220;GPM&#8221;), and Guggenheim Strategic Opportunities Fund (&#8220;GOF&#8221;) (FMO, GBAB, GGM, GPM, and GOF are each referred to herein as a &#8220;Fund&#8221; and collectively as the &#8220;Funds&#8221;) in connection with the solicitation by the Board of Trustees (the &#8220;Board&#8221;) of each Fund of proxies to be voted at the joint annual meeting of shareholders of the Funds to be held on Thursday, April 26, 2018, and any adjournments, postponements or delays thereof (the &#8220;Annual Meeting&#8221;). The Annual Meeting will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, Chicago, Illinois 60606 on Thursday, April 26, 2018, at 11:00 a.m. (Central time).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;This Proxy Statement will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Annual Meeting of Shareholders (&#8220;Notice of Joint Annual Meeting&#8221;). Much of the information in this Proxy Statement is required under rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). If there is anything you don&#8217;t understand, please contact us at our toll-free number, (800) 345-7999.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<b>Each Fund will furnish to any shareholder, without charge, a copy of such Fund&#8217;s most recent annual report and/or semi-annual report to shareholders upon request. Requests should be directed to Guggenheim Funds Distributors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, (800) 345-7999.</b></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">1</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Notice of Annual Meeting, this Proxy Statement and the enclosed proxy card(s) are first being sent to the Funds&#8217; shareholders on or about March 26, 2018.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; Why is a shareholder meeting being held?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">The Shares of each Fund are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) and the rules of the NYSE require each Fund to hold an annual meeting of shareholders to elect Trustees each fiscal year.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; What Proposal will be voted on?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">To elect Trustees in the following manner:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(a) <i>With respect to each of FMO, GBAB, GGM, and GPM:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">(i) To elect, as Class II Trustees, the Trustee nominees named in this proxy statement (Dr. Jerry B. Farley, Mr. Roman Friedrich III, Mr. Ronald A. Nyberg) to serve until each Fund&#8217;s 2021 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(b) <i>With respect to GOF only:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">(i) To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall C. Barnes, Mr. Donald A. Chubb, Jr., Mr. Roman Friedrich III and Ms. Amy J. Lee) to serve until the Fund&#8217;s 2020 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; Will my vote make a difference?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt"><b>Yes! </b>Your vote is important and could make a difference in the governance of the Fund(s), no matter how many Shares you own.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; Who is asking for my vote?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">The enclosed proxy card is solicited by the Board of each Fund for use at the Annual Meeting to be held on Thursday, April 26, 2018, and any adjournments, postponements or delays thereof, for the purposes stated in the Notice of Joint Annual Meeting.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; How does the Board recommend that shareholders vote on the Proposal?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">The Board unanimously recommends that you vote &#8220;FOR&#8221; the nominees of the Board of your Fund.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">The Board has reviewed the qualifications and backgrounds of the Board&#8217;s nominees and believes that they are experienced in overseeing investment companies and are familiar with the Funds, their investment strategies and operations and the investment adviser</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">and investment sub-advisers of the Funds. The Board has approved the nominees named in this Proxy Statement and believes their election is in your best interests as shareholders.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; Who is eligible to vote?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">Shareholders of record of each Fund at the close of business on March&#160;21, 2018 (the &#8220;Record Date&#8221;), are entitled to be present and to vote at the Annual Meeting or any adjournments, postponements or delays thereof. Each Share is entitled to one vote on the Proposal and a fractional vote with respect to fractional Shares, with no cumulative voting. Shares represented by duly executed proxies will be voted in accordance with your instructions.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; How do I vote my Shares?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">Whether or not you plan to attend the Annual Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet so your Shares will be represented at the Annual Meeting. Instructions regarding how to vote via telephone or the Internet are included on the enclosed proxy card. The required control number for Internet and telephone voting is printed on the enclosed proxy card. The control number is used to match proxy cards with shareholders&#8217; respective accounts and to ensure that, if multiple proxy cards are executed, Shares are voted in accordance with the proxy card bearing the latest date.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">If you wish to attend the Annual Meeting and vote in person, you will be able to do so. If you intend to attend the Annual Meeting in person and you are a record holder of a Fund&#8217;s Shares, in order to gain admission you must show photographic identification, such as your driver&#8217;s license. If you intend to attend the Annual Meeting in person and you hold your Shares through a bank, broker or other custodian, in order to gain admission you must show photographic identification, such as your driver&#8217;s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting instruction form (or a copy thereof) or broker&#8217;s statement indicating ownership as of a recent date. If you hold your Shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the Annual Meeting unless you have previously requested and obtained a &#8220;legal proxy&#8221; from your broker, bank or other nominee and present it at the Annual Meeting. You may contact the Funds at (800) 345-7999 to obtain directions to the site of the Annual Meeting.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">All Shares represented by properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided therein. <b>If you sign the proxy card, but don&#8217;t fill in a</b></p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt"><b>vote, your Shares will be voted in accordance with the Board&#8217;s recommendation. </b>If any other business is brought before the Annual Meeting, your Shares will be voted at the proxies&#8217; discretion.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">Shareholders who execute proxy cards or record their voting instructions via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Funds a written notice of revocation, by delivering (including via telephone or the Internet) a duly executed proxy bearing a later date or by attending the Annual Meeting and voting in person. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">Broker-dealer firms holding Shares of a Fund in &#8220;street name&#8221; for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their Shares on the Proposal before the Annual Meeting. The Funds understand that, under the rules of the NYSE, such broker-dealer firms may for certain &#8220;routine&#8221; matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm&#8217;s request for voting instructions. Each Proposal is a &#8220;routine&#8221; matter and beneficial owners who do not provide proxy instructions or who do not return a proxy card may have their Shares voted by broker-dealer firms in favor of the Proposal. A properly executed proxy card or other authorization by a beneficial owner of Shares that does not specify how the beneficial owner&#8217;s Shares should be voted on the Proposal may be deemed an instruction to vote such Shares in favor of the Proposal. Broker-dealers who are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your Shares without instruction. We urge you to provide instructions to your bank, broker or other nominee so that your votes may be counted.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; What vote is required to elect a Trustee nominee?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">With respect to each Fund, the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; Why does this Proxy Statement list multiple closed-end funds?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">The Funds have similar proposals and it is cost-efficient to have a joint Proxy Statement and joint Annual Meeting. The Annual Meeting is scheduled as a joint meeting of the Funds and certain affiliated funds, whose votes on similar proposals applicable to such funds are being solicited separately, because the shareholders of the</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">funds are expected to consider and vote on similar matters. In the event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and moves for the adjournment of his or her Fund&#8217;s meeting to a time immediately after the Annual Meeting so that each Fund&#8217;s meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Shareholders of each Fund will vote separately on the respective proposal relating to their Fund. In any event, an unfavorable vote on any Proposal by the shareholders of one Fund will not affect the implementation of such Proposal by another Fund if the Proposal is approved by the shareholders of that Fund.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; TEXT-INDENT: 10pt">&#8226; How many shares of each Fund were outstanding as of the record date?</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt">At the close of business on March 21, 2018, the Funds had the following Shares outstanding:</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%" align="center">Fund&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 50%" align="center"><i>Number of Shares Outstanding</i>&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">FMO&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="right">35,440,768&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">GBAB&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="right">17,416,307&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">GGM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="right">7,368,362&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">GPM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="right">48,058,193&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">GOF&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="right">25,669,133&#160;</td>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

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<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">THE PROPOSAL: ELECTION OF TRUSTEES </font>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Introduction</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The rules of the NYSE require each Fund to hold an annual meeting of shareholders to elect Trustees each fiscal year. Shareholders of the Funds are being asked to elect to Trustees in the following manner:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 20pt">(a) <i>With respect to each of FMO, GBAB, GGM, and GPM:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(i) To elect, as Class II Trustees, the Trustee nominees named in this proxy statement (Dr. Jerry B. Farley, Mr. Roman Friedrich III, Mr. Ronald A. Nyberg) to serve until each Fund&#8217;s 2021 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 20pt">(b) <i>With respect to GOF only:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">(i) To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall C. Barnes, Mr. Donald A. Chubb, Jr., Mr. Roman Friedrich III and Ms. Amy J. Lee) to serve until the Fund&#8217;s 2020 annual meeting of shareholders or until their respective successors shall have been elected and qualified.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><b>Composition of the Board of Trustees</b><br>
<br>
<i>FMO, GBAB, GGM, and GPM:</i></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Trustees of FMO, GBAB, GGM, and GPM are classified into three classes of Trustees, as follows:</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%" align="center">Class I Trustee*&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 34%" align="center">Class II Trustees**&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%" align="center">Class III Trustees***&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #cceeff" align="center">Randall C. Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 34%; BACKGROUND-COLOR: #cceeff" align="center">Jerry B. Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #cceeff" align="center">Robert B. Karn III<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #ffffff" align="center">Donald A. Chubb, Jr.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 34%; BACKGROUND-COLOR: #ffffff" align="center">Roman Friedrich III&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #ffffff" align="center">Maynard F. Oliverius&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #cceeff" align="center">Amy J. Lee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 34%; BACKGROUND-COLOR: #cceeff" align="center">Ronald A. Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 33%; BACKGROUND-COLOR: #cceeff" align="center">Ronald E. Toupin, Jr.&#160;</td>
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<table id="z2722e72fda474472b0a06a9cf66fc12e" cellspacing="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Mr. Karn will retire from the Board of Trustees effective as of the Annual Meeting in accordance with the Independent Trustees Retirement Policy of the Funds. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">*&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Class I Trustees are expected to next stand for election in 2020. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">**&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Class II Trustees are standing for election at the Annual Meeting, and are expected to next stand for election in 2021. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">***&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Class III Trustees are expected to next stand for election in 2019. </td>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">6</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">GOF:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 10pt">The Trustees of GOF are classified into two classes of Trustees, as follows:</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%" align="center">Class I Trustee*&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%" align="center">Class II Trustees**&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">Randall C. Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">Jerry B. Farley&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">Donald A. Chubb, Jr.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">Robert B. Karn III<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">Roman Friedrich III&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">Ronald A. Nyberg&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">Amy J. Lee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="center">Maynard F. Oliverius&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="center">Ronald E. Toupin, Jr.&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)&#160; &#160; &#160; </sup></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Mr. Karn will retire from the Board of Trustees effective as of the Annual Meeting in accordance with the Independent Trustees Retirement Policy of the Funds. </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">*&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Class I Trustees are standing for election at the Annual Meeting, and are expected to next stand for election in 2021. </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">**&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Class II Trustees are expected to next stand for election in 2020. </td>
</tr>
</table>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Election of Trustees</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Each Trustee nominee, if elected at the Annual Meeting, will hold office for a term in accordance with his respective Class or until his respective successor shall have been elected and qualified or until he resigns or is otherwise removed. The other Trustees of the Funds will continue to serve under their current terms and will stand for re-election at subsequent annual meetings of shareholders as indicated above.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Unless authority is withheld or other instructions are provided, it is the intention of the persons named in the proxy card to vote <b>&#8220;FOR&#8221; </b>the Trustee nominees named above. Each Trustee nominee has consented to serve as a Trustee of each Fund if elected at the Annual Meeting. If a designated Trustee nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute Trustee nominee or nominees.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustees</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Certain information concerning the Trustees and the officers of each of the Funds is set forth in the table below. Independent Trustees are those who are not interested persons of (i) the Funds, (ii) Guggenheim Funds Investment Advisors, LLC (&#8220;Guggenheim Funds&#8221; or the &#8220;Adviser&#8221;), each Fund&#8217;s investment adviser, (iii) Advisory Research, Inc., investment sub-adviser to FMO or (iv) Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;), investment sub-adviser to GBAB, GGM, GPM, and GOF, and who satisfy the requirements contained in the definition of &#8220;independent&#8221; as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the &#8220;Independent Trustees&#8221;).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds or its affiliates. The Fund Complex is composed of 11 closed-end funds (including the Funds), 67 exchange-traded funds and 152 open-end funds advised or serviced by the Adviser or its affiliates.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">7</p>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Other</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Term of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="right"><b>Directorships</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Office</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Number of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>held by</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>and</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Portfolios in</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
</tr>

<tr style="HEIGHT: 17px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Name,</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="right"><b>Position(s)</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><strong>Length</strong></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Fund Complex</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>During</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Address</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Held with</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>of Time</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>Principal Occupation</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Overseen by</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>the Past</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0.001pt" align="left"><b>and Age</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Funds</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Served</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>During The Past Five Years</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Five Years</b>&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="zd15be24bec9f4d529b35cc190e771200" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="2" align="left">INDEPENDENT TRUSTEES:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Randall C. Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: Private Investor (2001-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">95&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Current: Purpose&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of birth: 1951&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Former: Senior Vice President &amp;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Funds.&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Treasurer, PepsiCo, Inc. (1993-1997),&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2014-present).&#160;</td>
</tr>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">President, Pizza Hut International</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">(1991-1993) and Senior Vice President,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Strategic Planning and New Business&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="2" align="left">Development, PepsiCo, Inc. (1987-1990).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Donald A.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: Retired&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">92&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Former: Midland&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Chubb, Jr.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Care, Inc.&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of Birth: 1946&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Former: Business broker and manager of&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2011-2016).&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">commercial real estate, Griffith &amp; Blair,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Inc. (1997-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Jerry B. Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: President, Washburn University&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">92&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Current: Westar&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of Birth: 1946&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">(1997-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Energy, Inc.&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2004-present);&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">CoreFirst Bank &amp;&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Trust (2000-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Roman&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: Founder and President of&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">92&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Current: Zincore&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Friedrich III&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Roman Friedrich &amp; Company&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Metals, Inc.&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of Birth: 1946&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">(1998-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2009-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Former: Senior Managing Director of&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Former: Axiom&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">MLV &amp; Co., LLC (2010-2011).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Gold and Silver&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Corp. (2011-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">2012).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Robert B. Karn III*&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: Consultant (1998-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">92&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Current: Peabody&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of birth: 1942&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Energy Company&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2003-April&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="2" align="left">Former: Arthur Andersen, LLP (1965-1997)&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">2017); GP&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">and Managing Partner, Financial and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Natural&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Economic Consulting, St. Louis office&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Resource&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">(1987-1997).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Partners, LLC&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">(2002-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">December 2017).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Ronald A. Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="center">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Current: Partner, Momkus McCluskey&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">97&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Current:&#160;PPM&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">Year of birth: 1953&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Roberts LLC (2016-present).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Funds (February</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">2018-present);</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Former: Partner, Nyberg &amp; Cassioppi,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Edward-Elmhurst</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="2" align="left">LLC (2000-2016); Executive Vice President,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">Healthcare</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left" colspan="2" align="left">General Counsel and Corporate Secretary of&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="left">System (2012-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 38%" align="left">Van Kampen Investments (1982-1999).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">present).&#160;</td>
</tr>
</table>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; MARGIN: 0px">8</p>

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<div>&#160;</div>

<div>
<table id="za45b3b82039d4c8292827ab3741997b4" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Other</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Term of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="right"><b>Directorships</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Office</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Number of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>held by</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>and</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Portfolios in</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
</tr>

<tr style="HEIGHT: 17px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Name,</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="right"><b>Position(s)</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><strong>Length</strong></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Fund Complex</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>During</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Address</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Held with</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>of Time</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>Principal Occupation</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Overseen by</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>the Past</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0.001pt" align="left"><b>and Age</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Funds</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Served</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>During The Past Five Years</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Five Years</b>&#160;</td>
</tr>
</table>
</div>

<table id="z5725f195c85e4dfea37277900be2bed9" style="WIDTH: 100%" cellspacing="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0pt" colspan="3" align="left"><i>INDEPENDENT TRUSTEES: (continued)</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" colspan="6">&#160;</td>
</tr>

<tr style="HEIGHT: 14px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Maynard F.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Current: Retired.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">92&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Current: Robert J.&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Oliverius&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Dole Institute of&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Year of Birth: 1943&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Former: President and Chief Executive&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Politics (2016-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Officer, Stormont-Vail HealthCare&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">present);&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">(1996- 2012).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Stormont-Vail&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Foundation&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">(2013-present);&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">University of&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Minnesota MHA&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Alumni&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Philanthropy&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Committee&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">(2009-present)&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Fort Hays State&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">University&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Foundation&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">(1999-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Former: Topeka&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Community&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Foundation&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">(2009-2014).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Ronald E.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Current: Portfolio Consultant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">94&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Former: Bennett&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Toupin, Jr.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">(2010-present).&#160;Member Governing</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">Group of Funds&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Year of birth: 1958&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">
<div style="margin-bottom: 0px; text-align: left; font-size: 10pt; font-family: 'Times New Roman';">Council (2003-present) and Executive</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">(2011-2013).&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Committee (2016-present), Independent</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Directors Council.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Former: Vice President, Manager and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Portfolio Manager of Nuveen Asset&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Management (1998-1999), Vice President&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">of Nuveen Investment Advisory Corp.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr style="HEIGHT: 20px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">(1992-1999), Vice President and Manager&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">of Nuveen Unit Investment Trusts</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">(1991-1999) and Assistant Vice President&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">and Portfolio Manager of Nuveen Unit&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">Investment Trusts (1988-1999), each of&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">John Nuveen &amp; Co., Inc. (1982-1999).&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">9</p>

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<table id="zcc33426d7ab34960bb8eb93cd85c5387" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%"></td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Other</b>&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Term of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="right"><b>Directorships</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Office</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Number of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>held by</b>&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>and</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Portfolios in</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
</tr>

<tr style="HEIGHT: 17px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Name,</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="right"><b>Position(s)</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><strong>Length</strong></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Fund Complex</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>During</b>&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0pt" align="left"><b>Address</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Held with</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>of Time</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>Principal Occupation</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Overseen by</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>the Past</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 16%; TEXT-INDENT: 0.001pt" align="left"><b>and Age</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 10%" align="center"><b>Funds</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 8%" align="right"><b>Served</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 38%" align="center"><b>During The Past Five Years</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Trustee</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 14%" align="center"><b>Five Years</b>&#160;</td>
</tr>
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<div>&#160;</div>

<table id="za1582876a0074c41846117a40f669371" style="WIDTH: 100%" cellspacing="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" colspan="6">&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.001pt" colspan="2" align="left"><i>INTERESTED TRUSTEE:</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 38%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Amy J.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">Interested&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 8%" align="right">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Current: Chief Legal Officer, certain other</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="center">225</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 14%" align="right">Current: None&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Lee**&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">funds in the Fund Complex (2014-present);</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">Year of birth: 1961&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Vice President, certain other funds in the</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Fund Complex (2007-present); Senior</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 16%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 8%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 38%" align="left">
<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Managing Director, Guggenheim</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160; </font>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Investments (2012-present).<br>
<br>
 </font>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Former: Vice President, Associate General</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160; </font></font>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Counsel and Assistant Secretary, Security</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160; </font></font>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Benefit Life Insurance Company and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160; </font></font>

<div style="margin-bottom: 8pt; text-align: left; font-size: 10pt; font-family: 'Times New Roman';"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Security Benefit Corporation (2004-2012).</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</div>
</div>
</div>
</div>
</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14%" align="left">&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: auto; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 10%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
<br>
<br>
<table id="z1cfad09ed1ae4f3488609d3bff59f657" cellspacing="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>&#160; &#160; &#160;<font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The business address of each Trustee is Guggenheim Investments, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">*&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Mr. Karn will retire from the Board of Trustees effective as of the Annual Meeting in accordance with the Independent Trustees Retirement Policy of the Funds. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">**&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Ms. Lee is deemed to be an &#8220;interested person&#8221; of the Funds under the 1940 Act by reason of her position with the Adviser and/or affiliates of the Adviser. </td>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">&#8224;&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">Each Trustee is generally expected to serve a term as set forth herein under &#8220;Composition of the Board of Trustees.&#8221; Each Trustee has served as a Trustee of each respective Fund since the year shown below: </td>
</tr>
</table>

<div style="TEXT-ALIGN: left">
<table id="z3713c9d8939849e3a4a30a890a8ab531" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10%"><b>FMO</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10%"><b>GBAB</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10%"><b>GGM</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10%"><b>GPM</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 10%"><b>GOF</b>&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" colspan="6">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50%" align="left"><i>Independent Trustees</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2004&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2013&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2005&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2007&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="left">Chubb&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2014&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="left">Friedrich&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2011&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2013&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2011&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2010&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">Karn&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2004&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2013&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2011&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2010&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="left">Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2004&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2013&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2005&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2007&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">Oliverius&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="right">2014&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="left">Toupin&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2004&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2013&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2005&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2007&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; WIDTH: 50%; BACKGROUND-COLOR: #cceeff" align="left">Interested Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%; BACKGROUND-COLOR: #ffffff" align="left">Lee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2018&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2018&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2018&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right">2018&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 10%; BACKGROUND-COLOR: #ffffff" align="right"><font style="FONT-SIZE: 10pt">2018</font>&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; MARGIN: 0px">Trustee Qualifications</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Trustees were selected to serve on the Board based upon their skills, experience, judgment, analytical ability, diligence, ability to work effectively with other Trustees, availability and commitment to attend meetings and perform the responsibilities of a Trustee and a willingness to take an independent and questioning view of management.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of the date hereof, that each Trustee should serve as a Trustee in light of the Funds&#8217; business and structure. References to the qualifications, attributes and skills of Trustees do not constitute the holding out of any Trustee as being an expert under Section 7 of the Securities Act of 1933.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">10</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Randall C. Barnes. </i>Mr. Barnes has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee of the Funds, employment experience as President of Pizza Hut International and as Treasurer of PepsiCo, Inc. and his personal investment experience. Mr. Barnes is experienced in financial, accounting, regulatory and investment matters.</p>
</div>

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<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Donald A. Chubb, Jr. </i>Mr. Chubb has served as a trustee of certain funds in the Fund Complex since 1994. Through his service as a Trustee of the Funds and as chairperson of the Valuation Oversight Committee, his experience in the commercial brokerage and commercial real estate market, and his prior experience, including as a director of Fidelity State Bank and Trust Company (Topeka, KS), Mr. Chubb is experienced in financial, regulatory and investment matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Dr. Jerry B. Farley. </i>Dr. Farley has served as a trustee of certain funds in the Fund Complex since 2005. Dr. Farley currently serves as President of Washburn University and previously served in various executive positions for the University of Oklahoma and Oklahoma State University. He has also been a Certified Public Accountant since 1972 and, although he has not practiced public accounting, his business responsibilities at education institutions have included all aspects of financial management and reporting. Through his service as a Trustee of the Funds and his experience in the administration of the academic, business and fiscal operations of educational institutions, including currently serving as President of Washburn University, and service on other boards, Dr. Farley is experienced in accounting, financial, regulatory and investment matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Roman Friedrich III. </i>Mr. Friedrich has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as chairperson of the Contracts Review Committee, his service on other public company boards, his experience as Founder and Managing Partner of Roman Friedrich &amp; Company, a financial advisory firm, and his prior experience as a senior executive of various financial securities firms, Mr. Friedrich is experienced in financial, investment and regulatory matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Robert B. Karn III. </i>Mr. Karn has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee of the Funds and as chairperson of the Audit Committee, his service on other public and private company boards, his experience as an accountant and consultant, and his prior experience, including Managing Partner of the Financial and Economic Consulting Practice of the St. Louis office of Arthur Andersen, LLP, Mr. Karn is experienced in accounting, financial, investment and regulatory matters. Mr. Karn will retire from the Board of Trustees effective as of the Annual Meeting in accordance with the Independent Trustees Retirement Policy of the Funds.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Amy J. Lee. </i>Ms. Lee has served as a trustee of certain funds in the Fund Complex since February 2018. Through her service as a Trustee of the Funds, her service as Chief Legal Officer of the Fund Complex, her service as Senior Managing Director of Guggenheim Investments, as well as her experience as Associate General Counsel, Vice President and Assistant Secretary of Security Benefit Corporation, Ms. Lee is experienced in financial, legal, regulatory and governance matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Ronald A. Nyberg. </i>Mr. Nyberg has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as chairperson of the Nominating &amp; Governance Committee, his professional training and experience as an attorney and partner of a law firm, Momkus McCluskey Roberts LLC, and his prior employment experience, including Executive Vice President and General Counsel of Van Kampen Investments, an asset management firm, Mr. Nyberg is experienced in financial, regulatory and governance matters.</p>
</div>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Maynard F. Oliverius. </i>Mr. Oliverius has served as a trustee of certain funds in the Fund Complex since 1998. Through his service as a Trustee of the Funds and his prior experience as President and Chief Executive Officer of Stormont-Vail HealthCare and service on the Board of Trustees of the American Hospital Association, Mr. Oliverius is experienced in financial and regulatory matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Ronald E. Toupin, Jr. </i>Mr. Toupin has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as chairperson of the Board, and his professional training and prior employment experience, including Vice President and Portfolio Manager for Nuveen Asset Management, an asset management firm, Mr. Toupin is experienced in financial, regulatory and investment matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Each Trustee has considerable familiarity with fund management and the special regulatory requirements governing regulated investment companies and the special responsibilities of investment company trustees as a result of his substantial prior service as a Trustee of the Funds and/or other funds in the Fund Complex.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Executive Officers</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The following information relates to the executive officers of the Funds who are not Trustees. Fund officers receive no compensation from the Funds but may also be officers or employees of the Adviser, a Sub-Adviser or affiliates of the Adviser or a Sub-Adviser and may receive compensation in such capacities.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"></p>

<table id="z2b36ffddeffe4dbeacf6b584fbd7df15" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Term of</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%"></td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Office and</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Name,</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Length</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Address</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">(1)</sup>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">of Time</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Principal Occupation</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">and Age</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Title</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Served</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">(2)</sup>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">During the Past Five Years</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Brian E. Binder</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">President</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Since</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Current: President and Chief Executive Officer,</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Year of birth: 1972</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">and</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">February</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">certain other funds in the Fund Complex</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Chief</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">2018</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(February 2018-present); President and Chief</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Executive</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Executive Officer, Guggenheim Funds Investment</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Officer</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Advisors, LLC and Security Investors, LLC</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(January 2018-present); Senior Managing</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Director and Chief Administrative Officer,</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Guggenheim Investments (January 2018-present).</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Former: Managing Director and President,</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Deutsche Funds, and Head of US Product,</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Trading and Fund Administration, Deutsche Asset</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Management (2013-January 2018); Managing</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Director, Head of Business Management and</font>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Consulting, Invesco Ltd. (2010-2012).</font>&#160;</div>
</td>
</tr>
</table>

<br>
<br>


<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">12</p>
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<div>&#160;</div>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<div>
<table id="ze9c06981022f4cae8630a238cb246ee6" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Term of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="center"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><strong>Office and</strong>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Name,</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Length</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Address</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>of Time</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%"><b>Principal Occupation</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>and Age</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>Title</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>Served</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 55%"><b>During the Past Five Years</b>&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<table id="z1e7fd5df5882456aae976290e603f88f" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Bryan Stone&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Vice&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Vice President, certain other funds in&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1979&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">President&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">the Fund Complex (2014-present); Managing&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Director, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2013-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Senior Vice President, Neuberger&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Berman Group LLC (2009-2013); Vice President,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Morgan Stanley (2002-2009).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Joanna Catalucci&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Chief&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2012&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Chief Compliance Officer, certain funds&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1966&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="2" align="left">Compliance&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">in the Fund Complex (2012-present); Senior&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Officer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Managing Director, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2012-present); Anti-Money Laundering&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Compliance Officer, certain funds in the Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Complex (2016-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Chief Compliance Officer &amp; Secretary,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">certain other funds in the Fund Complex (2008-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">2012); Senior Vice President &amp; Chief Compliance&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Officer, Security Investors, LLC and certain&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">affiliates (2010-2012); Chief Compliance Officer&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">and Senior Vice President, Rydex Advisors, LLC&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">and certain affiliates (2010-2011).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">John Sullivan&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Chief&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2010&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Chief Financial Officer, Chief&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1955&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Financial&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Accounting Officer and Treasurer of certain funds&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Officer,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">in the Fund Complex (2010-present); Senior&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Chief&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Managing Director, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="2" align="left">Accounting&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2010-present).&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="2" align="left">Officer and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Managing Director and Chief&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Compliance Officer, each of the funds in the Van&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Kampen Investments fund complex (2004-2010);&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Managing Director and Head of Fund Accounting&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">and Administration, Morgan Stanley Investment&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Management (2002-2004); Chief Financial&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Officer and Treasurer, Van Kampen Funds&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(1996-2004).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Mark E. Mathiasen&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Secretary&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2007&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Secretary, certain other funds in the Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1978&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Complex (2007-present); Managing Director,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Guggenheim Investments (2007-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Michael P. Megaris&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2014&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Assistant Secretary, certain other funds&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1984&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Secretary&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">in the Fund Complex (2014-present); Vice&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">President, Guggenheim Investments (2012-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">James Howley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2007&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Director, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1972&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2004-present). Assistant Treasurer, certain other&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">funds in the Fund Complex (2006-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Manager, Mutual Fund Administration of&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left"><font style="FONT-SIZE: 10pt">Van Kampen Investments, Inc. (1996-2004).</font>&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: center">13</div>

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</div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zb9e79a70699848b8ba5a29840c5d105a" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Term of</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="center"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><strong>Office and</strong>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Name,</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Length</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>Address</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15%"><b>of Time</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 55%"><b>Principal Occupation</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>and Age</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>Title</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15%"><b>Served</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 55%"><b>During the Past Five Years</b>&#160;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>
</div>

<div style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<table id="z48459b4ff3d449d297afa2e31e0d07c1" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Kimberly Scott&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2012&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Vice President, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of Birth: 1974&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2012-present); Assistant Treasurer, certain other&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">funds in the Fund Complex (2012-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Financial Reporting Manager for&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Invesco, Ltd. (2010-2011); Vice&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">President/Assistant Treasurer, Mutual Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Administration for Van Kampen Investments,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Inc./Morgan Stanley Investment Management&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2009-2010); Manager- Mutual Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Administration for Van Kampen Investments,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Inc./Morgan Stanley Investment Management&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2005-2009).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Adam Nelson&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2015&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Vice President, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of Birth: 1979&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2015-present); Assistant Treasurer, certain other&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">funds in the Fund Complex (2015-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Assistant Vice President and Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Administration Director, State Street Corporation&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2013-2015); Fund Administration Assistant&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Director, State Street (2011-2013); Fund&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Administration Manager, State Street (2009-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">2011).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Keith D. Kemp&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2016&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Treasurer and Assistant Treasurer,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of Birth: 1960&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">certain other funds in the Fund Complex (2010-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">present); Managing Director, Guggenheim&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Partners Investment Management, LLC (2015-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">present); Chief Financial Officer, Guggenheim&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Specialized Products, LLC (2016-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Managing Director and Director,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Transparent Value, LLC (2010-2016); Director,&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Guggenheim Investments (2010-2015); Chief&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Operating Officer, Macquarie Capital Investment&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Management (2007-2009).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Glenn McWhinnie&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Assistant&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Since 2016&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Current: Vice President, Guggenheim Investments&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Year of birth: 1969&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">Treasurer&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">(2009-present).&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" colspan="4">&#160;</td>
</tr>

<tr valign="bottom">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Former: Tax Compliance Manager, Ernst &amp;&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 55%" align="left">Young LLP (1996-2009).&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">John Szafran</font>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Assistant</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt; TEXT-INDENT: -20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Since</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Current: Vice President, Guggenheim Investments</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Year of birth: 1989</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Treasurer</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt; TEXT-INDENT: -20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">November 2017</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(July 2017-present); Assistant Treasurer, certain</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">other funds in the Fund Complex (November</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">2017-present).</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Former: Assistant Treasurer of Henderson Global</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Funds and Manager of US Fund Administration,</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Henderson Global Investors (North America) Inc.</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">("GFINA") (February-June 2017); Senior Analyst</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of US Fund Administration, HGINA (2014-</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">January 2017); Senior Associate of Fund</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Administration, Cortland Capital Market Services,</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">LLC (2013-2014); Experienced Associate,</font>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">PricewaterhouseCoopers LLP (2012-2013).</font>&#160;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)&#160; &#160; &#160; </sup></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The business address of each officer of the Funds is Guggenheim Investments, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, unless otherwise noted. </td>
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<div>Officers serve at the pleasure of the Board and until his or her successor is appointed and qualified or until his or her resignation or removal. The year set forth above is the earliest year in which the officer was appointed as an officer of any Fund. </div>
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<div style="FONT-WEIGHT: bold; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Board Leadership Structure</div>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The primary responsibility of the Board is to represent the interests of the Funds and to provide oversight of the management of the Funds. The Funds&#8217; day-to-day operations are managed by the Adviser, the applicable Sub-Adviser and other service providers who have been approved by the Board. The Board is currently comprised of nine Trustees, eight of whom (including the chairperson) are Independent Trustees. Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Board has appointed an Independent Chairman, Ronald E. Toupin, Jr., who presides at Board meetings and who is responsible for, among other things, participating in the planning of Board meetings, setting the tone of Board meetings and seeking to encourage open dialogue and independent inquiry among the Trustees and management. In addition, the Independent Chairman acts a liaison with officers, counsel and other Trustees between meetings of the Board. The Independent Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has established four standing committees (as described below) and has delegated certain responsibilities to those committees, each of which is comprised solely of Independent Trustees. The Board and its committees meet periodically throughout the year to oversee the Funds&#8217; activities, review contractual arrangements with service providers, review the Funds&#8217; financial statements, oversee compliance with regulatory requirements, and review performance. The Board may also establish informal working groups from time to time to review and address the policies and practices of the Trust or the Board with respect to certain specified matters. The Independent Trustees are represented by independent legal counsel experienced in Investment Company Act of 1940 (&#8220;1940 Act&#8221;) matters and are represented by such independent legal counsel at Board and committee meetings. The Board has determined that this leadership structure, including an Independent Chairman, a supermajority of Independent Trustees and committee membership limited to Independent Trustees, is appropriate in light of the characteristics and circumstances of the Funds.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board Committees</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Trustees have determined that the efficient conduct of the Funds&#8217; affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The committees of the Board are the Executive Committee, the Audit Committee, the Nominating and Governance Committee, the Contracts Review Committee and the Valuation Oversight Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Executive Committee. </i>Donald A. Chubb, Jr. and Ronald E. Toupin, Jr., who are not &#8220;interested persons&#8221; of the Funds, as defined in the 1940 Act, serve on the Funds&#8217; Executive Committee. The Executive Committee is authorized to act on</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">behalf of and with the full authority of the Board of Trustees when necessary in the intervals between meetings of the Board of Trustees.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Audit Committee. </i>The Board has an Audit Committee, which is composed of Randall C. Barnes, Roman Friedrich III, Donald A. Chubb, Jerry B. Farley, Maynard F. Oliverius, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an Independent Trustee (as defined herein) and is &#8220;independent&#8221; as defined by NYSE listing standards. Dr. Farley serves as Chairman of the Audit Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Audit Committee is charged with selecting an independent registered public accounting firm for the Funds and reviewing accounting matters with the Funds&#8217; independent registered public accounting firm. Each member of the Audit Committee is an Independent Trustee as defined above and also meets the additional independence requirements for audit committee members as defined by the NYSE listing standards.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Audit Committee is governed by a written charter (the &#8220;Audit Committee Charter&#8221;). The Audit Committee Charter is available under &#8220;News &amp; Literature&#8221; on each fund&#8217;s page at www.guggenheiminvestments.com/products/cef.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">The Audit Committee presents the following report on behalf of each Fund:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">The Audit Committee has performed the following functions: (i) the Audit Committee reviewed and discussed the audited financial statements of the Fund with management of the Fund, (ii) the Audit Committee discussed with the Fund&#8217;s independent registered public accounting firm the matters required to be discussed by AS 1301 issued by the Public Company Accounting Oversight Board, and (iii) the Audit Committee received the written disclosures and the letter from the Fund&#8217;s independent registered public accounting firm as required by Public Company Accounting Oversight Board&#8217;s Ethics &amp; Independence Rule 3526 and has discussed with the Fund&#8217;s independent registered public accounting firm the independence of the Fund&#8217;s independent registered public accounting firm. Based on the Audit Committee&#8217;s reviews and discussions referred to above, including its discussion with management and the Fund&#8217;s independent registered public accounting firm, the Audit Committee recommended and approved, pursuant to authority delegated by Board of Trustees of the Fund, that the audited financial statements be included in the Fund&#8217;s Annual Reports for the past fiscal year.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Nominating and Governance Committee</i>. The Board has a Nominating and Governance Committee, which is composed of Randall C. Barnes, Donald A. Chubb, Jr., Jerry B. Farley, Maynard F. Oliverius, Roman Friedrich III, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an Independent Trustee and is &#8220;independent&#8221; as defined by NYSE listing standards. Mr. Nyberg serves as Chairman of the Nominating and Governance Committee.</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Nominating and Governance Committee is governed by a written charter (the &#8220;Nominating and Governance Committee Charter&#8221;). The Nominating and Governance Committee Charter is available under &#8220;News &amp; Literature&#8221; each fund&#8217;s page at www.guggenheiminvestments.com/products/cef.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Nominating and Governance Committee (i) evaluates and recommends all candidates for election or appointment as members of the Board and recommends the appointment of members and chairs of each committee of the Board, (ii) reviews policy matters affecting the operation of the Board and committees of the Board, and (iii) periodically evaluates the effectiveness of the Board and committees of the Board.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;In considering Trustee nominee candidates, the Nominating and Governance Committee requires that Trustee candidates have a college degree or equivalent business experience and may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to): availability and commitment of a candidate to attend meetings and perform the responsibilities of a Trustee, relevant experience, educational background, financial expertise, the candidate&#8217;s ability, judgment and expertise and overall diversity of the Board&#8217;s composition. The Nominating and Governance Committee may consider candidates recommended by various sources, including (but not limited to): such Fund&#8217;s Trustees, officers, investment advisers and shareholders. The Nominating and Governance Committee will not nominate a person for election to the Board as an Independent Trustee in contravention of its Independent Trustee Retirement Policy. The Nominating and Governance Committee may, but is not required to, retain a third party search firm to identify potential candidates.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;A Trustee candidate must (i) be prepared to submit written answers to a questionnaire seeking professional and personal information that will assist the Nominating and Governance Committee to evaluate the candidate and to determine, among other matters, whether the candidate would qualify as a Trustee who is not an &#8220;interested person&#8221; of the Funds as such term is defined under the 1940 Act; (ii) be prepared to submit character references and agree to appropriate background checks; and (iii) be prepared to meet with one or more members of the Nominating and Governance Committee at a time and location convenient to those Nominating and Governance Committee members in order to discuss the nominee&#8217;s qualifications.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Nominating and Governance Committee will consider Trustee candidates recommended by shareholders of the Funds. The Nominating and Governance Committee will consider and evaluate trustee nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;In considering Trustee nominee candidates, the Nominating and Governance Committee takes into account a wide variety of factors, including the overall diversity of the Board&#8217;s composition. The Nominating and Governance Committee believes the Board generally benefits from diversity of background,</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">17</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;To have a candidate considered by the Nominating and Governance Committee, a shareholder must submit the recommendation in writing and must include the information required by the &#8220;Procedures for Shareholders to Submit Nominee Candidates&#8221; that are set forth as Appendix B to the Nominating and Governance Committee Charter. Shareholder recommendations must be sent to the Funds&#8217; Secretary, c/o Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The nominees for election at the Annual Meeting currently serve as Trustees and were unanimously nominated by the Board of Trustees and the Nominating and Governance Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Contracts Review Committee. </i>The Board has a Contracts Review Committee, which oversees the contract review process, including review of the Funds&#8217; advisory agreements and other contracts with affiliated service providers. The Contracts Review Committee is composed of Donald A. Chubb, Jr., Jerry B. Farley, Maynard F. Oliverius, Randall C. Barnes, Roman Friedrich III, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an Independent Trustee. Mr. Friedrich serves as Chairman of the Contracts Review Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Valuation Oversight Committee. </i>The Board has a Valuation Oversight Committee, which is composed of Donald A. Chubb, Jr., Roman Friedrich III and Maynard F. Oliverius, each of whom is an Independent Trustee. Mr. Chubb serves as Chairman of the Valuation Oversight Committee. The Valuation Oversight Committee assists the Board in overseeing the activities of Guggenheim's Valuation Committee and the valuation of securities and other assets held by the Funds. Duties of the Valuation Oversight Committee include reviewing the Funds&#8217; valuation procedures, evaluating pricing services that are being used for the Funds, and receiving reports relating to actions taken by Guggenheim's Valuation Committee. The Board established the Valuation Oversight Committee effective November 16, 2016.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board and Committee Meetings</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Information regarding the number of meetings of the Board, Audit Committee, Nominating and Governance Committee, Contracts Review Committee and Valuation Oversight Committee of each Fund during such Fund&#8217;s most recently completed fiscal year is set forth in the table below:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">18</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</p>
</div>

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<div style="TEXT-ALIGN: left">
<table id="zf40ca044f5de4ebeb9a950513145d7fc" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 18px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 10px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 15px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Nominating&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Contract</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Valuation</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; WIDTH: 10px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="left">Fiscal </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Review</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Oversight</b>&#160;</td>
</tr>

<tr style="HEIGHT: 17px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; WIDTH: 10px" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="left">Year&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="left">Board&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Committee </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Governance&#160;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Committee</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Committee&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; WIDTH: 10px" align="left"><b>Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>End</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Meetings</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Meetings</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 15px" align="center">Meetings&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Meetings</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 15px" align="center"><b>Meetings*</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10px; BACKGROUND-COLOR: #cceeff" align="left">FMO&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">11/30/2017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">5&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">7&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">4&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10px; BACKGROUND-COLOR: #ffffff" align="left">GBAB&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">5/31/2017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">5&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">8&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">2&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10px; BACKGROUND-COLOR: #cceeff" align="left">GGM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">5/31/2017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">4&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">8&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10px; BACKGROUND-COLOR: #ffffff" align="left">GPM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">12/31/2017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">4&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">6&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #ffffff" align="center">4&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 10px; BACKGROUND-COLOR: #cceeff" align="left">GOF&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">5/31/2017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">4&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">8&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 15px; BACKGROUND-COLOR: #cceeff" align="center">2&#160;</td>
</tr>
</table>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="left">* Valuation oversight committee established November 16, 2016.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
</tr>
</table>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Each Trustee attended at least 75% of the meetings of the Board (and any committee thereof on which he serves) held during the portion of each Fund&#8217;s fiscal year ended in 2017. It is the Funds&#8217; policy to encourage Trustees to attend annual shareholders&#8217; meetings.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board&#8217;s Role in Risk Oversight</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Consistent with its responsibility for oversight of the Funds, the Board, among other things, oversees risk management of the Funds&#8217; investment programs and business affairs directly and through the committee structure it has established. The Board has established the Audit Committee, the Nominating and Governance Committee, the Contracts Review Committee and the Valuation Oversight Committee to assist in its oversight functions, including its oversight of the risks the Funds face. Each committee reports its activities to the Board on a regular basis. Risks to the Funds include, among others, investment risk, credit risk, liquidity risk, valuation risk, compliance risk and operational risk, as well as the overall business risk relating to the Funds. The Board has adopted, and periodically reviews, policies, procedures and controls designed to address these different types of risks. Under the Board&#8217;s supervision, the officers of the Funds, the Adviser, the respective Sub-Adviser and other service providers to the Funds also have implemented a variety of processes, procedures and controls to address various risks. In addition, as part of the Board&#8217;s periodic review of the Funds&#8217; advisory, sub-advisory and other service provider agreements, the Board may consider risk management aspects of the service providers&#8217; operations and the functions for which they are responsible.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Board requires officers of the Funds to report to the Board and its committees on a variety of matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to risk management. The Audit Committee also receives reports from the Funds&#8217; independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Funds&#8217; Chief Compliance Officer, including separate meetings with the Independent Trustees in executive session, to discuss compliance matters and, on at least an annual basis, receives a report from the Chief Compliance Officer regarding the effectiveness of the Funds&#8217; compliance program. The Board, with the assistance of Fund management, reviews investment policies and risks in connection with its review of the Funds&#8217; performance. In addition, the Board receives reports from the Adviser and respective Sub-Adviser</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">19</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">on the investments and securities trading of the Funds. With respect to valuation, the Board oversees a valuation committee comprised of Fund officers and Adviser personnel and has approved Fair Valuation procedures applicable to valuing the Funds&#8217; portfolio securities. The Valuation Oversight Committee reviews the Funds&#8217; valuation procedures, evaluates pricing services that are being used for the Funds, and receives reports relating to actions taken by Guggenheim&#8217;s Valuation Committee. The Board also requires the Adviser to report to the Board on other matters relating to risk management on a regular and as-needed basis.</p>
</div>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustee Communications</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Shareholders and other interested parties may contact the Board or any Trustee by mail. To communicate with the Board or any Trustee, correspondence should be addressed to the Board or the Board members with whom you wish to communicate by either name or title. All such correspondence should be sent c/o the Secretary of the Fund or Funds at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustee Beneficial Ownership of Securities</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The table below indicates the dollar range of equity securities of each Fund and funds in the Fund Complex by the Trustees as of December 31, 2017:</p>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>Aggregate</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>dollar range</b></td>
</tr>

<tr style="HEIGHT: 12px" valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>of equity</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>securities in</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>all funds in</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>the Fund</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>Complex</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>Overseen by</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>FMO</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>GBAB</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>GGM</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>GPM</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>GOF</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 14%" align="center"><b>the Trustee</b></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left"><i>Independent Trustees</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Chubb&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$1-$10,001&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Friedrich&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Karn&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Oliverius&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$1-$10,001&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Toupin&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$50,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$10,001-&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">Over&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$50,000&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$100,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">Interested Trustee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">Lee&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #cceeff" align="center">$10,001-&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 14%; BACKGROUND-COLOR: #ffffff" align="center">$50,000&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: auto; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 10%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
&#160;&#160;&#160;&#160;&#160;As of December 31, 2017, each Trustee, officer and the Trustees and officers of the Fund as a group owned less than 1% of the outstanding Shares of each Fund.<br>
<br>
<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">20</p>

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</div>
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<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustee Compensation</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Funds pay an annual retainer and fee per meeting attended to each Trustee who is not affiliated with the Adviser, a Sub-Adviser or their respective affiliates and pays an additional annual fee to the chairman of the Board and of any committee of the Board. The following table sets forth the compensation paid to each Independent Trustee by each Fund during its most recently completed fiscal year and the total compensation paid to each Independent Trustee by the Fund Complex during the most recently completed calendar year ended December 31, 2017.</p>

<div style="TEXT-ALIGN: left">
<table id="z7d5073339b5f4cea930b3e0f49d81935" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Retirement</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%; TEXT-INDENT: 5.548pt" align="left"><b>Benefits</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Estimated</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Total</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Aggregate</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Accrued</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="right"><b>Annual</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Compensation</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Compensation</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%; TEXT-INDENT: 7.216pt" align="left"><b>as Part</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="right"><b>Benefits</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>From</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>from each</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%; TEXT-INDENT: 5.875pt" align="left"><b>of Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="right"><b>Upon</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>the Fund</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 20%" align="left"><b>Trustee</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Expenses</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Retirement</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 20%" align="center"><b>Complex</b><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Randall C. Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">$344,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Donald A. Chubb&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">$271,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Jerry B. Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">$278,500&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Roman Friedrich III&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">$281,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Robert B. Karn III&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">$278,500&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Ronald A. Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">$358,500&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Maynard F. Oliverius&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="center">$271,000&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Ronald E. Toupin, Jr&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">&#8224;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="right">None&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="center">$326,000&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<table id="zde4ecdef394e4c29a4aaa8f810df25a7" cellspacing="0" border="0">
<tr style="HEIGHT: 18px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 2%" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup>&#160;&#160;&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The Funds do not accrue or pay retirement or pension benefits to Trustees as of the date hereof. </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup>&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The amounts shown in this column represent the aggregate compensation paid by all of the funds in the Fund Complex for the calendar year ended December 31, 2017. Because the funds in the Fund Complex have different fiscal year ends, the amounts shown in this column are presented on a calendar year basis. </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">&#8224;&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The amount of aggregate compensation payable by each Fund for the calendar year ended December&#160;31, 2017 is shown in the table below: </td>
</tr>
</table>

<div style="TEXT-ALIGN: left">
<table id="zacaad5b7f3f14b7b8704c1f003e44369" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 16px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 20%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>FMO</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>GBAB</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>GGM</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>GPM</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>GOF</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left"><i>Independent Trustees</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Barnes&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$17,054&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,351&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$9,802&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$12,806&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,112&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Chubb&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$17,382&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,646&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$9,991&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$13,053&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,403&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Farley&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$17,887&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$16,132&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$10,321&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$13,599&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,913&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Friedrich&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$18,037&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$16,236&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$10,368&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$13,545&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,984&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Karn&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$17,860&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$16,045&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$10,226&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$13,245&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,765&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Nyberg&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$17,710&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,941&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$10,179&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$13,299&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,694&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #ffffff" align="left">Oliverius&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$17,382&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,646&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$9,991&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$13,053&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #ffffff" align="center">$15,403&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 20%; BACKGROUND-COLOR: #cceeff" align="left">Toupin&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$20,989&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$18,893&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$12,064&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$15,762&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%; BACKGROUND-COLOR: #cceeff" align="center">$18,600&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholder Approval</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;With respect to each Fund, the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee. Abstentions will have the same effect as votes against the election of a Trustee nominee. &#8220;Broker non-votes&#8221; (i.e., Shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owner or the persons entitled to vote and (ii) the broker does not have discretionary voting power on a particular matter) will have no effect on the outcome of the vote on a Trustee nominee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">21</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The holders of the Shares will have equal voting rights (i.e. one vote per Share).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Board Recommendation</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Board unanimously recommends that shareholders vote <b>&#8220;FOR&#8221; </b>the nominees of the Board of your Fund.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">22</p>

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<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">ADDITIONAL INFORMATION </font>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Further Information About Voting and the Annual Meeting</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Quorum. </i>With respect to each Fund, the holders of a majority of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the shareholders for purposes of conducting business on such matter. Votes withheld, abstentions and broker non-votes (i.e., Shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owner or the persons entitled to vote and (ii) the broker does not have discretionary voting power on a particular matter) will be counted as Shares present at the Annual Meeting for quorum purposes.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Record Date. </i>The Board has fixed the close of business on March 21, 2018, as the Record Date for the determination of shareholders of each Fund entitled to notice of, and to vote at, the Annual Meeting. Shareholders of each Fund as of the close of business on the Record Date will be entitled to one vote on each matter to be voted on by such Fund for each Share held and a fractional vote with respect to fractional Shares with no cumulative voting rights.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Joint Meeting. </i>The Annual Meeting is scheduled as a joint meeting of the Funds and certain affiliated funds, whose votes on similar proposals applicable to such funds are being solicited separately, because the shareholders of the funds are expected to consider and vote on similar matters. In the event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and moves for the adjournment of his or her Fund&#8217;s meeting to a time immediately after the Annual Meeting so that each Fund&#8217;s meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Shareholders of each Fund will vote separately on the respective Proposal relating to their Fund. In any event, an unfavorable vote on any Proposal by the shareholders of one Fund will not affect the implementation of such Proposal by another Fund if the Proposal is approved by the shareholders of that Fund.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>How to Vote Your Shares. </i>Whether or not you plan to attend the Annual Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet so your Shares will be represented at the Annual Meeting. Instructions regarding how to vote via telephone or the Internet are included on the enclosed proxy card. The required control number for Internet and telephone voting is printed on the enclosed proxy card. The control number is used to match proxy cards with shareholders&#8217; respective accounts and to ensure that, if multiple proxy cards are executed, Shares are voted in accordance with the proxy card bearing the latest date.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;All Shares represented by properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance with the</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">23</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">instructions marked thereon or otherwise as provided therein. <b>If you sign the proxy card, but don&#8217;t fill in a vote, your Shares will be voted in accordance with the Board&#8217;s recommendation. </b>If any other business is brought before the Annual Meeting, your Shares will be voted at the proxies&#8217; discretion.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Shareholders who execute proxy cards or record voting instructions via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Funds a written notice of revocation, by delivering (including via telephone or the Internet) a duly executed proxy bearing a later date or by attending the Annual Meeting and voting in person. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Attending the Annual Meeting. </i>If you wish to attend the Annual Meeting and vote in person, you will be able to do so. If you intend to attend the Annual Meeting in person and you are a record holder of a Fund&#8217;s Shares, in order to gain admission you must show photographic identification, such as your driver&#8217;s license. If you intend to attend the Annual Meeting in person and you hold your Shares through a bank, broker or other custodian, in order to gain admission you must show photographic identification, such as your driver&#8217;s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting instruction form (or a copy thereof) or broker&#8217;s statement indicating ownership as of a recent date. If you hold your Shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting unless you have previously requested and obtained a &#8220;legal proxy&#8221; from your broker, bank or other nominee and present it at the Annual Meeting. You may contact the Funds at (800) 345-7999 to obtain directions to the site of the Annual Meeting.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Additional Information Regarding Voting. </i>Broker-dealer firms holding Shares of a Fund in &#8220;street name&#8221; for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on the Proposal before the Annual Meeting. The Funds understand that, under the rules of the NYSE, such broker-dealer firms may for certain &#8220;routine&#8221; matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm&#8217;s request for voting instructions. Each Proposal is a &#8220;routine&#8221; matter and beneficial owners who do not provide proxy instructions or who do not return a proxy card may have their Shares voted by broker-dealer firms in favor of the Proposal. A properly executed proxy card or other authorization by a beneficial owner of Shares that does not specify how the beneficial owner&#8217;s Shares should be voted on the Proposal may be deemed an instruction to vote such Shares in favor of the Proposal. Broker-dealers who are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your Shares without instruction. We urge you to provide instructions to your bank, broker or other nominee so that your votes may be counted.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Funds will update certain data regarding the Funds, including performance data, on a monthly basis on its website at</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">www.guggenheiminvestments.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Funds.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment Adviser and Investment Sub-Advisers</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Guggenheim Funds, a subsidiary of Guggenheim Partners, LLC (&#8220;Guggenheim Partners&#8221;), acts as each Fund&#8217;s investment adviser pursuant to an investment advisory agreement between each Fund and Guggenheim Funds. Guggenheim Funds is a registered investment adviser and acts as investment adviser to a number of closed-end and open-end investment companies. Guggenheim Funds is a Delaware limited liability company with principal offices located at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Guggenheim Partners is a diversified financial services firm with wealth management, capital markets, investment management and proprietary investing businesses, whose clients are a mix of individuals, family offices, endowments, foundations, insurance companies and other institutions that have entrusted Guggenheim Partners with the supervision of more than $305 billion of assets as of December 31, 2017. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;), an affiliate of Guggenheim Partners, acts as investment sub-adviser to GBAB, GGM, GPM, and GOF pursuant to separate sub-advisory agreements among each such Fund, the Adviser and GPIM. GPIM is a Delaware limited liability company, with its principal offices located at 100 Wilshire Boulevard, Santa Monica, California 90401.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Advisory Research, Inc. (&#8220;ARI&#8221;), a Delaware corporation, acts as investment sub-adviser to FMO pursuant to an investment sub-advisory agreement among FMO, the Adviser and ARI. ARI is a wholly-owned subsidiary of Piper Jaffray Companies. The ARI MLP &amp; Energy Infrastructure Team (&#8220;MLP Team&#8221;) is located at 8235 Forsyth Boulevard, Saint Louis, Missouri 63105. As of December&#160; 31, 2017, the MLP Team at Advisory Research, Inc. managed approximately $3.8 billion in MLP and energy infrastructure assets for open and closed end mutual funds, public and corporate pension plans, endowments and foundations and private wealth individuals.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Administrator</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;MUFG Investor Services (US) (formerly Rydex Fund Services, LLC) (&#8220;MUFG&#8221;), serves as the Funds&#8217; administrator. Prior to October 4, 2016, MUFG was an affiliate of Guggenheim Funds and GPIM. On October 4, 2016, Guggenheim Partners completed a sale of Rydex Fund Services, LLC to MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group and Rydex Fund Services, LLC was renamed MUFG Investor Services (US) LLC.</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Independent Registered Public Accounting Firm</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Ernst &amp; Young LLP (&#8220;E&amp;Y&#8221;) has been selected as the independent registered public accounting firm for the Funds by the Audit Committees of the Funds and approved by a majority of each Fund&#8217;s Board, including a majority of the Independent Trustees, to audit the accounts of the Funds for and during each Fund&#8217;s current fiscal year. The Funds do not know of any direct or indirect financial interest of E&amp;Y in the Funds.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Representatives of E&amp;Y will be available to attend the Annual Meeting, will have the opportunity to make a statement if they desire to do so and will be available to answer questions if necessary.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Audit and Other Fees</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Audit Fees. </i>For each Fund&#8217;s two most recently completed fiscal years, the aggregate fees billed to each Fund by E&amp;Y for professional services rendered for the audit of such Fund&#8217;s annual financial statements are set forth on <u>Annex A.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Audit-Related Fees. </i>For each Fund&#8217;s two most recently completed fiscal years, the aggregate fees billed by E&amp;Y and approved by the Audit Committee of each Fund for assurance and related services reasonably related to the performance of the audit of such Fund&#8217;s annual financial statements (such fees relate to services rendered, and out of pocket expenses incurred, in connection with the Funds&#8217; registration statements, comfort letters and consents) are set forth on <u>Annex A.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;E&amp;Y did not perform any other assurance and related services that were required to be approved by the Funds&#8217; Audit Committees for such fiscal years.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Tax Fees. </i>For each Fund&#8217;s two most recently completed fiscal years, the aggregate fees billed by E&amp;Y and approved by the Audit Committee of each Fund for professional services rendered for tax compliance, tax advice, and tax planning (such fees relate to tax services provided by E&amp;Y in connection with the Fund&#8217;s excise tax calculations and review of the Fund&#8217;s tax returns) are set forth on <u>Annex&#160;A.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;E&amp;Y did not perform any other tax compliance or tax planning services or render any tax advice that were required to be approved by the Funds&#8217; Audit Committee for such period.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>All Other Fees</i>. For each Fund&#8217;s two most recently completed fiscal years, the aggregate fees billed for products and services provided by E&amp;Y, other than the services reported above in Audit Fees, Audit-Related Fees, and Tax Fees are set forth on <u>Annex A.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<i>Aggregate Non-Audit Fees. </i>For each Fund&#8217;s two most recently completed fiscal years, the aggregate non-audit fees billed by E&amp;Y for services rendered to each Fund, Guggenheim Funds, and any entity controlling, controlled by or under common control with Guggenheim Funds that provides ongoing services to the Fund (not including an investment sub-adviser whose primary role is portfolio management and is sub-contracted with or overseen by another investment adviser)</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">that directly related to the operations and financial reporting of the Fund are set forth on <u>Annex A.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Audit Committee&#8217;s Pre-Approval Policies and Procedures</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;As noted above, the Audit Committee is governed by the Audit Committee Charter, which includes Pre-Approval Policies and Procedures in Section IV of such Charter. Specifically, sections V.B.2 and V.B.3 of the Audit Committee Charter contain the Pre-Approval Policies and Procedures and such sections are included below.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-WEIGHT: bold">V.B.2.</font>&#160; Pre-approve any engagement of the independent auditors to provide any non-prohibited services, other than &#8220;prohibited non-audit services,&#8221; to the Trust, including the fees <br>
 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 20pt">&#160;&#160;&#160;&#160;&#160;(a) The categories of services to be reviewed and considered for pre-approval include the following (collectively, &#8220;Identified Services&#8221;):</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">Audit Services</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Annual financial statement audits</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Seed audits (related to new product filings, as required)</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; SEC and regulatory filings and consents</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">Audit-Related Services</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Accounting consultations</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Fund merger/reorganization support services</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Other accounting related matters</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Agreed upon procedures reports</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Attestation reports</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Other internal control reports</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">Tax Services</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">&#8226; Recurring tax services: </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of Federal and state income tax returns, including extensions </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of calculations of taxable income, including fiscal year tax designations </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of annual Federal excise tax returns (if applicable) </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of calendar year excise distribution calculations </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Calculation of tax equalization on an as-needed basis </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of the estimated excise distribution calculations on an as-needed basis </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 50pt; TEXT-INDENT: -10pt">o Preparation of quarterly Federal, state and local and franchise tax estimated tax payments on an as-needed basis</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt; TEXT-INDENT: 10pt">o Preparation of state apportionment calculations to properly allocate Fund taxable income among the states for state tax filing purposes </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt; TEXT-INDENT: 10pt">o Provision of tax compliance services in India for Funds with direct investments in India </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt; TEXT-INDENT: 10pt">o Assistance with management&#8217;s identification of passive foreign investment companies (PFICs) for tax purposes</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 30pt">&#8226; Permissible non-recurring tax services upon request:</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Assistance with determining ownership changes which impact a Fund&#8217;s utilization of loss carryforwards </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Assistance with calendar year shareholder reporting designations on Form 1099 </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Assistance with corporate actions and tax treatment of complex securities and structured products </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Assistance with IRS ruling requests and calculation of deficiency dividends </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Conduct training sessions for the Adviser&#8217;s internal tax resources </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Assistance with Federal, state, local and international tax planning and advice regarding the tax consequences of proposed or actual transactions </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax services related to amendments to Federal, state and local returns and sales and use tax compliance </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o RIC qualification reviews </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax distribution analysis and planning </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax authority examination services </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax appeals support services </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax accounting methods studies </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Fund merger, reorganization and liquidation support services </p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 40pt">o Tax compliance, planning and advice services and related projects</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">&#160;(b) The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">&#160;(c) For Identified Services with estimated fees of $25,000 or more, but less than $50,000, the Chair or any member of the Committee designated by the Chair is hereby authorized to pre-approve such services on behalf of the Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">&#160;&#160;&#160;&#160;&#160;(d) For Identified Services with estimated fees of $50,000 or more, such services require pre-approval by the Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">&#160;&#160;&#160;&#160;&#160;(e) All requests for Identified Services to be provided by the independent auditor that were pre-approved by the Committee shall</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 30pt">be submitted to the Chief Accounting Officer (&#8220;CAO&#8221;) of the Trust by the independent auditor using the pre-approval request form attached as Appendix C to the Audit Committee Charter. The Trust&#8217;s CAO will determine whether such services are included within the list of services that have received the general pre-approval of the Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">&#160;&#160;&#160;&#160;&#160;(f) The independent auditors or the CAO of the Trust (or an officer of the Trust who reports to the CAO) shall report to the Committee at each of its regular quarterly meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee). The report shall include a general description of the services and projected fees, and the means by which such services were approved by the Committee (including the particular category of Identified Services under which pre-approval was obtained).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><b>V.B.3</b>. Pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services <br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the Adviser (or any&#160;&#8220;control affiliate&#8221; of the Adviser providing ongoing services to the Trust), if the engagement relates directly to the operations and financial reporting of <br>
 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trust (unless an exception is available under Rule 2-01 of Regulation S-X).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">&#160;&#160;&#160;&#160;&#160;(a) The Chair or any member of the Committee designated by the Chair may grant the pre-approval for non-audit services to the Adviser (or any &#8220;control affiliate&#8221; of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt">&#160;&#160;&#160;&#160;&#160;(b) For non-audit services to the Adviser (or any &#8220;control affiliate&#8221; of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the estimated fees are $25,000 or more, such services require pre-approval by the Committee.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Audit Committee has pre-approved all audit and non-audit services provided by E&amp;Y to the Funds, and all non-audit services provided by E&amp;Y to Guggenheim Funds, or any entity controlling, controlled by, or under common control with Guggenheim Funds that provides ongoing services to the Funds that are related to the operations of the Funds for the Funds&#8217; two most recently completed fiscal years.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;None of the services described above for the Funds&#8217; two most recently completed fiscal years were approved by the Audit Committee pursuant to the pre-</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">approval exception under Rule 2-01(c)(7)(i)(C) of Regulation S-X promulgated by the SEC.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Principal Shareholders</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;As of the Record Date, to the knowledge of each Fund, no person beneficially owned more than 5% of the voting securities of any class of securities of any of the Funds, except as set forth on <u>Annex B.</u></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Section 16(a) Beneficial Ownership Reporting Compliance</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Section 16(a) of the Securities Exchange Act of 1934, and Section 30(h) of the 1940 Act require each Fund&#8217;s officers and Trustees, certain officers of each Fund&#8217;s investment adviser, affiliated persons of the investment adviser, and persons who beneficially own more than ten percent of a Fund&#8217;s shares to file certain reports of ownership (&#8220;Section 16 filings&#8221;) with the SEC and the NYSE. Based upon each Fund&#8217;s review of the copies of such forms effecting the Section 16 filings received by it, each Fund believes that for its most recently completed fiscal year, all filings applicable to such persons were completed and filed in a timely manner.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Privacy Principles of the Funds</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Funds are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how the Funds protect that information and why, in certain cases, the Funds may share information with select other parties.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The Funds restrict access to non-public personal information about their shareholders to employees of Guggenheim Funds with a legitimate business need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Deadline for Shareholder Proposals</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Each Fund&#8217;s Amended and Restated By-Laws (the &#8220;By-Laws&#8221;) require compliance with certain procedures for a shareholder to properly make a nomination for election as a Trustee or to propose other business for the Fund. If a shareholder who is entitled to do so under a Fund&#8217;s By-Laws wishes to nominate a person or persons for election as a Trustee or propose other business for the Fund, that shareholder must provide a written notice to the Secretary of the Fund at the</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">30</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Fund&#8217;s principal executive offices. Such notice must include certain information about the proponent and the proposal, or in the case of a nomination, the nominee. A copy of each Fund&#8217;s By-Laws, which includes the provisions regarding the requirements for shareholder nominations and proposals, may be obtained by writing to the Secretary of the Fund at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Fund&#8217;s By-Laws.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Shareholder proposals intended for inclusion in a Fund&#8217;s proxy statement in connection with the 2019 annual meeting of shareholders pursuant to Rule 14a-8 under the Exchange Act must be received by the Fund at the Fund&#8217;s principal executive offices by November 26, 2018 in order to be considered for inclusion in the Fund&#8217;s proxy statement. Timely submission of a proposal does not necessarily mean that such proposal will be included in the Fund&#8217;s proxy statement.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;A proposal, other than a proposal submitted pursuant to Rule 14a-8, must be received by the Fund&#8217;s Secretary at the Fund&#8217;s principal executive offices not earlier than December 27, 2018 and not later than January 26, 2019 (which is also the date after which shareholder nominations and proposals made outside of Rule 14a-8 under the Exchange Act would not be considered &#8220;timely&#8221; within the meaning of Rule 14a-4(c) under the Exchange Act). If a proposal is not &#8220;timely&#8221; within the meaning of Rule 14a-4(c), then the persons named as proxies in the proxies solicited by the Board for the 2019 annual meeting of shareholders may exercise discretionary voting power with respect to any such proposal.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Expenses of Proxy Solicitation</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The cost of the Annual Meeting, including the costs of preparing and mailing the notice, proxy statement and proxy, and the solicitation of proxies, including reimbursement to broker-dealers and others who forwarded proxy materials to their clients, will be borne by the Funds. Costs will be borne by the Funds in proportion to the number of proxies solicited on behalf of a Fund to the total proxies solicited on behalf of all of the Funds. Certain officers of the Fund and certain officers and employees of Guggenheim Funds or their respective affiliates (none of whom will receive additional compensation therefore) may solicit proxies by telephone, mail, e-mail and/or personal interviews. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation materials to their principals to obtain authorization for the execution of proxies, and will be reimbursed by the Funds for such out-of-pocket expenses.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Matters</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;The management of the Funds knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">31</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Failure of a quorum to be present at the Annual Meeting may result in an adjournment. The chair of the Annual Meeting may also move for an adjournment of to permit further solicitation of proxies with respect to a Proposal if he or she determines that adjournment and further solicitation are reasonable and in the best interests of the applicable Fund&#8217;s shareholders. Any adjourned meeting or meetings may be held without the necessity of another notice.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Please vote promptly by signing and dating each enclosed proxy card and returning it in the accompanying postage-paid return envelope or by following the enclosed instructions to vote by telephone or over the Internet.</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;<b>Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on April 26, 2018</b></p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 10pt">This Proxy Statement is available on the Internet at www.proxyvote.com.</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; TEXT-INDENT: 10pt"><strong>Annex A</strong></p>
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<div style="TEXT-ALIGN: center"><strong>Audit and Other Fees</strong></div>

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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left"><i>Fiscal Year ended 2017</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
</tr>
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<div>&#160;</div>

<table id="z7ddbd6de5bdc4d9b8b7f27ef37b65075" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="4">&#160;<b>Non-Audit Fees</b>&#160;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Fiscal</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="right"><b>Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left"><b>Total</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="left"><b>Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Year End</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Fees</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="right"><b>Related</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Tax</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="right"><b>Other</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%" align="center"><b>Non-Audit</b></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; TEXT-INDENT: 5.888pt" align="left"><b>Total</b>&#160;</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">FMO&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">11/30&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$50,331&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$145,795&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$145,795&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$196,126&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="left">GBAB&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">$51,370&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$10,633&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$10,633&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$62,003&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">GGM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$42,314&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$21,550&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">$10,633&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$32,183&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$74,497&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="left">GPM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">12/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">$26,222&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$7,700&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$8,441&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$16,141&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$42,363&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">GOF&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$63,651&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$29,750&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$13,378&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$43,128&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$106,779&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="zeab9bed353d64d6a9901e1620c71ff76" style="WIDTH: 10in" cellspacing="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left"><i>Fiscal Year ended 2016</i>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" align="left">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="z5b4fb5d2dd154ccfb42a299425e954cb" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="4">&#160;<b>Non-Audit Fees</b>&#160;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%"><b>Fiscal</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%"><b>Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%"><b>Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 12%">Total&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; WIDTH: 12%">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Year End</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Fees</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Related</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Tax</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Other</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%"><b>Non-Audit</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; TEXT-INDENT: 5.888pt"><b>Total</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">FMO&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">11/30&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$48,901&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$7,700&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$124,100&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$131,800&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$180,701&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="left">GBAB&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">$49,867&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$10,323&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$10,323&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$60,190&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">GGM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$46,075&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$10,323&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$10,323&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$56,398&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="left">GPM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">12/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="center">$25,451&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$3,950&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$8,195&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$12,145&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #ffffff" align="right">$37,596&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="left">GOF&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">5/31&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="center">$65,640&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$22,050&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$12,988&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$0&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$35,038&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; WIDTH: 12%; BACKGROUND-COLOR: #cceeff" align="right">$100,678&#160;</td>
</tr>
</table>
</div>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN: 0px">&#160;</p>
</div>

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<p style="TEXT-ALIGN: center">A-1</p>

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: right; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Annex B</p>

<p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Principal Shareholders</p>

<div style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<table id="zf6d0c70da9e348bfb0edbc427d0a8f0d" style="WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 43%" align="left"><b>Shareholder Name</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>Class</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="right"><b>Share</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; WIDTH: 15%" align="right"><b>Percentage</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%" align="left"><b>Fund</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; WIDTH: 43%" align="left"><b>and Address</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>of Shares</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="right"><b>Holdings</b>&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 15%" align="center"><b>Owned</b>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">FMO&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">First Trust Portfolios L.P.,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">Common&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">2,960,726&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">8.37%&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">First Trust Advisors L.P.,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">and The Charger Corporation&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">120 East Liberty Drive,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Suite 400&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Wheaton, IL 60187&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">GBAB&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Guggenheim Capital, LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">Common&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">1,177,888&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">6.76%&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">227 West Monroe Street,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Chicago, IL 60606&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Guggenheim Partners, LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">227 West Monroe Street,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Chicago, IL 60606&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">GI Holdco II LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">330 Madison Avenue,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">New York, NY 10017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">GI Holdco LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">330 Madison Avenue,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">New York, NY 10017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Guggenheim Partners&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Investment Management&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Holdings, LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">330 Madison Avenue,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">New York, NY 10017&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Guggenheim Partners&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Investment Management, LLC:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">100 Wilshire Boulevard,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">5th Floor,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Santa Monica, CA 904011&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">GGM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">First Trust Portfolios L.P.,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">Common&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">1,384,250&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">18.79%&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">First Trust Advisors L.P., and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">The Charger Corporation&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">120 East Liberty Drive,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Suite 400&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Wheaton, IL 60187&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">GPM&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Advisors Asset&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">Common&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">2,607,923&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">5.42%&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Management, Inc.&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">18925 Base Camp Road&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Monument, CO 80132&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">GOF&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Morgan Stanley and&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="center">Common&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="right">6.0%&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">Morgan Stanley Smith Barney,&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">LLC&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">1585 Broadway&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 12%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 43%" align="left">New York, NY 10036&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; WIDTH: 15%" align="left">&#160;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 2%" valign="top" nowrap="nowrap">*&#160; &#160; &#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 98%">The information contained in this table is based on the Funds' review of Schedule 13D, Schedule 13G and other regulatory filings made on or before March 26, 2018. </td>
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<div style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">B-1<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">PROXY TABULATOR</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">P.O. BOX 9112</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">FARMINGDALE, NY 11735</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
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<div><img src="image01.jpg"></div>
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<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Internet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Go to website <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www.proxyvote.com<br>
</font> 3) Follow the instructions provided on the website.</div>
</div>
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<div><img src="image02.jpg"></div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Telephone</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Call <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">1-800-690-6903<br>
</font> 3) Follow the instructions.</div>
</div>
</td>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image03.jpg"></div>
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<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Mail</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement.<br>
2) Check the appropriate boxes on the proxy card below. <br>
3) Sign and date the proxy card.<br>
 4) Return the proxy card in the envelope provided.</div>
</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">&#160;</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38618-P05086&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; KEEP THIS PORTION FOR YOUR RECORDS

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DETACH AND RETURN THIS PORTION ONLY</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Guggenheim Taxable Municipal Managed Duration Trust</div>

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<td style="VERTICAL-ALIGN: middle; WIDTH: 2.09%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 4.17%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 34.38%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 48.96%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To elect Trustees in the following manner:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Class II Nominees to serve until 2021 annual</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">meeting or until successor is elected and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">qualified:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 14.84%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">For</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 14.84%"><strong>Against </strong></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 29.68%"><strong>Abstain</strong><font style="FONT-SIZE: 10pt">&#160;</font></td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1a. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Jerry B. Farley</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">&#9744;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1b. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Roman Friedrich III</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">&#9744;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1c. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ronald A. Nyberg</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">&#9744;</td>
</tr>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 97.91%" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">
<table id="z60871698e09e4d2bbd0da8caebee303b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 17px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [PLEASE SIGN WITHIN BOX]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
<td style="WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [Joint Owners]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
</tr>
</table>
</div>

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</div>
</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<br>
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT<br>
<u>www.proxyvote.com</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
 E38619-P05086</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Solicited on behalf of the Board of Trustees <br>
GUGGENHEIM TAXABLE MUNICIPAL MANAGED DURATION TRUST<br>
</font><font style="FONT-WEIGHT: bold">Annual Meeting of Shareholders <br>
 April 26, 2018</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">The Annual Meeting of Shareholders of Guggenheim Taxable Municipal Managed Duration Trust (the "Trust") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Thursday, April 26, 2018, at 11:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">PLEASE SIGN AND DATE ON THE REVERSE SIDE.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PROXY TABULATOR <br>
P.O. BOX 9112 <br>
 FARMINGDALE, NY 11735</div>

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<table id="z60870aa78f014cc39741479582c7087e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image01.jpg"></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 50%">
<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Internet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Go to website <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www.proxyvote.com<br>
</font> 3) Follow the instructions provided on the website.</div>
</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image02.jpg"></div>
</td>
<td style="WIDTH: 50%">
<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Telephone</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Call <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">1-800-690-6903<br>
</font> 3) Follow the instructions.</div>
</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image03.jpg"></div>
</td>
<td style="WIDTH: 50%">
<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Mail</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement.<br>
2) Check the appropriate boxes on the proxy card below. <br>
3) Sign and date the proxy card.<br>
 4) Return the proxy card in the envelope provided.</div>
</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38620-P05086&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; KEEP THIS PORTION FOR YOUR RECORDS

<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
DETACH AND RETURN THIS PORTION ONLY</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Fiduciary/Claymore MLP Opportunity Fund</div>

<table id="z9b2370115d394659a5f0d7c5ca2b3674" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 2.09%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 4.17%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 34.38%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; WIDTH: 48.96%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To elect Trustees in the following manner:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Class II Nominees to serve until 2021 annual</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">meeting or until successor is elected and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 14.84%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">For</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 14.84%"><strong>&#160;<font style="FONT-FAMILY: Arial">Against </font></strong></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 29.68%"><strong>Abstain</strong><font style="FONT-SIZE: 10pt">&#160;</font></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">qualified:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1a. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Jerry B. Farley</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1b. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Roman Friedrich III</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1c. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ronald A. Nyberg</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">&#9744;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 5.2%">&#9744;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 97.91%" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">
<table id="z5e2d5dde653a4e9db22bbe5c8c60ac81" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 17px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [PLEASE SIGN WITHIN BOX]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
<td style="WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [Joint Owners]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
</tr>
</table>
</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<br>
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT<br>
<u>www.proxyvote.com</u></div>

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<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
 E38621-P05086</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Solicited on behalf of the Board of Trustees</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual Meeting of Shareholders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">April 26, 2018</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">The Annual Meeting of Shareholders of Fiduciary/Claymore MLP Opportunity Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Thursday, April 26, 2018, at 11:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">PLEASE SIGN AND DATE ON THE REVERSE SIDE.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PROXY TABULATOR <br>
P.O. BOX 9112 <br>
 FARMINGDALE, NY 11735</div>

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<table id="zd27977ae5e4d4c618079e99f228ef792" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image01.jpg"></div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 50%">
<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Internet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Go to website <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www.proxyvote.com<br>
</font> 3) Follow the instructions provided on the website.</div>
</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image02.jpg"></div>
</td>
<td style="WIDTH: 50%">
<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Telephone</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Call <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">1-800-690-6903<br>
</font> 3) Follow the instructions.</div>
</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 50%">
<div><img src="image03.jpg"></div>
</td>
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<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Mail</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement.<br>
2) Check the appropriate boxes on the proxy card below. <br>
3) Sign and date the proxy card.<br>
 4) Return the proxy card in the envelope provided.</div>
</div>
</td>
</tr>
</table>
</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38622-P05086&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; KEEP THIS PORTION FOR YOUR RECORDS

<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
DETACH AND RETURN THIS PORTION ONLY</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Guggenheim Enhanced Equity Income Fund</div>

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<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 2.09%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 4.17%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 34.38%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 48.96%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To elect Trustees in the following manner:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Class II Nominees to serve until 2021 annual</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">meeting or until successor is elected and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 14.84%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">For</div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 14.84%"><strong>&#160;Against</strong></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 29.68%"><strong>Abstain</strong><font style="FONT-SIZE: 10pt">&#160;</font></td>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 38.55%" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">qualified:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 5.2%"></td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 48.96%"></td>
</tr>

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<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1a. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Jerry B. Farley</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1b. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Roman Friedrich III</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1c. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 34.38%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ronald A. Nyberg</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 2.09%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 97.91%" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">
<table id="zd9c512204fa246fabeb4b5f9be6732a8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 17px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [PLEASE SIGN WITHIN BOX]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
<td style="WIDTH: 20%">
<div>&#160;</div>
</td>
<td style="FONT-FAMILY: Arial; WIDTH: 40%">
<div>Signature [Joint Owners]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt"><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<br>
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT<br>
<u>www.proxyvote.com</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
 E38623-P05086</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Solicited on behalf of the Board of Trustees</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">GUGGENHEIM ENHANCED EQUITY INCOME FUND</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual Meeting of Shareholders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">April 26, 2018</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">The Annual Meeting of Shareholders of Guggenheim Enhanced Equity Income Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Thursday, April 26, 2018, at 11:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">PLEASE SIGN AND DATE ON THE REVERSE SIDE.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PROXY TABULATOR <br>
P.O. BOX 9112 <br>
 FARMINGDALE, NY 11735</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Internet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Go to website <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www.proxyvote.com<br>
</font> 3) Follow the instructions provided on the website.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Telephone</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Call <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">1-800-690-6903<br>
</font> 3) Follow the instructions.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Mail</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement.<br>
2) Check the appropriate boxes on the proxy card below. <br>
3) Sign and date the proxy card.<br>
 4) Return the proxy card in the envelope provided.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38624-P05086&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;KEEP THIS PORTION FOR YOUR RECORDS

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DETACH AND RETURN THIS PORTION ONLY</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Guggenheim Credit Allocation Fund</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To elect Trustees in the following manner:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Class II Nominees to serve until 2021 annual</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">meeting or until successor is elected and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">For</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">qualified:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1a. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Jerry B. Farley</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1b. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Roman Friedrich III</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1c. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ronald A. Nyberg</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#9744;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#9744;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</div>

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<div>Signature [PLEASE SIGN WITHIN BOX]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<br>
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT<br>
<u>www.proxyvote.com</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38625-P05086

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Solicited on behalf of the Board of Trustees</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">GUGGENHEIM CREDIT ALLOCATION FUND</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual Meeting of Shareholders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">April 26, 2018</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">The Annual Meeting of Shareholders of Guggenheim Credit Allocation Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Thursday, April 26, 2018, at 11:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">PLEASE SIGN AND DATE ON THE REVERSE SIDE.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PROXY TABULATOR <br>
P.O. BOX 9112 <br>
 FARMINGDALE, NY 11735</div>

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<div><img src="image01.jpg"></div>
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<div>
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Internet</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Go to website <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www.proxyvote.com<br>
</font> 3) Follow the instructions provided on the website.</div>
</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Telephone</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement and have the proxy card below at hand.<br>
2) Call <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">1-800-690-6903<br>
</font> 3) Follow the instructions.</div>
</div>
</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">To vote by Mail</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">1) Read the Proxy Statement.<br>
2) Check the appropriate boxes on the proxy card below. <br>
3) Sign and date the proxy card.<br>
 4) Return the proxy card in the envelope provided.</div>
</div>
</td>
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</div>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38626-P05086&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;KEEP THIS PORTION FOR YOUR RECORDS

<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
DETACH AND RETURN THIS PORTION ONLY</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Guggenheim Strategic Opportunities Fund</div>

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<td style="VERTICAL-ALIGN: middle; WIDTH: 4.17%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 34.38%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 5.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 5.2%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">To elect Trustees in the following manner:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 48.96%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Class I Nominees to serve until 2020 annual</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 5.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">meeting or until successor is elected and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">For </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1a. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Randall C. Barnes</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1b. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Donald A. Chubb, Jr.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1c. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Roman Friedrich III</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 5.2%">&#9744;</td>
<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 5.2%">&#9744;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 4.17%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1d. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amy J. Lee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font></div>
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<td style="FONT-FAMILY: Arial; VERTICAL-ALIGN: bottom; WIDTH: 5.2%">&#9744;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</div>

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<div>&#160;</div>
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<div>&#160;</div>
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<tr>
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<div>Signature [PLEASE SIGN WITHIN BOX]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
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<td style="WIDTH: 20%">
<div>&#160;</div>
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<div>Signature [Joint Owners]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS<br>
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT<br>
<u>www.proxyvote.com</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right; MARGIN-TOP: 12pt">E38627-P05086

<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Solicited on behalf of the Board of Trustees</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual Meeting of Shareholders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">April 26, 2018</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-TOP: 12pt">The Annual Meeting of Shareholders of Guggenheim Strategic Opportunities Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Thursday, April 26, 2018, at 11:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt">SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">PLEASE SIGN AND DATE ON THE REVERSE SIDE.</div>

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