<SEC-DOCUMENT>0001821268-20-000077.txt : 20201001
<SEC-HEADER>0001821268-20-000077.hdr.sgml : 20201001
<ACCEPTANCE-DATETIME>20200930211224
ACCESSION NUMBER:		0001821268-20-000077
CONFORMED SUBMISSION TYPE:	POS 8C
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20201001
DATE AS OF CHANGE:		20200930

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:		POS 8C
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230474
		FILM NUMBER:		201214054

	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 STRATEGIC OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001380936
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		POS 8C
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		201214053

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS 8C
<SEQUENCE>1
<FILENAME>gug80997-pos8c.htm
<DESCRIPTION>GOF
<TEXT>
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    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">As filed with the Securities and Exchange Commission on September 30, 2020</div>
    <div style="text-align: right; margin-bottom: 5pt; font-weight: bold;">Securities Act File No. 333-230474<br>
      Investment Company Act File No.&#160; 811-21982
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    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; margin-bottom: 5pt;"><font style="font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font><br>
      Washington, D.C. 20549</div>
    <div style="text-align: center; margin-bottom: 6pt;">----------</div>
    <div style="text-align: center;">FORM N-2</div>
    <div style="text-align: center; margin-bottom: 5pt;">[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
    <div style="text-align: center; margin-bottom: 12pt;">[X] Post-Effective Amendment No. 4</div>
    <div style="text-align: center; margin-bottom: 12pt;">[X] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940<br>
      [X] Amendment No. 30</div>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">----------</div>
    <div style="text-align: center; margin-bottom: 12pt;">(Exact name of Registrant as specified in Charter)</div>
    <div style="margin-bottom: 5pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 5pt;">227 West Monroe Street<br>
      Chicago, Illinois 60606</div>
    <div style="margin-bottom: 5pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">----------</div>
    <div style="text-align: center;">(Address of principal executive offices)</div>
    <div style="text-align: center; margin-bottom: 12pt;">Registrant&#8217;s Telephone Number, including Area Code: (312) 827-0100</div>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">Amy J. Lee</div>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">Guggenheim Funds Investment Advisors, LLC</div>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">227 West Monroe Street</div>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">Chicago, Illinois 60606</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">----------</div>
    <div style="text-align: center; margin-bottom: 5pt;">(Name and address of agent for service)</div>
    <div style="text-align: center; margin-bottom: 5pt;">COPY TO:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8a6a40803db847d48c82ca6335ceff6c">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Julien Bourgeois</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Allison Fumai</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Dechert LLP</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Dechert LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">1900 K Street, N.W.</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">1095 Avenue of the Americas</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Washington, DC 20006</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">New York, NY 10036-6797</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;"><br>
      <br>
      <br>
      <br>
      ----------</div>
    <div style="text-align: center; font-weight: bold;">Approximate Date of Commencement of Proposed Public Offering:<br>
      As soon as practicable after the effective date of this Registration Statement.</div>
    <div style="text-align: center; font-weight: bold;">---------- </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
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      <div style="margin-bottom: 3pt;"><br>
      </div>
      <div><br>
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    </div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">[x] Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">It is proposed that this filing will become effective (check appropriate box):</div>
    <div style="text-align: justify; margin-bottom: 6pt;">[x] when declared effective pursuant to section 8(c)</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Check each box that appropriately characterizes the Registrant:</div>
    <div style="text-align: justify; margin-bottom: 6pt;">[x] Registered Closed-End Fund.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">[x] A.2 Qualified.</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
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      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt;"> ----------</div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zcf81b9d61e444fddbf24fe3e29a8f9f1">

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          <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 33.19%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Title of Securities</div>
            <div style="text-align: center; font-weight: bold;">Being Registered</div>
          </td>
          <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 18.28%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 1.3pt; font-weight: bold;">Amount Being Registered</div>
          </td>
          <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 14.03%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Proposed Maximum Offering Price Per Share</div>
          </td>
          <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 19.52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Proposed</font><br>
              <font style="font-weight: bold;">Maximum</font><br>
              <font style="font-weight: bold;">Aggregate</font><br>
              <font style="font-weight: bold;">Offering</font><br>
              <font style="font-weight: bold;">Price </font>(3)</div>
          </td>
          <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 14.98%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Amount of</font><br>
              <font style="font-weight: bold;">Registration Fee </font>(4)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.19%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: justify;">Common Shares, $0.01 par value</div>
          </td>
          <td style="width: 18.28%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center; text-indent: 1.3pt;">(1)</div>
          </td>
          <td style="width: 14.03%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center;">(2)</div>
          </td>
          <td style="width: 19.52%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center;">$350,000,000</div>
          </td>
          <td style="width: 14.98%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center;">$42,420.00</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: top;">
            <div>
              <div>
                <div>
                  <div>&#160;</div>
                  <div style="text-indent: 18pt;">(1)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font>There are being registered hereunder a presently indeterminate number of&#160;common shares to
                    be offered&#160;on an immediate, continuous or delayed basis.</div>
                  <div>&#160;</div>
                  <div style="text-indent: 18pt;">(2)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font>The proposed maximum offering price per share will be determined, from time to time, by the
                    Registrant in connection with the sale by the Registrant of the common shares registered under this registration statement.</div>
                  <div>&#160;</div>
                  <div style="text-indent: 18pt;">(3)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font>Estimated solely for the purpose of calculating the registration fee pursuant to Rule
                    457(o) under the Securities Act of 1933, as amended.</div>
                  <div>&#160;</div>
                  <div style="text-indent: 18pt;">(4)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font>Previously paid.</div>
                  <div style="text-indent: 18pt;"> <br>
                  </div>
                  <div style="text-indent: 18pt; text-align: center;">--------------------------<br>
                  </div>
                  <br>
                </div>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: top; border-bottom: #000000 4px double;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
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    <div style="margin-bottom: 12pt; text-align: center;">2</div>
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                    <div style="font-weight: bold;">PROSPECTUS</div>
                    <div style="font-weight: bold;"> <br>
                    </div>
                    <div style="text-align: center; font-weight: bold;"><img src="guglogo.jpg"> </div>
                    <div style="text-align: center; margin-bottom: 6pt; font-size: 18pt; font-weight: bold;"> $350,000,000<br>
                    </div>
                    <div style="text-align: center; margin-bottom: 6pt; font-size: 18pt; font-weight: bold;">Guggenheim Strategic Opportunities Fund</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Common Shares<br>
                      ________________</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Objective and Philosophy. </font>Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment
                      company. The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation. The Fund will pursue a relative value-based investment philosophy, which utilizes quantitative and
                      qualitative analysis to seek to identify securities or spreads between securities that deviate from their perceived fair value and/or historical norms. The Fund&#8217;s sub-adviser seeks to combine a credit-managed fixed-income portfolio
                      with access to a diversified pool of alternative investments and equity strategies. The Fund&#8217;s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has
                      the potential to outperform benchmark indexes with both lower volatility and lower correlation of returns as compared to such benchmark indexes. The Fund cannot ensure investors that it will achieve its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Portfolio. </font>The Fund will seek to achieve its investment objective by investing in a wide range of fixed-income and other debt and
                      senior equity securities (&#8220;Income Securities&#8221;) selected from a variety of sectors and credit qualities, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and
                      agency securities, mezzanine and preferred securities and convertible securities, and in common stocks, limited liability company interests, trust certificates and other equity investments (&#8220;Common Equity Securities&#8221;) that the Fund&#8217;s
                      sub-adviser believes offer attractive yield and/or capital appreciation potential, including employing a strategy of writing (selling) covered call and put options on such equities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Offering. </font>The Fund may offer, from time to time, up to $350,000,000 aggregate initial offering price of common shares of beneficial interest,
                      par value $0.01 per share (&#8220;Common Shares&#8221;), in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a &#8220;Prospectus Supplement&#8221;). As of September 10, 2020, the Fund had
                      sold 6,986,379 Common Shares in an at-the-market offering at an aggregate offering price of $18.07. As a result, up to $223,756,131 aggregate offering price of Common Shares remained available for subsequent offerings under this
                      Prospectus. You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in the Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may offer Common Shares (1) directly to one or more purchasers, (2) through agents that the Fund may designate from time to time or (3) to or through underwriters or dealers.
                      The Prospectus Supplement relating to a particular offering of Common Shares will identify any agents or underwriters involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or discount
                      arrangement between the Fund and agents or underwriters or among underwriters or the basis upon which such amount may be calculated. The Fund may not sell Common Shares through agents, underwriters or dealers without delivery of this
                      Prospectus and a Prospectus Supplement. See &#8220;Plan of Distribution.&#8221;</div>
                    <div style="text-align: center;">________________</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">Investing in the Fund&#8217;s Common Shares involves certain risks. See &#8220;Risks&#8221; on page 64 of this Prospectus.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus
                      is truthful or complete. Any representation to the contrary is a criminal offense.</div>
                    <div style="text-align: center;">________________</div>
                    <div style="text-align: center;">Prospectus dated September 30, 2020</div>
                    <div style="text-align: center;"> <br>
                    </div>
                    <div style="text-align: center;">i<br>
                    </div>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Adviser and Sub-Adviser. </font>Guggenheim Funds Investment Advisors, LLC (the &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s investment
                      adviser and is responsible for the management of the Fund. Guggenheim Partners Investment Management, LLC (the &#8220;Sub-Adviser&#8221;) will be responsible for the management of the Fund&#8217;s portfolio of securities. Each of the Investment Adviser
                      and the Sub-Adviser is a wholly-owned subsidiary of Guggenheim Partners, LLC (&#8220;Guggenheim Partners&#8221;). 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, foundation insurance companies and other institutions that have entrusted Guggenheim Partners with the supervision of more than $270
                      billion of assets as of<font style="font-weight: bold;">&#160;</font>June 30, 2020. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia. The
                      Investment Adviser and the Sub-Adviser are referred to herein collectively as the &#8220;Adviser.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Parameters. </font>The Fund may allocate its assets among a wide variety of Income Securities and Common Equity Securities. The Fund may
                      invest without limitation in below-investment grade securities (e.g., securities rated below Baa3 by Moody&#8217;s Investors Service, Inc., below BBB- by Standard &amp; Poor&#8217;s Ratings Group or Fitch Ratings or comparably rated by another
                      nationally recognized statistical rating organization or, if unrated, determined by the Sub-Adviser to be of comparable quality). Below investment grade securities are commonly referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds and are
                      considered speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal. The Fund&#8217;s investments in any of the sectors and types of Income Securities in which the Fund may invest may include, without
                      limitation, below-investment grade securities. Under normal market conditions, the Fund will not invest more than: 50% of its total assets in Common Equity Securities consisting of common stock; 30% of its total assets in other
                      investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles; 20% of its total assets in non-U.S. dollar-denominated Income Securities; and 10% of its total assets
                      in Income Securities of issuers in emerging markets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Common Shares. </font>The Fund&#8217;s currently outstanding Common Shares are, and the Common Shares offered in this Prospectus will be, listed on the New
                      York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;GOF.&#8221; The net asset value of the Common Shares at the close of business on September 10, 2020 was $16.24 per share and the last sale price of the Common Shares on the NYSE on such
                      date was $18.17, representing a premium to net asset value of 11.88%. See &#8220;Market and Net Asset Value Information.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Financial Leverage. </font>The Fund may seek to enhance the level of its current distributions by utilizing financial leverage through the issuance
                      of preferred shares (&#8220;Preferred Shares&#8221;), through borrowing or the issuance of commercial paper or other forms of debt (&#8220;Borrowings&#8221;), through reverse repurchase agreements, dollar rolls or similar transactions or through a
                      combination of the foregoing (collectively &#8220;Financial Leverage&#8221;). The Fund may utilize Financial Leverage up to the limits imposed by the Investment Company Act of 1940, as amended; however, the aggregate amount of Financial Leverage
                      is not currently expected to exceed 331/3% of the Fund&#8217;s Managed Assets (as defined herein) after such issuance and/or borrowing. As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million,
                      which represented approximately 2.7% of the Fund&#8217;s Managed Assets as of such date. In addition, as of May 31, 2020, the Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to approximately 6.0% of
                      the Fund&#8217;s Managed Assets. As of May 31, 2020, the Fund&#8217;s total Financial Leverage represented approximately 8.7% of the Fund&#8217;s Managed Assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s total Financial Leverage may vary significantly over time based on the Sub-Adviser&#8217;s assessment of market conditions, available investment opportunities and cost of
                      Financial Leverage. The Fund has at times used significantly greater levels of Financial Leverage than on May 31, 2020, including at times using Financial Leverage to the maximum extent permitted under the 1940 Act and the parameters
                      set forth herein. The Fund may in the future increase Financial Leverage up to the parameters set forth herein. The Fund maintains a committed facility agreement with BNP Paribas Prime Brokerage International, Ltd. pursuant to which
                      the Fund may borrow up to $80 million. On May 31, 2020, the Fund had $19.3 million in outstanding Borrowings under the committed facility agreement. Although the use of Financial Leverage by the Fund may create an opportunity for
                      increased total return for the Common Shares, it also results in additional risks and can magnify the effect of any losses. Financial Leverage involves risks and special considerations for shareholders, including the likelihood of
                      greater volatility of net asset value and market price of and dividends on the Common Shares. To the extent the Fund increases its amount of Financial Leverage outstanding, it will be more exposed to these risks. The cost of Financial
                      Leverage, including the portion of the investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, is borne by Common Shareholders. To the extent the Fund increases its amount of </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; text-align: center;">ii<br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">Financial Leverage outstanding, the Fund&#8217;s annual expenses as a percentage of net assets attributable to Common Shares will increase. See &#8220;Use of Financial Leverage.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">You should read this Prospectus, which contains important information about the Fund, together with any Prospectus Supplement, before deciding whether to invest, and retain it for
                      future reference. A Statement of Additional Information (File No. 811-21982), dated September 30, 2020, containing additional information about the Fund, has been filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) and is
                      incorporated by reference in its entirety into this Prospectus. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC
                      (http://www.sec.gov). You may request a free copy of the Statement of Additional Information by calling (800) 345-7999 or by writing to the Investment Adviser at Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street,
                      Chicago, Illinois 60606, or you may obtain a copy (and other information regarding the Fund) from the SEC&#8217;s web site (http://www.sec.gov). Free copies of the Fund&#8217;s reports and its Statement of Additional Information will also be
                      available from the Fund&#8217;s web site at www.guggenheiminvestments.com/gof. The information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally
                      insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</div>
                    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">Beginning on January 1, 2021, paper copies of the Fund&#8217;s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request
                      paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">If you already elected to receive shareholder reports electronically, you will not be affected by this change, and you need not take any action. At any time, you may
                      elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary or, if you are a registered shareholder and your shares are held with the Fund&#8217;s transfer agent,
                      Computershare, you may log into your Investor Center account at www.computershare.com/investor and go to &#8220;Communication Preferences&#8221; or call 1-866-488-3559.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact your
                      financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you may call Computershare at 1-866-488-3559. Your election to receive reports in paper
                      form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all closed-end funds you hold.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold; text-align: center;"><font style="font-weight: normal;">iii</font><br>
                    </div>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">You should rely only on the information contained or incorporated by reference in this Prospectus and any accompanying Prospectus Supplement. The Fund has not authorized anyone to
                      provide you with different information. The Fund is not making an offer of these securities in any state where the offer is not permitted.</div>
                    <div style="text-align: center;">________________</div>
                    <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
                    <div style="text-align: center; font-weight: bold;"> <br>
                    </div>
                    <div style="text-align: center; font-weight: bold;">
                      <table cellspacing="0" cellpadding="0" border="0" id="zd5ad0f2d463944639c97a7e5bcbdbb81" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 90%; vertical-align: top;">&#160;</td>
                            <td style="width: 10%; vertical-align: top;">
                              <div style="text-align: right; font-weight: bold;">Page</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Prospectus Summary</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">1</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Summary of Fund Expenses</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">40</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Financial Highlights</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">42</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Senior Securities and Other Financial Leverage</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">44</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>The Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">45</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Use of Proceeds</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">45</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Market and Net Asset Value Information</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">45</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Investment Objective and Policies</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">46</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>The Fund&#8217;s Investments</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">48</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Use of Financial Leverage</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">60</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Risks</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">64</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Management of the Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">95</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Net Asset Value</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">97</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Distributions</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">100</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Dividend Reinvestment Plan</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">101</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Description of Capital Structure</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">102</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Anti-Takeover and Other Provisions in the Fund&#8217;s Governing Documents</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">103</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Closed-End Fund Structure</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">104</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Repurchase of Common Shares; Conversion to Open-End Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">105</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>U.S. Federal Income Tax Considerations</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">105</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Plan of Distribution</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">109</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">111</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Legal Matters</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">111</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Independent Registered Public Accounting Firm</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">111</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Additional Information</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">111</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Privacy Principles of the Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">111</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Incorporation By Reference</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">112</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <br>
                    <div style="text-align: center;">________________</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">This Prospectus contains or incorporates by reference forward-looking statements, within the meaning of the federal securities laws, that involve risks and uncertainties. These
                      statements describe the Fund&#8217;s plans, strategies, and goals and the Fund&#8217;s beliefs and assumptions concerning future economic and other conditions and the outlook for the Fund, based on currently available information. In this
                      Prospectus, words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;objectives,&#8221; &#8220;goals,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; and similar expressions are used in an effort to identify forward-looking
                      statements, although some forward-looking statements may be expressed differently. The Fund is not entitled to the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act of 1933, as amended.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; text-align: center;">iv<br>
                    </div>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                      <div id="DSPFPageBreak" style="page-break-after:always;">
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                    </div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">PROSPECTUS SUMMARY</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">This is only a summary of information contained elsewhere in this Prospectus. This summary does not contain all of the information that you should
                        consider before investing in the Fund&#8217;s Common Shares. You should carefully read the more detailed information contained elsewhere in this Prospectus and any related Prospectus Supplement prior to making an investment in the Fund,
                        especially the information set forth under the headings &#8220;Investment Objective and Policies&#8221; and &#8220;Risks.&#8221; You may also wish to request a copy of the Fund&#8217;s Statement of Additional Information, dated</font><font style="font-weight: bold;">&#160;</font>September 30, 2020 <font style="font-style: italic;">(the &#8220;SAI&#8221;), which contains additional information about the Fund.</font></div>
                    <table cellspacing="0" cellpadding="0" id="z5d34841e82104110a530de5d19cb97cb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">The Fund</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company that commenced operations on July 26, 2007. The Fund&#8217;s objective is to maximize total return through a
                              combination of current income and capital appreciation.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund&#8217;s common shares of beneficial interest, par value $0.01 per share, are called &#8220;Common Shares&#8221; and the holders of Common Shares are called &#8220;Common Shareholders&#8221; throughout this Prospectus.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Guggenheim Funds Investment Advisors, LLC (the &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s investment adviser and is responsible for the management of the Fund. Guggenheim Partners Investment Management, LLC (the
                              &#8220;Sub-Adviser&#8221;) is responsible for the management of the Fund&#8217;s portfolio of securities. Each of the Investment Adviser and the Sub-Adviser are wholly-owned subsidiaries of Guggenheim Partners, LLC (&#8220;Guggenheim Partners&#8221;).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">The Offering</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may offer, from time to time, up to $350,000,000 aggregate initial offering price of Common Shares, on terms to be determined at the time of the offering. The Fund will offer Common Shares at prices and on terms to
                              be set forth in one or more supplements to this Prospectus (each a &#8220;Prospectus Supplement&#8221;).&#160;As of September 10, 2020, the Fund had sold 6,986,379 Common Shares in an at-the-market offering at an aggregate offering price of
                              $18.07. As a result, up to $223,756,131<font style="font-weight: bold;">&#160;</font>aggregate offering price of Common Shares remained available for subsequent offerings under this Prospectus.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may offer Common Shares (1) directly to one or more purchasers, (2) through agents that the Fund may designate from time to time, or (3) to or through underwriters or dealers. The Prospectus Supplement relating to
                              a particular offering will identify any agents or underwriters involved in the sale of Common Shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and agents or
                              underwriters or among underwriters or the basis upon which such amount may be calculated. The Fund may not sell Common Shares through agents, underwriters or dealers without delivery of this Prospectus and a Prospectus
                              Supplement describing the method and terms of the offering of Common Shares. See &#8220;Plan of Distribution.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Use of Proceeds</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Unless otherwise specified in a Prospectus Supplement, the Fund intends to invest the net proceeds of an offering of Common Shares in accordance with its investment objective and policies as stated herein. It is currently
                              anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering of Common Shares in accordance with its investment objective and policies within three months after the completion of such
                              offering. Pending such investment, it is anticipated that the proceeds will be invested in U.S. government securities or high quality, short-term money market securities. The Fund may also use the proceeds for working capital
                              purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Common Shares primarily for this purpose.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <div style="text-align: center;">1<br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <!--PROfilePageNumberReset%Num%2%%%-->
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z5183dfea8ac142bfb57e7f87a05cf3b3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Investment Objective</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation. The Fund cannot ensure investors that it will achieve its investment objective. The Fund&#8217;s
                              investment objective is considered fundamental and may not be changed without the approval of Common Shareholders. See &#8220;Investment Objective and Policies&#8212;Investment Philosophy and Investment Process.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Investment Philosophy Process</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund will pursue a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between securities that deviate from their perceived fair
                              value and/or historical norms. The Sub-Adviser seeks to combine a credit managed fixed income portfolio with access to a diversified pool of alternative investments and equity strategies. The Fund&#8217;s investment philosophy is
                              predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower correlation of returns as
                              compared to such benchmark indexes.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Sub-Adviser&#8217;s process for determining whether to buy a security is a collaborative effort between various groups including: (i) economic research, which focus on key economic themes and trends, regional and
                              country-specific analysis, and assessments of event-risk and policy impacts on asset prices, (ii) the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling tools to determine
                              allocation of assets among a variety of sectors, (iii) its Sector Specialists, who are responsible for identifying investment opportunities in particular securities within these sectors, including the structuring of certain
                              securities directly with the issuers or with investment banks and dealers involved in the origination of such securities, and (iv) portfolio managers, who determine which securities best fit the Fund based on the Fund&#8217;s
                              investment objective and top-down sector allocations. In managing the Fund, the Sub- Adviser uses a process for selecting securities for purchase and sale that is based on intensive credit research and involves extensive due
                              diligence on each issuer, region and sector. The Sub-Adviser also considers macroeconomic outlook and geopolitical issues.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Investment Portfolio</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund will seek to achieve its investment objective by investing in:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Income Securities. </font>The Fund may invest in a wide range of fixed- income and other debt and senior equity securities (&#8220;Income Securities&#8221;) selected from a variety of sectors and
                              credit qualities. The Fund may invest in Income Securities of any credit quality, including, without limitation, Income Securities rated below-investment grade (commonly referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds), which are
                              considered speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal. The sectors and types of Income Securities in which the Fund may invest, include, but are not limited to:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>Corporate bonds;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>Loans and loan participations (including senior secured&#160;floating rate loans,
                              &#8220;second lien&#8221; secured floating rate loans, and other types of secured and unsecured loans with fixed and variable interest rates) (collectively, &#8220;Loans&#8221;);</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>Structured finance investments (including residential&#160;and commercial
                              mortgage-related securities, asset- backed securities, collateralized debt obligations and risk-linked securities);</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>U.S. government and agency securities;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>Mezzanine and preferred securities; and</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>Convertible securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Common Equity Securities and Covered Call Option Strategy. </font>The Fund may invest in common stocks, limited liability company interests, trust certificates and other equity investments
                              (&#8220;Common Equity Securities&#8221;) that the Sub-Adviser believes offer attractive <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">2</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z6039bce1d182456fae703da269a6b07f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">yield and/or capital appreciation potential. As part of its Common Equity Securities strategy, the Fund currently intends to employ a strategy of writing (selling)
                            covered call options and may, from time to time, buy or sell put options on individual Common Equity Securities and, to a lesser extent, on indices of securities and sectors of securities. This covered call option strategy is
                            intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund&#8217;s Common Shareholders.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Structured Finance Investments. </font>The Fund may invest in structured finance investments, which are Income Securities and Common Equity Securities typically issued by special purpose
                              vehicles that hold income-producing securities (e.g., mortgage loans, consumer debt payment obligations and other receivables) and other financial assets. Structured finance investments are tailored, or packaged, to meet
                              certain financial goals of investors. Typically, these investments provide investors with capital protection, income generation and/or the opportunity to generate capital growth. The Sub-Adviser believes that structured
                              finance investments provide attractive risk-adjusted returns, frequent sector rotation opportunities and prospects for adding value through security selection. Structured finance investments include:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Mortgage-Related Securities</u>. Mortgage-related securities are a form of derivative collateralized by pools of commercial or residential mortgages. Pools of mortgage loans are assembled as securities for sale to
                              investors by various governmental, government-related and private organizations. These securities may include complex instruments such as collateralized mortgage obligations, real estate investment trusts (&#8220;REITs&#8221;) (including
                              debt and preferred stock issued by REITs), and other real estate-related securities. The mortgage- related securities in which the Fund may invest include those with fixed, floating or variable interest rates, those with
                              interest rates that change based on multiples of changes in a specified index of interest rates, and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The
                              Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, including subordinated mortgage-related securities. The underlying assets of certain
                              mortgage-related securities may be subject to prepayments, which shorten the weighted average maturity and may lower the return of such securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Asset-Backed Securities</u>. Asset-backed securities (&#8220;ABS&#8221;) are a form of structured debt obligation. ABS are payment claims that are securitized in the form of negotiable paper that is issued by a financing company
                              (generally called a special purpose vehicle). Collateral assets brought into a pool according to specific diversification rules. A special purpose vehicle is founded for the purpose of securitizing these payment claims and the
                              assets of the special purpose vehicle are the diversified pool of collateral assets. The special purpose vehicle issues marketable securities which are intended to represent a lower level or risk than an underlying collateral
                              asset individually, due to the diversification in the pool. The redemption of the securities issued by the special purpose vehicle takes place out of the cash flow generated by the collected assets. A special purpose vehicle
                              may issue multiple securities with different priorities to the cash flows generated and the collateral assets. The collateral for ABS may include home equity loans, automobile and credit card receivables, boat loans, computer
                              leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. There is the possibility that
                              recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Collateralized Debt Obligations</u>. A collateralized debt obligation (&#8220;CDO&#8221;) is an asset-backed security whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities
                              and/or synthetic instruments. Where the underlying collateral is a portfolio of bonds, a CDO is referred to as a collateralized bond obligation (&#8220;CBO&#8221;). Where the underlying collateral is a portfolio of bank loans, a CDO is
                              referred <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">3</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z532a722469ce41099b51d406c9ed39ac" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">to as a collateralized loan obligation (&#8220;CLO&#8221;). Investors in CLOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the
                            CLO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CLO&#8217;s collateral
                            otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. This
                            prioritization of the cash flows from a pool of securities among the several tranches of the CLO is a key feature of the CLO structure. If there are funds remaining after each tranche of debt receives its contractual interest
                            rate and the CLO meets or exceeds required collateral coverage levels (or other similar covenants), the remaining funds may be paid to the subordinated (or residual) tranche (often referred to as the &#8220;equity&#8221; tranche). CLOs are
                            subject to the same risk of prepayment described with respect to certain mortgage-related and asset-backed securities.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may invest in senior, rated tranches as well as mezzanine and subordinated tranches of CLOs. Investment in the subordinated tranche is subject to special risks. The subordinated tranche does not receive ratings and
                              is considered the riskiest portion of the capital structure of a CLO because it bears the bulk of defaults from the loans in the CLO and serves to protect the other, more senior tranches from default in all but the most severe
                              circumstances.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Risk-Linked Securities.</u> Risk-linked securities (&#8220;RLS&#8221;) are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic
                              property and casualty damages. RLS are typically debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined &#8220;trigger event.&#8221; Depending on the specific
                              terms and structure of the RLS, this trigger could be the result of a hurricane, earthquake or some other catastrophic event.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Real Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by companies that own, produce, refine, process, transport and market
                              &#8220;real property assets,&#8221; such as real estate and the natural resources upon or within real estate (&#8220;Real Property Asset Companies&#8221;).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Personal Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by companies that seek to profit primarily from the ownership,
                              rental, leasing, financing or disposition of personal (as opposed to real) property assets (&#8220;Personal Property Asset Companies&#8221;). Personal (as opposed to real) property includes any tangible, movable property or asset. The
                              Fund will typically seek to invest in Income Securities and Common Equity Securities of Personal Property Asset Companies the investment performance of which is not expected to be highly correlated with traditional market
                              indexes because the personal property asset held by such company is non-correlated with traditional debt or equity markets. Such personal property assets include special situation transportation assets (e.g., railcars,
                              airplanes and ships) and collectibles (e.g., antiques, wine and fine art).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Private Securities. </font>The Fund may invest in privately issued Income Securities and Common Equity Securities of both public and private companies (&#8220;Private Securities&#8221;). Private
                              Securities have additional risk considerations than comparable public securities, including availability of financial information about the issuer and valuation and liquidity issues.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Investment Funds. </font>As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities by investing in
                              other investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles (collectively, &#8220;Investment Funds&#8221;). The Fund may invest up to 30% of its total assets in
                              Investment Funds that primarily hold (directly or indirectly) investments in which the Fund may <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">4</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z5a6feeabedbb4c9996af31c905cdfb3b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">invest directly. The 1940 Act generally limits a registered investment company&#8217;s investments in other investment companies to 10% of its total assets. However, pursuant
                            to exemptions set forth in rules and regulations promulgated under the 1940 Act, the Fund may invest in excess of this limitation provided that the conditions of such exemptions are met. In addition, the Fund may invest in
                            certain ETFs in excess of the 10% limitation in reliance upon and in accordance with exemptive relief obtained by such ETFs. The Fund will invest in private investment funds, commonly referred to as &#8220;hedge funds,&#8221; only to the
                            extent permitted by applicable rules, regulations and interpretations of the SEC and NYSE. The Fund has no current intention to invest in private investment funds. Investments in other Investment Funds involve operating expenses
                            and fees at the Investment Fund level that are in addition to the expenses and fees borne by the Fund and are borne indirectly by holders of the Fund&#8217;s Common Shares. Further, on December 19, 2018, the SEC published a proposed
                            rule that, if adopted, would change the regulation of investments in other investment companies. Such regulations could permit closed-end funds to invest in other investment companies in excess of the limits of the 1940 Act.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Synthetic Investments. </font>As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities through the
                              use of customized derivative instruments (including swaps, options, forwards, notional principal contracts or other financial instruments) to replicate, modify or replace the economic attributes associated with an investment
                              in Income Securities and Common Equity Securities (including interests in Investment Funds.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Derivative Transactions. </font>The Fund may purchase and sell derivative instruments (which derive their value by reference to another instrument, security or index) for investment
                              purposes, such as obtaining investment exposure to an investment category; risk management purposes, such as hedging against fluctuations in securities prices or interest rates; diversification purposes; or to change the
                              duration of the Fund. In order to help protect the soundness of derivative transactions and outstanding derivative positions, the Sub-Adviser generally requires derivative counterparties to have a minimum credit rating of A
                              from Moody&#8217;s Investors Service (or a comparable rating from another nationally recognized statistical rating organization (&#8220;NRSRO&#8221;)) and monitors such rating on an ongoing basis. In addition, the Sub-Adviser seeks to allocate
                              derivative transactions to limit exposure to any single counterparty. The Fund has not adopted a maximum percentage limit with respect to derivative investments. However, the maximum level of and types of derivative
                              transactions used by the Fund will be approved by the Board of Trustees and the Board of Trustees will receive regular reports from the Investment Adviser and the Sub-Adviser regarding the Fund&#8217;s use of derivative instruments
                              and the effect of derivative transactions on the management of the Fund&#8217;s portfolio and the performance of the Fund. See &#8220;The Fund&#8217;s Investments&#8212;Derivative Transactions.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Investment Policies</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may allocate its assets among a wide variety of Income Securities and Common Equity Securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may invest without limitation in below-investment grade securities (e.g., securities rated below Baa3 by Moody&#8217;s Investors Service, Inc., below BBB- by Standard &amp; Poor&#8217;s Ratings Group or Fitch Ratings or
                              comparably rated by another nationally recognized statistical rating organization or, if unrated, determined by the Sub- Adviser to be of comparable quality). Below-investment grade securities are commonly referred to as
                              &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds and are considered speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal. The Fund&#8217;s investments in any of the sectors and types of Income Securities in which the
                              Fund may invest may include, without limitation, below investment grade securities. The Fund&#8217;s investments in below investment grade securities may include distressed and defaulted securities.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">5</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z67b864310b694d99b968d8cde3174d87" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>Under normal market conditions, the Fund will not invest more than:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>50% of its total assets in Common Equity Securities consisting of common stock;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>30% of its total assets in Investment Funds;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; font-size: 1px; width: 9pt;">&#160;</font>20% of its total assets in non-U.S.
                              dollar-denominated&#160;Income Securities of corporate and governmental issuers located outside the United States; and</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: bottom;">
                            <div style="margin-bottom: 6pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font>10% of its total assets in Income Securities of issuers in&#160;emerging markets.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>The percentage of the Fund&#8217;s total assets allocated to any category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the above referenced investment policies.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>Unless otherwise stated in this Prospectus or the SAI, the Fund&#8217;s investment policies are considered non-fundamental and may be changed by the Board of Trustees of the Fund (the &#8220;Board of Trustees&#8221;) without Common
                              Shareholder approval. The Fund will provide investors with at least 60 days&#8217; prior written notice of any change in the Fund&#8217;s investment policies. See &#8220;Investment Objective and Policies&#8221; in this Prospectus and in the SAI.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">
                            <div style="font-weight: bold;">Financial Leverage</div>
                          </td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>The Fund may seek to enhance the level of its current distributions by utilizing financial leverage through the issuance of preferred shares (&#8220;Preferred Shares&#8221;), through borrowing or the issuance of commercial paper or
                              other forms of debt (&#8220;Borrowings&#8221;), through reverse repurchase agreements, dollar rolls or similar transactions or through a combination of the foregoing (collectively &#8220;Financial Leverage&#8221;). The Fund may utilize Financial
                              Leverage up to the limits imposed by the 1940 Act; however, the aggregate amount of Financial Leverage is not currently expected to exceed 331/3% of the Fund&#8217;s Managed Assets (as defined herein) after such issuance and/or
                              borrowing.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million, which represented approximately 2.7% of the Fund&#8217;s Managed Assets as of such date. In addition, as of May 31, 2020, the
                              Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to approximately 6.0% of the Fund&#8217;s Managed Assets. As of May 31, 2020, the Fund&#8217;s total Financial Leverage represented approximately
                              8.7% of the Fund&#8217;s Managed Assets. The Fund&#8217;s total Financial Leverage may vary significantly over time based on the Sub-Adviser&#8217;s assessment of market conditions, available investment opportunities and cost of Financial
                              Leverage. The Fund has at times used significantly greater levels of Financial Leverage than on May 31, 2020, including at times using Financial Leverage to the maximum extent permitted under the 1940 Act and the parameters
                              set forth herein. The Fund may in the future increase Financial Leverage up to the parameters set forth herein. The Fund maintains a committed facility agreement with BNP Paribas Prime Brokerage International, Ltd. (&#8220;BNP
                              Paribas&#8221;) pursuant to which the Fund may borrow up to $80 million. On May 31, 2020, the Fund had $19.3 million in outstanding Borrowings under the committed facility agreement.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.54%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.37%; vertical-align: top;">
                            <div>Although the use of Financial Leverage by the Fund may create an opportunity for increased total return for the Common Shares, it also results in additional risks and can magnify the effect of any losses. Financial Leverage
                              involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of and dividends on the Common Share. To the extent the Fund increases its amount
                              of Financial Leverage outstanding, it will be more exposed to these risks. The cost of Financial Leverage, including the portion of the investment advisory fee attributable to the assets purchased with the proceeds of
                              Financial Leverage, is borne by Common Shareholders. To the extent the Fund increases its amount of Financial <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">6</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                      <br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z33c4b965ad764b7db2b4a9b23d110393" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">Leverage outstanding, the Fund&#8217;s annual expenses as a percentage of net assets attributable to Common Shares will increase.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Under the 1940 Act the Fund may not utilize Borrowings if, immediately after incurring such Borrowing, the Fund would have asset coverage (as defined in the 1940 Act) of less than 300% (i.e., for every dollar of Borrowings
                              outstanding, the Fund is required to have at least three dollars of assets). Under the 1940 Act, the Fund may not issue Preferred Shares if, immediately after issuance, the Fund would have asset coverage (as defined in the
                              1940 Act) of less than 200% (i.e., for every dollar of Preferred Shares outstanding, the Fund is required to have at least two dollars of assets). The Fund has no present intention to issue Preferred Shares. The Fund may also
                              borrow in excess of such limit for temporary purposes such as the settlement of transactions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>With respect to leverage incurred through investments in reverse repurchase agreements, dollar rolls and similar transactions, the Fund intends to earmark or segregate cash or liquid securities in accordance with applicable
                              interpretations of the staff of the Securities and Exchange Commission (the &#8220;SEC&#8221;). As a result of such segregation, the Fund&#8217;s obligations under such transactions will not be considered indebtedness for purposes of the 1940
                              Act and the Fund&#8217;s use of leverage through reverse repurchase agreements, dollar rolls and similar transactions will not be limited by the 1940 Act. However, the Fund&#8217;s use of leverage through reverse repurchase agreements,
                              dollar rolls and similar transactions will be included when calculating the Fund&#8217;s Financial Leverage, and therefore is not currently expected to exceed 331/3% of the Fund&#8217;s Managed Assets, and may be further limited by the
                              availability of cash or liquid securities to earmark or segregate in connection with such transactions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>In addition, the Fund may engage in certain derivatives transactions that have economic characteristics similar to leverage. To the extent the terms of such transactions obligate the Fund to make payments, the Fund intends
                              to earmark or segregate cash or liquid securities in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transactions or otherwise cover such transactions in accordance
                              with applicable interpretations of the staff of the SEC. As a result of such segregation or cover, the Fund&#8217;s obligations under such transactions will not be considered indebtedness for purposes of the 1940 Act and will not be
                              included in calculating the aggregate amount of the Fund&#8217;s Financial Leverage. To the extent that the Fund&#8217;s obligations under such transactions are not so segregated or covered, such obligations may be considered &#8220;senior
                              securities representing indebtedness&#8221; under the 1940 Act and therefore subject to the 300% asset coverage requirement described above.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>So long as the net rate of return on the Fund&#8217;s investments purchased with the proceeds of Financial Leverage exceeds the cost of such Financial Leverage, such excess amounts will be available to pay higher distributions to
                              holders of the Fund&#8217;s Common Shares. In connection with the Fund&#8217;s use of Financial Leverage, the Fund may seek to hedge the interest rate risks associated with the Financial Leverage through interest rate swaps, caps or other
                              derivative transactions. There can be no assurance that the Fund&#8217;s Financial Leverage strategy will be successful during any period during which it is employed. The costs associated with the issuance of Financial Leverage will
                              be borne by Common Shareholders, which will result in a reduction of net asset value of the Common Shares. The fee paid to the Investment Adviser will be calculated on the basis of the Fund&#8217;s Managed Assets, including proceeds
                              from Financial Leverage, so the fees paid to the Investment Adviser will be higher when Financial Leverage is utilized. Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased
                              with the proceeds of Financial Leverage, which means that Common Shareholders effectively bear the entire advisory fee. See &#8220;Use of Financial Leverage&#8221; and &#8220;Risks&#8212; Financial Leverage Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Other Investment Practices</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Temporary Defensive Investments. </font>At any time when a temporary defensive posture is believed by the Sub-Adviser to be warranted (a &#8220;temporary defensive period&#8221;), the Fund <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">7</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z5b129e928590476bbb135cb6cbf02002" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">may, without limitation, hold cash or invest its assets in money market instruments and repurchase agreements in respect of those instruments. The Fund may not achieve
                            its investment objective during a temporary defensive period or be able to sustain its historical distribution levels. See &#8220;Investment Objective and Policies&#8212;Temporary Defensive Investments.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Management of the Fund</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Guggenheim Funds Investment Advisors, LLC acts as the Fund&#8217;s Investment Adviser pursuant to an advisory agreement with the Fund (the &#8220;Advisory Agreement&#8221;). Pursuant to the Advisory Agreement, the Investment Adviser is
                              responsible for the management of the Fund and administers the affairs of the Fund to the extent requested by the Board of Trustees. As compensation for its services, the Fund pays the Investment Adviser a fee, payable monthly
                              in arrears at an annual rate equal to 1.00% of the Fund&#8217;s average daily Managed Assets. &#8220;Managed Assets&#8221; means the total assets of the Fund (other than assets attributable to any investments by the Fund in Affiliated
                              Investment Funds), including the assets attributable to the proceeds from any borrowings or other forms of financial leverage, minus liabilities, other than liabilities related to any financial leverage. &#8220;Affiliated Investment
                              Funds&#8221; means investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles, advised or managed by the Fund&#8217;s investment Sub-Adviser or any of its affiliates.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Guggenheim Partners Investment Management, LLC acts as the Fund&#8217;s Sub-Adviser pursuant to a sub-advisory agreement with the Fund and the Investment Adviser (the &#8220;Sub-Advisory Agreement&#8221;). Pursuant to the Sub-Advisory
                              Agreement, the Sub-Adviser is responsible for the management of the Fund&#8217;s portfolio of securities. As compensation for its services, the Investment Adviser pays the Sub-Adviser a fee, payable monthly in arrears at an annual
                              rate equal to 0.50% of the Fund&#8217;s average daily Managed Assets, less 0.50% of the Fund&#8217;s average daily assets attributable to any investments by the Fund in Affiliated Investment Funds.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Each of the Investment Adviser and the Sub-Adviser are wholly-owned subsidiaries of Guggenheim Partners.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Distributions</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund intends to pay substantially all of its net investment income to Common Shareholders through monthly distributions. In addition, the Fund intends to distribute any net long-term capital gains to Common Shareholders
                              as long-term capital gain dividends at least annually. The Fund expects that distributions paid on the Common Shares will consist of (i) investment company taxable income, which includes, among other things, ordinary income,
                              short-term capital gain and income from certain hedging and interest rate transactions, (ii) qualified dividend income and (iii) long-term capital gain (gain from the sale of a capital asset held longer than one year).
                              Distributions may be paid by the Fund from any permitted source and, from time to time, all or a portion of a distribution may be a return of capital. To the extent the Fund receives dividends with respect to its investments
                              in Common Equity Securities that consist of qualified dividend income (income from domestic and certain foreign corporations), a portion of the Fund&#8217;s distributions to its Common Shareholders may consist of qualified dividend
                              income. The Fund cannot assure you, however, as to what percentage of the dividends paid on the Common Shares, if any, will consist of qualified dividend income or long-term capital gains, which are taxed at lower rates for
                              individuals than ordinary income. In certain circumstances, the Fund may elect to retain income or capital gain and pay income or excise tax on such undistributed amount, to the extent that the Board of Trustees, in
                              consultation with Fund management, determines it to be in the best interest of shareholders to do so. Alternatively, the distributions paid by the Fund for any particular month may be more than the amount of net investment
                              income from that monthly period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a Common Shareholder invested in the Fund, up to the amount of the
                              Common Shareholder&#8217;s tax basis in their Common Shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the Common Shareholder&#8217;s potential gain, or reduce the
                              Common Shareholder&#8217;s <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">8</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z1d3ed21766dc42f989643e216a5cb7e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">potential loss, on any subsequent sale or other disposition of Common Shares. Shareholders who periodically receive the payment of a distribution consisting of a return
                            of capital may be under the impression that they are receiving net income or profits when they are not. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. See &#8220;Distributions.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>If you hold your Common Shares in your own name or if you hold your Common Shares with a brokerage firm that participates in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), unless you elect to receive cash, all
                              dividends and distributions that are declared by the Fund will be automatically reinvested in additional Common Shares of the Fund pursuant to the Plan. If you hold your Common Shares with a brokerage firm that does not
                              participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial adviser for more information. See
                              &#8220;Dividend Reinvestment Plan.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Listing and Symbol</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund&#8217;s currently outstanding Common Shares are, and the Common Shares offered in this Prospectus will be, listed on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;GOF.&#8221; The net asset value of the Common
                              Shares at the close of business on September 10, 2020 was $16.24 per share and the last sale price of the Common Shares on the NYSE on such date was $18.17, representing a premium to net asset value of 11.88%.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Special Risk Considerations</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Not a Complete Investment Program. </font>An investment in the Common Shares of the Fund should not be considered a complete investment program. The Fund is intended for long-term
                              investors seeking current income and capital appreciation. The Fund is not meant to provide a vehicle for those who wish to play short-term swings in the stock market. Each Common Shareholder should take into account the
                              Fund&#8217;s investment objective as well as the Common Shareholder&#8217;s other investments when considering an investment in the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Investment and Market Risk. </font>An investment in Common Shares of the Fund is subject to investment risk, particularly under current economic, financial, labor and health conditions,
                              including the possible loss of the entire principal amount that you invest. An investment in the Common Shares of the Fund represents an indirect investment in the securities owned by the Fund. The value of, or income
                              generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences,
                              including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, investor confidence or economic, political, social or financial market conditions, environmental
                              disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, that each of which may be temporary or last for extended periods. For
                              example, the risks of a borrower&#8217;s default or bankruptcy or non-payment of scheduled interest or principal payments from senior floating rate interests held by the Fund are especially acute under these conditions. Furthermore,
                              interest rates and bond yields may fall as a result of types of events, including responses by governmental entities to such events, which would magnify the Fund&#8217;s fixed-income instruments&#8217; susceptibility to interest rate risk
                              and diminish their yield and performance. Moreover, the Fund&#8217;s investments in asset-backed securities are subject to many of the same risks that are applicable to investments in securities generally, including interest rate
                              risk, credit risk, foreign currency risk, below-investment grade securities risk, financial leverage risk, prepayment and regulatory risk, which would be elevated under the foregoing circumstances.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Fund&#8217;s investments will increase in value along with the broader
                              markets.&#160; Volatility of financial markets, including potentially extreme volatility caused by the events described above, <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">9</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z961906a847164e838b2a30baac74f8e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">
                            <div>can expose the Fund to greater market risk than normal, possibly resulting in greatly reduced liquidity. Moreover, changing economic, political, social or financial market conditions in one country or geographic region
                              could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region because of the increasingly interconnected global economies and financial markets. The Adviser
                              potentially could be prevented from considering, managing and executing investment decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly
                              disruptions causing heightened market volatility and reduced market liquidity, such as the current conditions, which have also resulted in impediments to the normal functioning of workforces, including personnel and systems of
                              the Fund&#8217;s service providers and market intermediaries.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>At any point in time, your Common Shares may be worth less than your original investment, including the reinvestment of Fund dividends and distributions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Management Risk. </font>The Fund is subject to management risk because it has an actively managed portfolio. The Sub-Adviser will apply investment techniques and risk analysis in making
                              investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund&#8217;s allocation of its investments across various asset classes and sectors may vary significantly over time
                              based on the Adviser&#8217;s analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#8217;s portfolio, may vary over time.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Income Risk. </font>The income investors receive from the Fund is based primarily on the interest it earns from its investments in Income Securities, which can vary widely over the
                              short-and long-term. If prevailing market interest rates drop, investors&#8217; income from the Fund could drop as well. The Fund&#8217;s income could also be affected adversely when prevailing short-term interest rates increase and the
                              Fund is utilizing leverage, although this risk is mitigated to the extent the Fund invests in floating-rate obligations.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Dividend Risk. </font>Dividends on common stock and other Common Equity Securities which the Fund may hold are not fixed but are declared at the discretion of an issuer&#8217;s board of
                              directors. There is no guarantee that the issuers of the Common Equity Securities in which the Fund invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time.
                              These circumstances may result from issuer-specific events, adverse economic or market developments, or legislative or regulatory changes or other developments that limit an issuer&#8217;s ability to declare and pay dividends, which
                              would affect the Fund&#8217;s performance and ability to generate income. The dividend income from the Fund&#8217;s investment in Common Equity Securities will be influenced by both general economic activity and issuer-specific factors.
                              In the event of adverse changes in economic conditions or adverse events effecting a specific industry or issuer, the issuers of the Common Equity Securities held by the Fund may reduce the dividend paid on such securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Income Securities Risk. </font>In addition to the risks discussed above, Income Securities, including high-yield bonds, are subject to certain risks, including:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Issuer Risk</u>. The value of Income Securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#8217;s goods and
                              services, historical and projected earnings, and the value of its assets.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Spread Risk</u>. Spread risk is the risk that the market price can change due to broad based movements in spreads, which is particularly relevant in the current low spread environment.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">10</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z3cca40a0ff1a408b85b42b677861bb0b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Credit Risk</u>. The Fund could lose money if the issuer or guarantor of a debt instrument or a counterparty to a derivatives transaction or other transaction (such as a repurchase agreement or a loan of portfolio
                              securities or other instruments) is unable or unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on time or defaults. If an issuer fails to pay interest, the Fund&#8217;s income would likely be
                              reduced, and if an issuer fails to repay principal, the value of the instrument likely would fall and the Fund could lose money. This risk is especially acute with respect to below investment grade debt instruments (commonly
                              referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds) and unrated high risk debt instruments, whose issuers are particularly susceptible to fail to meet principal or interest obligations under current conditions. Also, the issuer,
                              guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by economic, political or social conditions that could lower the credit quality (or the market&#8217;s perception of the credit
                              quality) of the issuer or instrument, leading to greater volatility in the price of the instrument and in shares of the Fund. Although credit quality may not accurately reflect the true credit risk of an instrument, a change
                              in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument&#8217;s liquidity and make it more difficult for the Fund to sell at an advantageous price or time. The risk of the
                              occurrence of these types of events is heightened under current conditions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">The degree of credit risk depends on the particular instrument and the financial condition of the issuer, guarantor or counterparty, which are often reflected in its credit quality.
                            Credit quality is a measure of the issuer&#8217;s expected ability to make all required interest and principal payments in a timely manner. An issuer with the highest credit rating has a very strong capacity with respect to making all
                            payments. An issuer with the second-highest credit rating has a strong capacity to make all payments, but the degree of safety is somewhat less. An issuer with the lowest credit quality rating may be in default or have extremely
                            poor prospects of making timely payment of interest and principal. Credit ratings assigned by rating agencies are based on a number of factors and subjective judgments and therefore do not necessarily represent an issuer&#8217;s
                            actual financial condition or the volatility or liquidity of the security. Although higher-rated securities generally present lower credit risk as compared to lower-rated or unrated securities, an issuer with a high credit
                            rating may in fact be exposed to heightened levels of credit or liquidity risk.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Interest Rate Risk</u>. Fixed-income and other debt instruments are subject to the possibility that interest rates could change (or are expected to change). Changes in interest rates, including changes in reference rates
                              used in fixed-income and other debt instruments (such as the London Interbank Offer Rate), may adversely affect the Fund&#8217;s investments in these instruments, such as the value or liquidity of, and income generated by, the
                              investments. In addition, changes in interest rates, including rates that fall below zero, can have unpredictable effects on markets and can adversely affect the Fund&#8217;s yield, income and performance.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The value of a debt instrument with a longer duration will generally be more sensitive to interest rate changes than a similar instrument with a shorter duration. Similarly, the longer the average duration (whether positive
                              or negative) of these instruments held by the Fund or to which the Fund is exposed (<font style="font-style: italic;">i.e.</font>, the longer the average portfolio duration of the Fund), the more the Fund&#8217;s NAV will likely
                              fluctuate in response to interest rate changes. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates that incorporates a security&#8217;s yield, coupon, final maturity and call
                              features, among other characteristics. For example, the NAV per share of a bond fund with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>However, measures such as duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, in turn, the Fund&#8217;s susceptibility to changes in interest rates. Certain fixed-income and
                              debt instruments are subject to the risk <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">11</font></div>
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                    <table cellspacing="0" cellpadding="0" id="zba625ee2a07f4b5c83bb21ba565dda23" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">that the issuer may exercise its right to redeem (or call) the instrument earlier than anticipated. Although an issuer may call an instrument for a variety of reasons, if
                            an issuer does so during a time of declining interest rates, the Fund might have to reinvest the proceeds in an investment offering a lower yield or other less favorable features, and therefore might not benefit from any
                            increase in value as a result of declining interest rates. Interest only or principal only securities and inverse floaters are particularly sensitive to changes in interest rates, which may impact the income generated by the
                            security and other features of the security.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Adjustable rate securities also react to interest rate changes in a similar manner as fixed-rate securities but generally to a lesser degree depending on the characteristics of the security, in particular its reset terms (<font style="font-style: italic;">i.e.</font>, the index chosen, frequency of reset and reset caps or floors). During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind
                              changes in market rates, the value of such securities may decline until their interest rates reset to market rates. These securities also may be subject to limits on the maximum increase in interest rates. During periods of
                              declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. These
                              securities may not be subject to limits on downward adjustments of interest rates.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>During periods of rising interest rates, issuers of debt securities or asset-backed securities may pay principal later or more slowly than expected, which may reduce the value of a Fund&#8217;s investment in such securities and
                              may prevent the Fund from receiving higher interest rates on proceeds reinvested in other instruments. During periods of falling interest rates, issuers of debt securities or asset-backed securities may pay off debts more
                              quickly or earlier than expected, which could cause the Fund to be unable to recoup the full amount of its initial investment and/or cause the Fund to reinvest in lower-yielding securities, thereby reducing the Fund&#8217;s yield or
                              otherwise adversely impacting the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">Certain debt instruments, such as instruments with a negative duration or inverse instruments, are also subject to interest rate risk, although such instruments generally react
                            differently to changes in interest rates than instruments with positive durations. The Fund&#8217;s investments in these instruments also may be adversely affected by changes in interest rates. For example, the value of instruments
                            with negative durations, such as inverse floaters, generally decrease if interest rates decline.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">The Fund&#8217;s use of leverage will tend to increase Common Share interest rate risk. The Fund may utilize certain strategies, including taking positions in futures or interest rate
                            swaps, for the purpose of reducing the interest rate sensitivity of credit securities held by the Fund and decreasing the Fund&#8217;s exposure to interest rate risk. The Fund is not required to hedge its exposure to interest rate
                            risk and may choose not to do so. In addition, there is no assurance that any attempts by the Fund to reduce interest rate risk will be successful or that any hedges that the Fund may establish will perfectly correlate with
                            movements in interest rates.</td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">12</font></div>
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                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z861f9ac9069d4def8e7631631355cb7d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Current Fixed-Income and Debt Market Conditions</u>. Fixed-income and debt market conditions are highly unpredictable and some parts of the market are subject to dislocations. In response to the crisis initially caused
                              by the outbreak of COVID-19, as with other serious economic disruptions, governmental authorities and regulators have enacted or are enacting significant fiscal and monetary policy changes, including providing direct capital
                              infusions into companies, creating new monetary programs and lowering interest rates considerably. These actions present heightened risks to fixed-income and debt instruments, and such risks could be even further heightened if
                              these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. In light of these actions and current conditions, interest rates and bond yields in the United States and many other
                              countries are at or near historic lows, and in some cases, such rates and yields are negative. The current very low or negative interest rates are magnifying the Fund&#8217;s susceptibility to interest rate risk and diminishing
                              yield and performance. In addition, the current environment is exposing fixed-income and debt markets to significant volatility and reduced liquidity for Fund investments.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;"><u>Reinvestment Risk</u>. Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured, traded or called Income
                            Securities at market interest rates that are below the Fund portfolio&#8217;s current earnings rate. A decline in income could affect the Common Shares&#8217; market price or the overall return of the Fund.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Prepayment Risk</u>. Certain debt instruments, including loans and mortgage- and other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected (or an
                              investment is converted or redeemed prior to maturity).&#160;For example, an issuer may exercise its right to redeem outstanding debt securities prior to their maturity (known as a &#8220;call&#8221;) or otherwise pay principal earlier than
                              expected for a number of reasons (<font style="font-style: italic;">e.g.</font>, declining interest rates, changes in credit spreads and improvements in the issuer&#8217;s credit quality). If an issuer calls or &#8220;prepays&#8221; a security
                              in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities, securities with greater credit risks or securities with
                              other, less favorable features or terms than the security in which the Fund initially invested, thus potentially reducing the Fund&#8217;s yield.&#160;Income Securities frequently have call features that allow the issuer to repurchase
                              the security prior to its stated maturity. Loans and mortgage- and other asset-backed securities are particularly subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates (or
                              narrower spreads) as issuers of higher interest rate debt instruments pay off debts earlier than expected.&#160; In addition, the Fund may lose any premiums paid to acquire the investment. Other factors, such as excess cash flows,
                              may also contribute to prepayment risk.&#160;Thus, changes in interest rates may cause volatility in the value of and income received from these types of debt instruments.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">Variable or floating rate investments may be less vulnerable to prepayment risk. Most floating rate loans and fixed-income securities allow for prepayment of principal without
                            penalty. Accordingly, the potential for the value of a floating rate loan or security to increase in response to interest rate declines is limited. Corporate loans or fixed-income securities purchased to replace a prepaid
                            corporate loan or security may have lower yields than the yield on the prepaid corporate loan or security.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Liquidity Risk</u>. The Fund may invest without limitation in Income Securities for which there is no readily available trading market or which are otherwise illiquid, including certain high-yield bonds. The Fund may not
                              be able to readily dispose of illiquid securities and obligations at prices that approximate those at which the Fund could sell such securities and obligations if they were more widely traded and, as a result of such
                              illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. In addition, limited liquidity could affect the market price of Income
                              Securities, thereby adversely affecting the Fund&#8217;s net asset value and ability to make distributions. Dislocations in certain parts of markets <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">13</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z4be35a974cca4b02a940f617f1219fe3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve. Liquidity of financial markets may also be affected by
                            government intervention.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Valuation of Certain Income Securities Risk</u>. The Sub-Adviser may use the fair value method to value investments if market quotations for them are not readily available or are deemed unreliable, or if events occurring
                              after the close of a securities market and before the Fund values its assets would materially affect net asset value. Because the secondary markets for certain investments may be limited, they may be difficult to value. Where
                              market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with
                              a more active secondary market because there is less reliable objective data available. A security that is fair valued may be valued at a price higher or lower than the value determined by other funds using their own fair
                              valuation procedures. Prices obtained by the Fund upon the sale of such securities may not equal the value at which the Fund carried the investment on its books, which would adversely affect the net asset value of the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Duration and Maturity Risk</u>. The Fund has no set policy regarding portfolio maturity or duration. Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks
                              include interest rate risk, credit risk and liquidity risks as discussed above. Generally speaking, the longer the duration of the Fund&#8217;s portfolio, the more exposure the Fund will have to interest rate risk described above.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Below-Investment Grade Securities Risk. </font>The Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by the Sub-Adviser to be of comparable
                              credit quality, which are commonly referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds. Investment in securities of below-investment grade quality involves substantial risk of loss, the risk of which is particularly acute under
                              current conditions. Income Securities of below-investment grade quality are predominantly speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore involve a greater risk of
                              default or decline in market value due to adverse economic and issuer-specific developments. Securities of below investment grade quality may involve a greater risk of default or decline in market value due to adverse economic
                              and issuer- specific developments. Issuers of below investment grade securities are not perceived to be as strong financially as those with higher credit ratings. These issuers are more vulnerable to financial setbacks and
                              recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. Income Securities of below-investment grade quality display increased price sensitivity to changing interest
                              rates and to a deteriorating economic environment. The market values, total return and yield for securities of below investment grade quality tend to be more volatile than the market values, total return and yield for higher
                              quality bonds. Securities of below investment grade quality tend to be less liquid than investment grade debt securities and therefore more difficult to value accurately and sell at an advantageous price or time and may
                              involve greater transactions costs and wider bid/ask spreads, than higher-quality bonds. To the extent that a secondary market does exist for certain below investment grade securities, the market for them may be subject to
                              irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because of the substantial risks associated with investments in below investment grade securities, you could have an increased risk of
                              losing money on your investment in Common Shares, both in the short-term and the long-term. To the extent that the Fund invests in securities that have not been rated by an NRSRO, the Fund&#8217;s ability to achieve its investment
                              objectives will be more dependent on the Adviser&#8217;s credit analysis than would be the case when the Fund invests in rated securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Successful investment in lower-medium and lower-rated debt securities may involve greater investment risk and is highly dependent on the Adviser&#8217;s credit analysis. The value of securities of below investment grade quality
                              is particularly vulnerable to changes <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">14</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z469dc8f8cbe9435f8b5751fc156e8091" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">in interest rates and a real or perceived economic downturn or higher interest rates could cause a decline in prices of such securities by lessening the ability of
                            issuers to make principal and interest payments. These securities are often thinly traded or subject to irregular trading and can be more difficult to sell and value accurately than higher-quality bonds because there tends to be
                            less public information available about these securities. Because objective pricing data may be less available, judgment may play a greater role in the valuation process. In addition, the entire below investment grade market can
                            experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by major investors, a high- profile default, or a change in the
                            market&#8217;s psychology. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices than those used in calculating the Fund&#8217;s net asset value.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Structured Finance Investments Risk. </font>The Fund&#8217;s structured finance investments may include residential and commercial mortgage-related and other asset-backed securities issued by
                              governmental entities and private issuers. Holders of structured finance investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to
                              receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured finance investments enable the
                              investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured finance investments generally pay their share of the
                              structured product&#8217;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured finance investments will rise or fall, these prices (and,
                              therefore, the prices of structured finance investments) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured
                              product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely
                              affect the value of the structured finance investment owned by the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may invest in structured finance products collateralized by low grade or defaulted loans or securities. Investments in such structured finance products are subject to the risks associated with below investment
                              grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may invest in senior and subordinated classes issued by structured finance vehicles. The payment of cash flows from the underlying assets to senior classes take precedence over those of subordinated classes, and
                              therefore subordinated classes are subject to greater risk. Furthermore, the leveraged nature of subordinated classes may magnify the adverse impact on such class of changes in the value of the assets, changes in the
                              distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Structured finance securities are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in structured finance securities may be characterized by the Fund as
                              illiquid securities; however, an active dealer market may exist which would allow such securities to be considered liquid in some circumstances.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Mortgage-Backed Securities Risk. </font>Mortgage-backed securities represent an interest in a pool of mortgages. The risks associated with mortgage-backed securities include: (1) credit
                              risk associated with the performance of the underlying mortgage properties and of <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">15</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zeec8bd24e20445828af27296238e820e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-backed
                            securities secured by loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in the value of the mortgage-backed
                            security; (4) loss of all or part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or
                            perceptions of the credit risk associated with the underlying mortgage collateral. The value of mortgage-backed securities may be substantially dependent on the servicing of the underlying pool of mortgages.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. When market interest rates
                              increase, the market values of mortgage-backed securities decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective maturities of these securities. As a result, the negative
                              effect of the rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of debt securities. In addition, due to increased instability in the credit markets, the
                              market for some mortgage-backed securities has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. The Fund may invest in sub-
                              prime mortgages or mortgage-backed securities that are backed by sub-prime mortgages.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Moreover, the relationship between prepayments and interest rates may give some high-yielding mortgage-related and asset-backed securities less potential for growth in value than conventional bonds with comparable
                              maturities. In addition, in periods of falling interest rates, the rate of prepayments tends to increase. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at lower rates than the rates
                              that were carried by the obligations that have been prepaid. Because of these and other reasons, mortgage-related and asset-backed securities&#8217; total return and maturity may be difficult to predict precisely. To the extent that
                              the Fund purchases mortgage-related and asset-backed securities at a premium, prepayments (which may be made without penalty) may result in loss of the Fund&#8217;s principal investment to the extent of premium paid.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Mortgage-backed securities generally are classified as either commercial mortgage-backed securities (&#8220;CMBS&#8221;) or residential mortgage-backed securities (&#8220;RMBS&#8221;), each of which are subject to certain specific risks.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Commercial Mortgage-Backed Securities Risk</u>. The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for residential
                              single-family mortgage-related securities. CMBS are subject to particular risks, including lack of standardized terms, have shorter maturities than residential mortgage loans and provide for payment of all or substantially all
                              of the principal only at maturity rather than regular amortization of principal. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than one-to-four family residential lending.
                              Commercial lending typically involves larger loans to single borrowers or groups of related borrowers than residential one-to-four family mortgage loans. In addition, the repayment of loans secured by income producing
                              properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. Net operating income of an income-producing property can be affected by, among other
                              things: tenant mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of properties, changes in laws that increase operating expense or limit rents
                              that may be charged, any need to address environmental contamination at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic conditions and/or specific
                              industry segments, declines in regional or local real estate values, declines in regional or local <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">16</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z5de014a866a94deba98c9f5569249182" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">rental or occupancy rates, increases in interest rates, real estate tax rates and other operating expenses, change in governmental rules, regulations and fiscal policies,
                            including environmental legislation, acts of God, terrorism, social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on
                            mortgage-related securities secured by loans on commercial properties than on those secured by loans on residential properties. Economic downturns and other events that limit the activities of and demand for commercial retail
                            and office spaces (such as the current crisis) adversely impact the value of such securities. Additional risks may be presented by the type and use of a particular commercial property. Special risks are presented by hospitals,
                            nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt
                            service on the related mortgage loan. The exercise of remedies and successful realization of liquidation proceeds relating to CMBS may be highly dependent on the performance of the servicer or special servicer. There may be a
                            limited number of special servicers available, particularly those that do not have conflicts of interest.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Residential Mortgage-Backed Securities Risk</u>. Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators
                              and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses
                              will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and
                              the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other
                              expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a
                              loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process. These risks are elevated given the
                              current distressed economic, market, health and labor conditions, notably, increased levels of unemployment, delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the effects and
                              extent of government intervention with respect to mortgage payments and other economic matters.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><u>Sub-Prime Mortgage Market Risk</u>. The residential mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain mortgages and mortgage-related
                              securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second-line mortgage loans) generally have increased recently and may continue to increase, and a decline in or flattening of housing
                              values (as has recently been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in
                              interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. Also, a number of residential mortgage loan originators have experienced serious
                              financial difficulties or bankruptcy. Largely due to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the
                              secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. If
                              the economy of the United States deteriorates further, the incidence of mortgage foreclosures, especially sub-prime <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">17</font></div>
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                    <div><br>
                      <br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z02e073acb34f4538a24a20248086d36d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">mortgages, may increase, which may adversely affect the value of any mortgage-backed securities owned by the Fund.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment of numerous pieces of legislation relating to the mortgage and housing markets. These actions, along with
                              future legislation or regulation, may have significant impacts on the mortgage market generally and may result in a reduction of available transactional opportunities for the Fund or an increase in the cost associated with
                              such transactions and may adversely impact the value of RMBS.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>During the mortgage crisis, a number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial mortgage loan market,
                              experienced serious financial difficulties. Such difficulties may affect the performance of non-agency RMBS and CMBS. There can be no assurance that originators and servicers of mortgage loans will not continue to experience
                              serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and policies and protections against fraud will
                              be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Asset-Backed Securities Risk. </font>In addition to the general risks associated with credit securities discussed herein and the risks discussed under &#8220;Structured Finance Investments
                              Risks,&#8221; ABS are subject to additional risks. ABS involve certain risks in addition to those presented by MBS. ABS do not have the benefit of the same security interest in the underlying collateral as MBS and are more dependent
                              on the borrower&#8217;s ability to pay and may provide the Fund with a less effective security interest in the related collateral than do MBS. There is the possibility that recoveries on the underlying collateral may not, in some
                              cases, be available to support payments on these securities. The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables or other assets
                              derived from consumer, commercial or corporate sectors.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>For example, ABS can be collateralized with credit card and automobile receivables. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and federal consumer
                              credit laws, many of which give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. These risks are elevated given the currently distressed economic, market, labor and
                              health conditions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would
                              acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the
                              trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. If the economy of the United States deteriorates, defaults on securities
                              backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. In recent years, certain automobile manufacturers have been granted access to emergency
                              loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities backed by receivables from the sale or lease of automobiles may be adversely affected.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of any ABS owned by the Fund. In addition,
                              these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage- related <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">18</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="za9c7fba00314499384debc61bcc4c654" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>ABS collateralized by other types of assets are subject to risks associated with the underlying collateral.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">CLO, CDO and CBO Risk. </font>In addition to the general risks associated with debt securities discussed herein, CLOs, collateralized debt obligations (&#8220;CDOs&#8221;), and collateralized bond
                              obligations (&#8220;CBOs&#8221;) are subject to additional risks. CLOs, CDOs and CBOs are subject to risks associated with the possibility that distributions from collateral securities will not be adequate to make interest or other
                              payments; the quality of the collateral may decline in value or default; and the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected
                              investment results. The credit quality of CLOs, CDOs and CBOs depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. The underlying assets (e.g., debt
                              obligations) of CLOs, CDOs and CBOs are subject to prepayments, which shorten the weighted average maturity and may lower the return of the securities issued by the CLOs, CDOs and CBOs. If the credit support or enhancement is
                              exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The value of securities issued by CLOs, CDOs and CBOs also may change because of changes in market value;
                              changes in the market&#8217;s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement; loan performance and
                              prices; broader sentiment and standing in the economic cycle, including expectations regarding future loan defaults; liquidity conditions; and supply and demand at the various tranche levels. Finally, CLOs, CDOs and CBOs are
                              limited recourse and may not be paid in full and may be subject to up to 100% loss. See &#8220;Risks&#8212;CLO, CDO and CBO Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may invest in any portion of the capital structure of CLOs (including the subordinated, residual and deep mezzanine debt tranches). Investment in the subordinated tranche is subject to special risks. The
                              subordinated tranche does not receive ratings and is considered the riskiest portion of the capital structure of a CLO. The subordinated tranche is junior in priority of payment to the more senior tranches of the CLO and is
                              subject to certain payment restrictions. As a result, the subordinated tranche bears the bulk of defaults from the loans in the CLO. In addition, the subordinated tranche generally has only limited voting rights and generally
                              does not benefit from any creditors&#8217; rights or ability to exercise remedies under the indenture governing the CLO notes. Certain mezzanine tranches in which the Fund may invest may also be subject to certain risks similar to
                              risks associated with investment in the subordinated tranche.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The subordinated tranche is unsecured and ranks behind all of the secured creditors, known or unknown, of the CLO issuer, including the holders of the secured notes it has issued. Consequently, to the extent that the value
                              of the issuer&#8217;s portfolio of loan investments has been reduced as a result of conditions in the credit markets, defaulted loans, capital gains and losses on the underlying assets, prepayment or changes in interest rates, the
                              value of the subordinated tranche realized at redemption could be reduced. Accordingly, the subordinated tranche may not be paid in full and may be subject to up to 100% loss. The leveraged nature of subordinated notes may
                              magnify the adverse impact on the subordinated notes of changes in the market value of the investments held by the issuer, changes in the distributions on those investments, defaults and recoveries on those investments,
                              capital gains and losses on those investments, prepayments on those investments and availability, prices and interest rates of those investments. Investments in the subordinated tranche of a CLO are generally less liquid than
                              CLO debt tranches and subject to extensive transfer restrictions, and there may be no market for subordinated notes. Certain mezzanine tranches in which the Fund may invest may also be subject to <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">19</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z108792a1c9bc4d5fa05ad00ce5f61055" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">certain risks similar to risks associated with investment in the subordinated tranche. See &#8220;Risks&#8212; CLO, CDO and CBO Risk&#8212;CLO Subordinated Notes Risk.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risks Associated with Risk-Linked Securities. </font>RLS are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization
                              techniques to catastrophic property and casualty damages. Unlike other insurable low-severity, high-probability events (such as auto collision coverage), the insurance risk of which can be diversified by writing large numbers
                              of similar policies, the holders of a typical RLS are exposed to the risks from high-severity, low-probability events such as that posed by major earthquakes or hurricanes. RLS represent a method of reinsurance, by which
                              insurance companies transfer their own portfolio risk to other reinsurance companies and, in the case of RLS, to the capital markets. A typical RLS provides for income and return of capital similar to other fixed-income
                              investments, but involves full or partial default if losses resulting from a certain catastrophe exceeded a predetermined amount. In essence, investors invest funds in RLS and if a catastrophe occurs that &#8220;triggers&#8221; the RLS,
                              investors may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&#8212;an insurer, reinsurer or corporation&#8212;to cover losses. In return, the bond sponsors pay interest to
                              investors for this catastrophe protection. RLS can be structured to pay-off on three types of variables&#8212;insurance-industry catastrophe loss indices, insure-specific catastrophe losses and parametric indices based on the
                              physical characteristics of catastrophic events. Such variables are difficult to predict or model, and the risk and potential return profiles of RLS may be difficult to assess. Catastrophe-related RLS have been in use since
                              the 1990s, and the securitization and risk-transfer aspects of such RLS are beginning to be employed in other insurance and risk-related areas. No active trading market may exist for certain RLS, which may impair the ability
                              of the Fund to realize full value in the event of the need to liquidate such assets.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risks Associated with Structured Notes. </font>Investments in structured notes involve risks associated with the issuer of the note and the reference instrument. Where the Fund&#8217;s
                              investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers
                              or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to
                              be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the
                              reference instrument or security underlying the note.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Senior Loans Risk. </font>The Fund may invest in senior secured floating rate Loans made to corporations and other non-governmental entities and issuers (&#8220;Senior Loans&#8221;). Senior Loans
                              typically hold the most senior position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to
                              that held by subordinated debt holders and stockholders of the borrower. The Fund&#8217;s investments in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of their issuers.
                              The risks associated with Senior Loans of below-investment grade quality are similar to the risks of other lower grade Income Securities, although Senior Loans are typically senior and secured in contrast to subordinated and
                              unsecured Income Securities. Senior Loans&#8217; higher standing has historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest payments are adjusted for
                              changes in short-term interest rates, investments in Senior Loans generally have less interest rate risk than other lower grade Income Securities, which may have fixed interest rates. See &#8220;Risks&#8212;Senior Loans Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Second Lien Loans Risk. </font>The Fund may invest in &#8220;second lien&#8221; secured floating rate Loans made by public and private corporations and other non-governmental entities and <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">20</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="za5dcbf9680c94c1fb45d39bf2557bb3b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">issuers for a variety of purposes (&#8220;Second Lien Loans&#8221;). Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower. Second Lien
                            Loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, Second Lien Loans are second in right of payment to Senior Loans and therefore are subject to the
                            additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans are
                            expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans,
                            which would create greater credit risk exposure.</td>
                        </tr>
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                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Subordinated Secured Loans Risk. </font>Subordinated secured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans and below
                              investment grade securities. However, such loans may rank lower in right of payment than any outstanding Senior Loans, Second Lien Loans or other debt instruments with higher priority of the Borrower and therefore are subject
                              to additional risk that the cash flow of the Borrower and any property securing the loan may be insufficient to meet scheduled payments and repayment of principal in the event of default or bankruptcy after giving effect to
                              the higher ranking secured obligations of the Borrower. Subordinated secured Loans are expected to have greater price volatility than Senior Loans and Second Lien Loans and may be less liquid.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Unsecured Loans Risk. </font>Unsecured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans, subordinated secured Loans and
                              below investment grade securities. However, because unsecured Loans have lower priority in right of payment to any higher ranking obligations of the Borrower and are not backed by a security interest in any specific
                              collateral, they are subject to additional risk that the cash flow of the Borrower and available assets may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher ranking
                              obligations of the Borrower. Unsecured Loans are expected to have greater price volatility than Senior Loans, Second Lien Loans and subordinated secured Loans and may be less liquid.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Loans and Loan Participations and Assignments Risk. </font><font style="background-color: #FFFFFF;">The Fund may invest in loans directly or through participations or assignments. </font>The
                              Fund may purchase Loans on a direct assignment basis from a participant in the original syndicate of lenders or from subsequent assignees of such interests. The Fund may also purchase, without limitation, participations in
                              Loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the
                              purchaser&#8217;s rights can be more restricted than those of the assigning institution, and, in any event, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated
                              collateral. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the Borrower. In purchasing participations, the Fund generally will have no right
                              to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the
                              participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund may not be able
                              to conduct the same due diligence on the Borrower with respect to a Senior Loan that the Fund would otherwise conduct. In addition, as a holder of the participations, the Fund may not have voting rights or inspection rights
                              that the Fund would otherwise have if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Senior Loan. Lenders selling a
                              participation and other persons inter-positioned between the lender and the Fund with respect to a <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">21</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z6752fa73be2c41519f9e370df2b250ec" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">participation will likely conduct their principal business activities in the banking, finance and financial services industries. Because the Fund may invest in
                            participations, the Fund may be more susceptible to economic, political or regulatory occurrences affecting such industries.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Certain of the loan participations or assignments acquired by the Fund may involve unfunded commitments of the lenders, revolving credit facilities, delayed draw credit facilities or other investments under which a borrower
                              may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the Fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the
                              loan documentation. Such an obligation may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company&#8217;s financial
                              condition makes it unlikely that such amounts will be repaid). These commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of
                              the borrowings and financings subject to commitment are comparable to the terms of other loans and related investments in the Fund&#8217;s portfolio.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as &#8220;covenant-lite&#8221; loans or obligations, which are generally subject to
                            more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Mezzanine Investments Risk. </font>The Fund may invest in certain lower grade securities known as &#8220;Mezzanine Investments,&#8221; which are subordinated debt securities that are generally issued
                              in private placements in connection with an equity security (e.g., with attached warrants) or may be convertible into equity securities. Mezzanine Investments are subject to the same risks associated with investment in Senior
                              Loans, Second Lien Loans and other lower grade Income Securities. However, Mezzanine Investments may rank lower in right of payment than any outstanding Senior Loans and Second Lien Loans of the borrower, or may be unsecured
                              (i.e., not backed by a security interest in any specific collateral), and are subject to the additional risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving
                              effect to any higher ranking obligations of the borrower. Mezzanine Investments are expected to have greater price volatility and exposure to losses upon default than Senior Loans and Second Lien Loans and may be less liquid.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Distressed and Defaulted Securities Risk. </font>Investments in the securities of financially distressed issuers involve substantial risks. These securities may present a substantial risk
                              of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings.
                              In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the
                              risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Adviser&#8217;s judgment about the credit quality of the
                              issuer and the relative value and liquidity of its securities may prove to be wrong.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Convertible Securities Risk. </font>Convertible securities, debt or preferred equity securities convertible into, or exchangeable for, equity securities, are generally preferred stocks and
                              other securities, including fixed-income securities and warrants that are convertible into or exercisable for common stock. Convertible securities generally participate in the appreciation or depreciation of the underlying
                              stock into which they are convertible, but to a lesser degree and are subject to the risks associated with debt and equity securities, including interest rate, market and issuer risks. For example, if market interest rates
                              rise, the value of a convertible security usually falls. Certain convertible securities may <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">22</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z0f7ee296f6ea4203b37b6c0ae22c0993" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">
                            <div>combine higher or lower current income with options and other features. Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or
                              more years). Convertible securities may be lower-rated securities subject to greater levels of credit risk. A convertible security may be converted before it would otherwise be most appropriate, which may have an adverse
                              effect on the Fund&#8217;s ability to achieve its investment objective.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>&#8220;Synthetic&#8221; convertible securities are selected based on the similarity of their economic characteristics to those of a traditional convertible security due to the combination of separate securities that possess the two
                              principal characteristics of a traditional convertible security, <font style="font-style: italic;">i.e.</font>, an income-producing security (&#8220;income-producing component&#8221;) and the right to acquire an equity security
                              (&#8220;convertible component&#8221;). The income-producing component is achieved by investing in non-convertible, income-producing securities such as bonds, preferred stocks and money market instruments, which may be represented by
                              derivative instruments.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock
                            index. A simple example of a synthetic convertible security is the combination of a traditional corporate bond with a warrant to purchase equity securities of the issuer of the bond. The income-producing and convertible
                            components of a synthetic convertible security may be issued separately by different issuers and at different times.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Preferred Stock Risks. </font>The Fund may invest in preferred stock. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in
                              preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stocks may pay fixed or adjustable rates of return. Preferred
                              stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company&#8217;s preferred stock generally pays dividends (if declared) only after the company makes required payments to
                              holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#8217;s financial condition or prospects.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">Preferred stock has properties of both an equity and a debt instrument and is generally considered a hybrid instrument. Preferred stock is senior to common stock, but is subordinate
                            to bonds in terms of claims or rights to their share of the assets of the company. Preferred stocks may be significantly less liquid than many other securities, such as U.S. Government securities, corporate debt and common
                            stock. See &#8220;Risks&#8212;Preferred Stock Risk.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Foreign Securities Risk. </font>The Fund may invest up to 20% of its total assets in non-U.S. dollar-denominated Income Securities of foreign issuers. Investing in foreign issuers may
                              involve certain risks not typically associated with investing in securities of U.S. issuers due to increased exposure to foreign economic, political and legal developments, including favorable or unfavorable changes in
                              currency exchange rates, exchange control regulations (including currency blockage), expropriation or nationalization of assets, imposition of withholding taxes on payments, and possible difficulty in obtaining and enforcing
                              judgments against foreign entities. Furthermore, issuers of foreign securities and obligations are subject to different, often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers. The
                              securities and obligations of some foreign companies and foreign markets are less liquid and at times more volatile than comparable U.S. securities, obligations and markets. These risks may be more pronounced to the extent
                              that the Fund invests a significant amount of its assets in companies located in one region and to the extent that the Fund invests in securities of issuers in emerging markets. The Fund may also invest in U.S. dollar-
                              denominated Income Securities of foreign issuers, which are subject to many of the risks described above regarding Income Securities of foreign issuers denominated in foreign currencies. <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">23</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z7335dd63dd854621a3dc659688ba839c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">See &#8220;Risks&#8212; Foreign Securities Risk.&#8221; These risks are heightened under the current conditions.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Emerging Markets Risk. </font>The Fund may invest up to 10% of its total assets in Income Securities the issuers of which are located in countries considered to be emerging markets.
                              Investing in securities in emerging countries generally entails greater risks than investing in securities in developed countries. Securities issued by governments or issuers in emerging market countries are more likely to
                              have greater exposure to the risks of investing in foreign securities. These risks are elevated under current conditions and include: (1)&#160;less social, political and economic stability; (2)&#160;the small size of the markets for
                              such securities, limited access to investments in the event of market closures and the low or nonexistent volume of trading, which result in a lack of liquidity, greater price volatility, and higher risk of failed trades or
                              other trading issues; (3)&#160;certain national policies that may restrict the Fund&#8217;s investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (4)&#160;foreign
                              taxation; (5)&#160;inflation and rapid fluctuations in interest rates; (6) currency devaluations; (7) dependence on a few key trading partners; and (8) the absence of developed structures governing private or foreign investment or
                              allowing for judicial redress for investment losses or injury to private property. Sovereign debt of emerging countries may be in default or present a greater risk of default, the risk of which is heightened given the current
                              conditions. These risks are heightened for investments in frontier markets.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">The Sub-Adviser has broad discretion to identify countries that it considers to qualify as &#8220;emerging markets.&#8221;&#160; In determining whether a country is an emerging market, the
                            Sub-Adviser may take into account specific or general factors that the Sub-Adviser deems to be relevant, including interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances
                            and/or legal, social and political developments, as well as whether the country is considered to be emerging or developing by supranational organizations such as the World Bank, the United Nations or other similar entities.&#160;
                            Emerging market countries generally will include countries with low gross national product per capita and the potential for rapid economic growth and are likely to be located in Africa, Asia, the Middle East, Eastern and Central
                            Europe and Central and South America. See &#8220;Risks&#8212;Emerging Markets Risk.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Foreign Currency Risk. </font>The value of securities denominated or quoted in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by
                              exchange control regulations. The Fund&#8217;s investment performance may be negatively affected by a devaluation of a currency in which the Fund&#8217;s investments are denominated or quoted. Further, the Fund&#8217;s investment performance
                              may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities denominated or quoted in another currency will increase or decrease in response to changes
                              in the value of such currency in relation to the U.S. dollar. See &#8220;Risks&#8212;Foreign Currency Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Sovereign Debt Risk. </font>Investments in sovereign debt involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt
                              may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the
                              defaulting party. Political conditions, especially a sovereign entity&#8217;s willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging
                              market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&#8217;s balance of payments, including export performance, its access to international credit facilities and
                              investments, fluctuations of interest rates and the extent of its foreign reserves. See &#8220;Risks&#8212;Sovereign Debt Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Common Equity Securities Risk. </font>The Fund may invest up to 50% of its total assets in Common Equity Securities. Common Equity Securities&#8217; prices fluctuate for a number of <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">24</font></div>
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                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z58dd0cb1c07f435197046c23afc3d490" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">reasons, including changes in investors&#8217; perceptions of the financial condition of an issuer, the general condition of the relevant stock market and broader domestic and
                            international political and economic events. The prices of Common Equity Securities are also sensitive to general movements in the stock market, so a drop in the stock market may depress the prices of Common Equity Securities to
                            which the Fund has exposure. While broad market measures of Common Equity Securities have historically generated higher average returns than Income Securities, Common Equity Securities have also experienced significantly more
                            volatility in those returns. Equity securities are currently experiencing heightened volatility and therefore, the Fund&#8217;s investments in equity securities are subject to heightened risks related to volatility. Common Equity
                            Securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and are therefore inherently
                            more risky than preferred stock or debt instruments of such issuers.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risks Associated with the Fund&#8217;s Covered Call Option Strategy. </font>The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of
                              its covered call option strategy. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its
                              objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected
                              events.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may write call options on individual securities, securities indices, exchange-traded funds (&#8220;ETFs&#8221;) and baskets of securities. The buyer of an option acquires the right to buy (a call option) or sell (a put option)
                              a certain quantity of a security (the underlying security) or instrument, at a certain price up to a specified point in time or on expiration, depending on the terms. The seller or writer of an option is obligated to sell (a
                              call option) or buy (a put option) the underlying instrument. A call option is &#8220;covered&#8221; if the Fund owns the instrument underlying the call or has an absolute right to acquire the instrument without additional cash
                              consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount are segregated by the Fund&#8217;s custodian). As a seller of covered call options, the Fund faces the risk that it will forgo
                              the opportunity to profit from increases in the market value of the security covering the call option during an option&#8217;s life. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital
                              appreciation becomes more limited. For certain types of options, the writer of the option will have no control over the time when it may be required to fulfill its obligation under the option. There can be no assurance that a
                              liquid market will exist if and when the Fund seeks to close out an option position. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation
                              under the option and must deliver the underlying security at the exercise price.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may write exchange-listed and over-the-counter (&#8220;OTC&#8221;) options. Options written by the Fund with respect to non-U.S. securities, indices or sectors generally will be OTC options. OTC options differ from
                              exchange-listed options in that they are entered into directly with the buyer of the option and not through an exchange or clearing organization that is interposed between the Fund and the counterparty. In an OTC option
                              transaction exercise price, premium and other terms are negotiated between buyer and seller. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risks of Real Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by Real Property Asset Companies. Because of the Fund&#8217;s ability
                              to make indirect investments in real estate and in the securities of companies in the real estate industry, it is subject to risks associated with the direct ownership of real estate, including declines in the value of real
                              estate; general and local <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">25</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z5b8607822033433080cb118f9cea82ac" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">economic conditions; increased competition; and changes in interest rates. Because of the Fund&#8217;s ability to make indirect investments in natural resources and physical
                            commodities, and in Real Property Asset Companies engaged in oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services, forest products, chemicals, coal, alternative
                            energy sources and environmental services, as well as related transportation companies and equipment manufacturers, the Fund is subject to risks associated with such real property assets, including supply and demand risk,
                            depletion risk, regulatory risk and commodity pricing risk. See &#8220;Risks&#8212;Risks of Real Property Asset Companies.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risks of Personal Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by Personal Property Asset Companies which invest in
                              personal property such as special situation transportation assets (e.g., railcars, airplanes and ships) and collectibles (e.g., antiques, wine and fine art). The risks of special situation transportation assets include
                              cyclicality of supply and demand for transportation assets and risk of decline in the value of transportation assets and rental values. The risks of collectible assets include the difficulty in valuing collectible assets, the
                              relative illiquidity of collectible assets, the prospects of forgery or the inability to assess the authenticity of collectible assets and the high transaction and related costs of purchasing, selling and safekeeping
                              collectible assets. See &#8220;Risks&#8212;Risks of Personal Property Asset Companies.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Private Securities Risk. </font>The Fund may invest in privately issued Income Securities and Common Equity Securities of both public and private companies. Private Securities have
                              additional risk considerations than investments in comparable public investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a greater degree of
                              investment risk and reliance upon the Sub-Adviser&#8217;s ability to obtain and evaluate applicable information concerning such companies&#8217; creditworthiness and other investment considerations. Certain Private Securities may be
                              illiquid. Because there is often no readily available trading market for Private Securities, the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell them if
                              they were more widely traded. Private Securities are also more difficult to value. Private Securities that are debt securities generally are of below- investment grade quality, frequently are unrated and present many of the
                              same risks as investing in below-investment grade public debt securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Investment Funds Risk. </font>As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities by investing
                              up to 30% of its total assets in Investment Funds. Investments in Investment Funds present certain special considerations and risks not present in making direct investments in Income Securities and Common Equity Securities.
                              Investments in Investment Funds involve operating expenses and fees that are in addition to the expenses and fees borne by the Fund. Such expenses and fees attributable to the Fund&#8217;s investment in another Investment Fund are
                              borne indirectly by Common Shareholders. Accordingly, investment in such entities involves expense and fee layering. To the extent management fees of Investment Funds are based on total gross assets, it may create an incentive
                              for such entities&#8217; managers to employ financial leverage, thereby adding additional expense and increasing volatility and risk. A performance-based fee arrangement may create incentives for an adviser or manager to take
                              greater investment risks in the hope of earning a higher profit participation. Investments in Investment Funds frequently expose the Fund to an additional layer of financial leverage. See &#8220;Risks&#8212;Investment Funds Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Synthetic Investments Risk. </font>The Fund may be exposed to certain additional risks to the extent the Sub-Adviser uses derivatives as a means to synthetically implement the Fund&#8217;s
                              investment strategies. If the Fund enters into a derivative instrument whereby it agrees to receive the return of a security or financial instrument or a basket of securities or <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">26</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zb6b4eb223a2e4d19863b63a21b3b8500" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">financial instruments, it will typically contract to receive such returns for a predetermined period of time. During such period, the Fund may not have the ability to
                            increase or decrease its exposure. In addition, such customized derivative instruments will likely be highly illiquid, and it is possible that the Fund will not be able to terminate such derivative instruments prior to their
                            expiration date or that the penalties associated with such a termination might impact the Fund&#8217;s performance in a material adverse manner. Furthermore, certain derivative instruments contain provisions giving the counterparty
                            the right to terminate the contract upon the occurrence of certain events. If a termination were to occur, the Fund&#8217;s return could be adversely affected as it would lose the benefit of the indirect exposure to the reference
                            securities and it may incur significant termination expenses. See &#8220;Risks&#8212;Synthetic Investments Risk.&#8221;</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Inflation/Deflation Risk. </font>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money.
                              As inflation increases, the real value of the Common Shares and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund&#8217;s use of Financial
                              Leverage would likely increase, which would tend to further reduce returns to Common Shareholders. Deflation risk is the risk that prices throughout the economy decline over time&#8212;the opposite of inflation. Deflation may have
                              an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Market Discount Risk. </font>The Fund&#8217;s Common Shares have traded both at a premium and at a discount in relation to net asset value. The Fund cannot predict whether the Common Shares will
                              trade in the future at a premium or discount to net asset value. The Fund&#8217;s Common Shares have recently traded at a premium<font style="font-weight: bold;">&#160;</font>to net asset value per share, which may not be sustainable. If
                              the Common Shares are trading at a premium to net asset value at the time you purchase Common Shares, the net asset value per share of the Common Shares purchased will be less than the purchase price paid. Shares of closed-end
                              investment companies frequently trade at a discount from net asset value, but in some cases have traded above net asset value. The risk of the Common Shares trading at a discount is a risk separate from the risk of a decline
                              in the Fund&#8217;s net asset value as a result of the Fund&#8217;s investment activities. The Fund&#8217;s net asset value will be reduced immediately following an offering of the Common Shares due to the costs of such offering, which will be
                              borne entirely by the Fund. The sale of Common Shares by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common
                              Shares available may put downward pressure on the market price for Common Shares. The Fund may, from time to time, seek the consent of Common Shareholders to permit the issuance and sale by the Fund of Common Shares at a price
                              below the Fund&#8217;s then current net asset value, subject to certain conditions, and such sales of Common Shares at price below net asset value, if any, may increase downward pressure on the market price for Common Shares. These
                              sales, if any, also might make it more difficult for the Fund to sell additional Common Shares in the future at a time and price it deems appropriate.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Whether a Common Shareholder will realize a gain or loss upon the sale of Common Shares depends upon whether the market value of the Common Shares at the time of sale is above or below the price the Common Shareholder paid,
                              taking into account transaction costs for the Common Shares, and is not directly dependent upon the Fund&#8217;s net asset value. Because the market value of the Common Shares will be determined by factors such as the relative
                              demand for and supply of the shares in the market, general market conditions and other factors outside the Fund&#8217;s control, the Fund cannot predict whether the Common Shares will trade at, below or above net asset value, or at,
                              below or above the public offering price for the Common Shares. Common Shares of the Fund are designed primarily for long-term investors; investors in Common Shares should not view the Fund as a vehicle for trading purposes.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">27</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zee1b643da7b84d9e95ee417fcea59d9c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Dilution Risk. </font>The voting power of current Common Shareholders will be diluted to the extent that current Common Shareholders do not purchase Common Shares in any future offerings
                              of Common Shares or do not purchase sufficient Common Shares to maintain their percentage interest. If the Fund is unable to invest the proceeds of such offering as intended, the Fund&#8217;s per Common Share distribution may
                              decrease and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested as planned. If the Fund sells Common Shares at a price below net asset value pursuant to the consent of
                              Common Shareholders, shareholders will experience a dilution of the aggregate net asset value per Common Share because the sale price will be less than the Fund&#8217;s then-current net asset value per Common Share. Similarly, were
                              the expenses of the offering to exceed the amount by which the sale price exceeded the Fund&#8217;s then current net asset value per Common Share, shareholders would experience a dilution of the aggregate net asset value per Common
                              Share. This dilution will be experienced by all shareholders, irrespective of whether they purchase Common Shares in any such offering. See &#8220;Description of Capital Structure&#8212; Common Shares&#8212; Issuance of Additional Common
                              Shares.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Financial Leverage Risk. </font>Although the use of Financial Leverage by the Fund may create an opportunity for increased after-tax total return for the Common Shares, it also results in
                              additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with Financial Leverage proceeds are greater than the cost of Financial Leverage, the Fund&#8217;s return will be
                              greater than if Financial Leverage had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of Financial Leverage, the return to the Fund will be less than
                              if Financial Leverage had not been used. There can be no assurance that a leveraging strategy will be implemented or that it will be successful during any period during which it is employed.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Financial Leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of and dividends on the Common Shares than a comparable
                              portfolio without leverage; the risk that fluctuations in interest rates on Borrowings or in the dividend rate on any Preferred Shares that the Fund must pay will reduce the return to the Common Shareholders; and the effect of
                              Financial Leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of
                              the Common Shares.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Because the fees received by the Investment Adviser and Sub-Adviser are based on the Managed Assets of the Fund (including the proceeds of any Financial Leverage), the Investment Adviser and Sub-Adviser have a financial
                              incentive for the Fund to utilize Financial Leverage, which may create a conflict of interest between the Investment Adviser and the Sub-Adviser on the one hand and the Common Shareholders on the other. Common Shareholders
                              bear the portion of the investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, which means that Common Shareholders effectively bear the entire advisory fee. In order to manage
                              this conflict of interest, the Board of Trustees will receive regular reports from the Adviser regarding the Fund&#8217;s use of Financial Leverage and the effect of Financial Leverage on the management of the Fund&#8217;s portfolio and
                              the performance of the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Borrowings may subject the Fund to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Borrowings by the Fund also may subject the Fund to certain restrictions on investments
                              imposed by guidelines of one or more rating agencies, which may issue ratings for such Indebtedness. Such guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by
                              the 1940 Act.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">28</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                      <br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z7d996316945c4043b14525013e096545" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">associated with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to
                            repurchase such securities and that the securities may not be returned to the Fund. There is no assurance that reverse repurchase agreements can be successfully employed. Dollar roll transactions involve the risk that the market
                            value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. Successful use of dollar rolls may depend upon the Adviser&#8217;s ability to correctly predict interest
                            rates and prepayments. There is no assurance that dollar rolls can be successfully employed. In connection with reverse repurchase agreements and dollar rolls, the Fund will also be subject to counterparty risk with respect to
                            the purchaser of the securities. If the broker/dealer to whom the Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund may engage in certain derivatives transactions that have economic characteristics similar to leverage. To the extent the terms of any such transaction obligate the Fund to make payments, the Fund intends to earmark
                              or segregate cash or liquid securities in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transaction or otherwise cover such transaction in accordance with
                              applicable interpretations of the staff of the SEC. To the extent the terms of any such transaction obligate the Fund to deliver particular securities to extinguish the Fund&#8217;s obligations under such transactions, the Fund may
                              &#8220;cover&#8221; its obligations under such transaction by either (i) owning the securities or collateral underlying such transactions or (ii) having an absolute and immediate right to acquire such securities or collateral without
                              additional cash consideration (or, if additional cash consideration is required, having earmarked or segregated cash or liquid securities). Securities so segregated or designated as &#8220;cover&#8221; will be unavailable for sale by the
                              Adviser (unless replaced by other securities qualifying for segregation or cover requirements), which may adversely affect the ability of the Fund to pursue its investment objective.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Recent economic and market events have contributed to severe market volatility and caused severe liquidity strains in the credit markets. If dislocations in the credit markets continue, the Fund&#8217;s leverage costs may
                              increase and there is a risk that the Fund may not be able to renew or replace existing leverage on favorable terms or at all. If the cost of leverage is no longer favorable, or if the Fund is otherwise required to reduce its
                              leverage, the Fund may not be able to maintain distributions on Common Shares at historical levels and Common Shareholders will bear any costs associated with selling portfolio securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund&#8217;s total Financial Leverage may vary significantly over time. To the extent the Fund increases its amount of Financial Leverage outstanding, it will be more exposed to these risks. See &#8220;Risks&#8212; Leverage Risk.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Derivatives Transactions Risk. </font>The Fund may engage in various derivatives transactions for hedging and risk management purposes, to facilitate portfolio management and to earn
                              income or enhance total return. The use of derivatives transactions to earn income or enhance total return may be particularly speculative. Derivatives transactions involve risks. There may be imperfect correlation between the
                              value of derivative instruments and the underlying assets. Derivatives transactions may be subject to risks associated with the possible default of the other party to the transaction. Derivative instruments may be illiquid.
                              Certain derivatives transactions may have economic characteristics similar to leverage, in that relatively small market movements may result in large changes in the value of an investment. Certain derivatives transactions that
                              involve leverage can result in losses that greatly exceed the amount originally invested. Furthermore, the Fund&#8217;s ability to successfully use derivatives transactions depends on the Adviser&#8217;s ability to predict pertinent
                              securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. The use of derivatives transactions may result in losses greater than if they had not been used, may require the
                              Fund to sell or purchase portfolio <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">29</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z755cc4d48ca14e49ab82b2a4c4228722" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause
                            the Fund to hold a security that it might otherwise sell. Derivatives transactions involve risks of mispricing or improper valuation. The documentation governing a derivative instrument or transaction may be unfavorable or
                            ambiguous. Derivatives transactions may involve commissions and other costs, which may increase the Fund&#8217;s expenses and reduce its return.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Various legislative and regulatory initiatives may impact the availability, liquidity and cost of derivative instruments, limit or restrict the ability of the Fund to use certain derivative instruments or transact with
                              certain counterparties as a part of its investment strategy, increase the costs of using derivative instruments or make derivative instruments less effective. In connection with certain derivatives transactions, the Fund may
                              be required to segregate liquid assets or otherwise cover such transactions. The Fund may earn a lower return on its portfolio than it might otherwise earn if it did not have to segregate assets in respect of, or otherwise
                              cover, its derivatives transactions positions. Segregating assets and covering positions will not limit or offset losses on related positions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Swap Risk. </font>The Fund may enter into swap transactions, including credit default swaps, total return swaps, index swaps, currency swaps, commodity swaps and interest rate swaps, as
                              well as options thereon, and may purchase or sell interest rate caps, floors and collars. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of
                              the Fund may be less favorable than it would have been if these investment techniques were not used. Such transactions are subject to market risk, risk of default by the other party to the transaction and risk of imperfect
                              correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. Swaps generally do not involve the delivery of securities, other underlying assets or principal.
                              Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of
                              payments that the Fund is contractually entitled to receive. Swaps may effectively add leverage to the Fund&#8217;s portfolio because the Fund would be subject to investment exposure on the full notional amount of the swap.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>When the Fund acts as a seller of a credit default swap agreement with respect to a debt security, it is subject to the risk that an adverse credit event may occur with respect to the issuer of the debt security and the
                              Fund may be required to pay the buyer the full notional value of the debt security under the swap net of any amounts owed to the Fund by the buyer under the swap (such as the buyer&#8217;s obligation to deliver the debt security to
                              the Fund). As a result, the Fund bears the entire risk of loss due to a decline in value of a referenced debt security on a credit default swap it has sold if there is a credit event with respect to the issuer of the security.
                              If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the Fund generally may elect to
                              receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The swap market has become more standardized in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>As a result, some swaps have become relatively liquid. Although the swap market has become liquid, certain types of derivatives products, such as caps, floors and collars may be less liquid than swaps in general. Further
                              regulatory developments in the swap market may adversely impact the swap market generally or the Fund&#8217;s ability to use swaps.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">30</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z0481fc7468f44583a5106f3ca83616ef" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Counterparty Risk. </font>Counterparty risk is the risk that a counterparty to a Fund transaction (<font style="font-style: italic;">e.g.</font>, prime brokerage or securities lending
                              arrangement or derivatives transaction) will be unable or unwilling to perform its contractual obligation to the Fund. The Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely
                              payments or otherwise meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform, the risk of which is particularly acute under current
                              conditions) its payment or other obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of,
                              the counterparty.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund bears the risk that counterparties may be adversely affected by legislative or regulatory changes, adverse market conditions (such as the current conditions), increased competition, and/or wide scale credit losses
                              resulting from financial difficulties of the counterparties&#8217; other trading partners or borrowers.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Portfolio Turnover Risk. </font>The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year. Portfolio turnover rate is not considered a limiting factor in the execution
                              of investment decisions for the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in
                              an increased realization of net short-term capital gains by the Fund which, when distributed to Common Shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create
                              realized capital losses.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">U.S. Government Securities Risk. </font>Different types of U.S. government securities have different relative levels of credit risk depending on the nature of the particular government
                              support for that security. U.S. government securities may be supported by: (i)&#160;the full faith and credit of the United States government; (ii)&#160;the ability of the issuer to borrow from the U.S. Treasury; (iii)&#160;the credit of the
                              issuing agency, instrumentality or government-sponsored entity (&#8220;GSE&#8221;); (iv)&#160;pools of assets (<font style="font-style: italic;">e.g.</font>, mortgage-backed securities); or (v)&#160;the United States in some other way. The U.S.
                              government and its agencies and instrumentalities do not guarantee the market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S. government securities may not be
                              backed by the full faith and credit of the United States government. Any downgrades of the U.S. credit rating could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields
                              and increase the costs of all debt generally. The value of U.S. government obligations may be adversely affected by changes in interest rates. It is possible that the issuers of some U.S. government securities will not have
                              the funds to timely meet their payment obligations in the future and there is a risk of default. For certain agency and GSE issued securities, there is no guarantee the U.S. government will support the agency or GSE if it is
                              unable to meet its obligations.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">UK Departure from EU (&#8220;Brexit&#8221;) Risk. </font>On January 31, 2020, the United Kingdom officially withdrew from the European Union (&#8220;EU&#8221;) and the two sides entered into a transition phase,
                              scheduled to conclude on December 31, 2020, where the United Kingdom effectively remains in the EU from an economic perspective, but no longer has any political representation in the EU parliament. During this transition
                              phase, which could be extended beyond December of 2020, the United Kingdom is expected to negotiate a new trade deal with the EU. Due to political uncertainty, it is not possible to anticipate whether the United Kingdom and
                              the EU will be able to agree and implement a new trade agreement or what the nature of such trade arrangement will be. Throughout the withdrawal process and afterward, the impact on the United Kingdom and Economic and Monetary
                              Union and the broader global economy is unknown but could be significant and could result in increased volatility and illiquidity and potentially lower economic growth. The political divisions surrounding Brexit within the
                              United Kingdom, as well as those between the UK and the EU, may also have a destabilizing impact on the <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">31</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zab22037ceae8425ba97a6dfcd4ccb13e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">economy and currency of the United Kingdom and the EU. Any further exits from member states of the EU, or the possibility of such exits, would likely cause additional
                            market disruption globally and introduce new legal and regulatory uncertainties.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>In addition to the effects on the Fund&#8217;s investments in European issuers, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of the Fund&#8217;s other investments, increase
                              taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide
                              political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically
                              divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. In addition, Brexit could lead to further disintegration of the EU
                              and related political stresses (including those related to sentiment against cross border capital movements and activities of investors like the Fund), prejudice to financial services businesses that are conducting business in
                              the EU and which are based in the UK, legal uncertainty regarding achievement of compliance with applicable financial and commercial laws and regulations in view of the expected steps to be taken pursuant to or in
                              contemplation of Brexit. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund&#8217;s business, results of operations and financial condition.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Redenomination Risk. </font>The result of Brexit, the progression of the European debt crisis and the possibility of one or more Eurozone countries exiting the European Monetary Union
                              (&#8220;EMU&#8221;), or even the collapse of the euro as a common currency, has created significant volatility in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
                              from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or
                              complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If one or more EMU countries were to stop using the euro as its
                              primary currency, the Fund&#8217;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In
                              addition, securities or other investments that are redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in euros. To the
                              extent a currency used for redenomination purposes is not specified in respect of certain EMU- related investments, or should the euro cease to be used entirely, the currency in which such investments are denominated may be
                              unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such
                              securities.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Legislation and Regulation Risk.</font> At any time after the date hereof, legislation may be enacted that could negatively affect the issuers in which the Fund invests. Changing approaches
                              to regulation may also have a negative impact on issuers in which the Fund invests. In addition, legislation or regulation may change the way in which the Fund&#160;is regulated. There can be no assurance that future legislation,
                              regulation or deregulation will not have a material adverse effect on the Fund&#160;or will not impair the ability of the Fund&#160;to achieve its investment objective.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), which was signed into law in July 2010, has resulted in significant revisions to the U.S. financial regulatory framework. The Dodd-Frank
                              Act covers a broad range of topics, including, among many others: a reorganization of federal financial regulators; the creation of a process designed to ensure financial system stability and the resolution of <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">32</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z26709af9727740d7b3169aee079f3ef1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">potentially insolvent financial firms; the enactment of new rules for derivatives trading; the creation of a consumer financial protection watchdog; the registration and
                            regulation of managers of private funds; the regulation of rating agencies; and the enactment of new federal requirements for residential mortgage loans. The regulation of various types of derivative instruments pursuant to the
                            Dodd-Frank Act may adversely affect the Fund&#160;or its counterparties.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>In late November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies that would, if adopted, for the most part rescind the SEC&#8217;s
                              asset segregation and coverage rules and guidance.&#160; Instead of complying with current requirements, funds would need to trade derivatives and other transactions that potentially create senior securities (except reverse
                              repurchase agreements) subject to a value-at-risk (&#8220;VaR&#8221;) leverage limit, certain other testing requirements and requirements related to board reporting. These new requirements would apply unless a fund qualified as a &#8220;limited
                              derivatives user,&#8221; as defined in the SEC&#8217;s proposal. Reverse repurchase agreements would be subject to asset coverage requirements, and a fund trading reverse repurchase agreements would need to aggregate the amount of
                              indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund&#8217;s asset coverage
                              ratio. Reverse repurchase agreements would not be included in the calculation of whether a fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing
                              transactions would be included for purposes of such testing. The Adviser cannot predict the effects of these regulations on the Fund&#8217;s portfolio. The Adviser intends to monitor developments and seeks to manage the Fund&#8217;s
                              portfolio in a manner consistent with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The current presidential administration has called for, and in certain instances has begun to implement, significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. In
                              this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened
                              uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest
                              rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact,
                              among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Some particular areas
                              identified as subject to potential change, amendment or repeal include the Dodd-Frank Act, including the Volcker Rule and various swaps and derivatives regulations, credit risk retention requirements and the authorities of the
                              Federal Reserve, the Financial Stability Oversight Council and the SEC. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#8217;s business, they could adversely affect the Fund&#8217;s&#160;business, financial
                              condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#8217;s business and the business of the Fund&#8217;s competitors over the long term, the Fund will not
                              know if, overall, the Fund will benefit from them or be negatively affected by them.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">LIBOR Risk. </font>The Fund&#8217;s investments and payment obligations may be based on floating rates, such as London Interbank Offer Rate (&#8220;LIBOR&#8221;), Euro Interbank Offered Rate and other
                              similar types of reference rates (each, a &#8220;Reference Rate&#8221;). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (&#8220;FCA&#8221;), which regulates LIBOR, announced that the FCA will no longer persuade nor
                              require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">33</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zb4b1253947bb47e8915ded4bae459a77" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and
                            any additional regulatory or market changes may have an adverse impact on a&#160;Fund or its investments.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>In advance of 2021, regulators and market participants are expected to work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the
                              transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise.
                              Nonetheless, the termination of certain Reference Rates presents risks to the Fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference
                              Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an
                              adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by the Fund or on its overall financial condition or results of operations. In
                              addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund&#8217;s performance and/or NAV.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The transition process might lead to increased volatility and illiquidity in markets for instruments with terms tied to LIBOR. It could also lead to a reduction in the interest rates on, and the value of, some LIBOR-based
                              investments and reduce the effectiveness of hedges mitigating risk in connection with LIBOR-based investments. Although some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing
                              for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have such provisions and there may be significant uncertainty regarding the
                              effectiveness of any such alternative methodologies. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged), LIBOR&#8217;s cessation may give rise to basis risk and render
                              hedges less effective.&#160; As the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects and related adverse conditions could occur prior to the end of 2021. There also remains
                              uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments, notwithstanding significant efforts by the industry to develop robust LIBOR
                              replacement clauses. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and the possible
                              renegotiation of existing contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments.&#160; Fund investments may also be tied
                              to other interbank offered rates and currencies, which also will face similar issues.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Certain classes of instruments invested in by the Fund may be more sensitive to LIBOR cessation than others. For example, certain asset classes such as floating rate notes may not contemplate a LIBOR cessation and/or might
                              freeze a last-published or last-used LIBOR rate for all future payment dates upon a discontinuation of LIBOR. Also, for example, syndicated and other business loans tied to LIBOR may not provide a clear roadmap for LIBOR&#8217;s
                              replacement, leaving any future adjustments to the determination of a quantum of lenders. Securitizations and other asset-backed transactions may experience disruption as a result of inconsistencies between when collateral
                              assets shift from LIBOR and what rate those assets replace LIBOR with, on the one hand, and when the securitization notes shift from LIBOR and what rate the securitization notes replace LIBOR with.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Recent Market Developments Risk. </font>Periods of market volatility remain, and may continue to occur in the future, in response to various political, social and economic events both <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">34</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="za195d812ccc64b2ebfb727cf75b7bc0e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">within and outside of the United States. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening
                            credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund&#8217;s
                            securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#8217;s holdings. If there is a significant decline in the value of the Fund&#8217;s portfolio, this may impact the asset coverage
                            levels for the Fund&#8217;s outstanding leverage.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and the Fund&#8217;s business, financial
                              condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer
                              debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund&#8217;s business, financial condition and results
                              of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal
                              Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or
                              unfavorable economic conditions could impair the Fund&#8217;s ability to achieve its investment objective.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and
                              global economies. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital
                              infusions into companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates. These actions, including their possible unexpected or sudden
                              reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect the value of the Fund&#8217;s
                              investments and the performance of the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Increasing Government and other Public Debt Risk.</font> Government and other public debt, including municipal obligations in which the Fund invests, can be adversely affected by large and
                              sudden changes in local and global economic conditions that result in increased debt levels. Although high levels of government and other public debt do not necessarily indicate or cause economic problems, high levels of debt
                              may create certain systemic risks if sound debt management practices are not implemented. A high debt level may increase market pressures to meet an issuer&#8217;s funding needs, which may increase borrowing costs and cause a
                              government or public or municipal entity to issue additional debt, thereby increasing the risk of refinancing. A high debt level also raises concerns that the issuer may be unable or unwilling to repay the principal or
                              interest on its debt, which may adversely impact instruments held by the Fund that rely on such payments. Governmental and quasigovernmental responses to the current economic situation are increasing government and other
                              public debt, which heighten these risks. Unsustainable debt levels can decline the valuation of currencies, and can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns or
                              can generate or contribute to an economic downturn.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">When-Issued and Delayed Delivery Transactions Risk. </font>Securities purchased on a when-issued or delayed delivery basis may expose the Fund to counterparty risk of default as well as
                              the risk that securities may experience fluctuations in value prior to their actual <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">35</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z371483b85e5e41e8aa53cb6dc0daffba" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">delivery. The Fund generally will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the
                              transaction itself.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Short Sales Risk. </font>The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own. If the price of the security sold
                              short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
                              decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities) and the maintenance
                              of collateral with its custodian. Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. The Fund may have to pay a premium to borrow the securities
                              and must pay any dividends or interest payable on the securities until they are replaced, which will be expenses of the Fund.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Repurchase Agreement Risk. </font>A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may
                              lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. The Fund may accept a wide variety of underlying securities as collateral for repurchase
                              agreements entered into by the Fund. Rule 5b-3 under the 1940 Act, stipulates that if a repurchase agreement entered into by a fund is &#8220;collateralized fully,&#8221; the repurchase agreement is deemed a transaction in the underlying
                              securities and not a separate security issued to the fund by the selling institution. In order for the repurchase agreement to qualify as &#8220;collateralized fully,&#8221; the collateral must consist solely of cash items, government
                              securities, securities that are rated in the highest rating category by at least two NRSROs (or one NRSRO, if that is the only such NRSRO which has issued a rating on the security) or unrated securities which the Adviser deems
                              to be of comparable quality. However, the Fund may accept collateral in respect of repurchase agreements which do not meet the above criteria, and in such event the repurchase agreement will not be considered &#8220;collateralized
                              fully&#8221; for purposes of Rule 5b-3. Accepting collateral beyond the criteria of Rule 5b-3 exposes the Fund to two categories of risks. First, because the Fund&#8217;s repurchase agreements which are secured by such collateral are not
                              &#8220;collateralized fully&#8221; under Rule 5b-3, the repurchase agreement is considered a separate security issued by the selling institution to the Fund. Accordingly, in addition to the risks of a default or bankruptcy of the selling
                              institution, the Fund must include repurchase agreements that are not &#8220;collateralized fully&#8221; under Rule 5b-3 in its calculations of securities issued by the selling institution held by the Fund for purposes of various
                              diversification and concentration requirements applicable to the Fund. In particular, to the extent a selling institution is a &#8220;securities related business&#8221; for purposes of Section 12(d)(3) of the 1940 Act and Rule 12d3-1
                              thereunder, the Fund would not be permitted to hold more than 5% of its total assets in securities issued by the selling institution, including repurchase agreements that are not &#8220;collateralized fully&#8221; under Rule 5b-3. While
                              this limitation (as well as other applicable limitations arising under concentration and diversification requirements) limits the Fund&#8217;s exposure to each such selling institution, the Fund will be required to monitor its
                              holdings of such securities and ensure that it complies with the applicable limitations. Second, the collateral underlying a repurchase agreement that is not &#8220;collateralized fully&#8221; under Rule 5b-3 may not qualify as permitted
                              or appropriate investments for the Fund under the Fund&#8217;s investment strategies and limitations. Accordingly, if a selling institution defaults and the Fund takes possession of such collateral, the Fund may need to promptly
                              dispose of such collateral (or other securities held by the Fund, if the Fund exceeds a limitation on a permitted investment by virtue of taking possession of the collateral). In cases of market turmoil (which may be
                              associated with a default or bankruptcy of a selling <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">36</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z0c9fdc033a204b88b906b667bf37dc78" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">institution), the Fund may have more difficulty than anticipated in selling such securities and/or in avoiding a loss on the sale of such securities. This risk may be
                            more acute in the case of a selling institution&#8217;s insolvency or bankruptcy, which may restrict the Fund&#8217;s ability to dispose of collateral received from the selling institution. The Adviser follows various procedures to monitor
                            the liquidity and quality of any collateral received under a repurchase agreement (as well as the credit quality of each selling institution) designed to minimize these risks, but there can be no assurance that the procedures
                            will be successful in doing so.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Securities Lending Risk. </font>The Fund may lend its portfolio securities to banks or dealers which meet the creditworthiness standards established by the Board of Trustees. Securities
                              lending is subject to the risk that loaned securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. Any loss in the market price
                              of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect the Fund&#8217;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned
                              or even a loss of rights in the collateral should the borrower of the securities fail financially while the loan is outstanding.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Risk of Failure to Qualify as a RIC. </font>To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each
                              taxable year at least 90% of its gross income from certain prescribed sources, meet certain asset diversification tests and distribute for each taxable year at least 90% of its &#8220;investment company taxable income&#8221; (generally,
                              ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net
                              capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and
                              accumulated earnings and profits.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Conflicts of Interest Risk. </font>Guggenheim Partners is a global asset management and investment advisory organization. Guggenheim Partners and its affiliates advise clients in various
                              markets and transactions and purchase, sell, hold and recommend a broad array of investments for their own accounts and the accounts of clients and of their personnel and the relationships and products they sponsor, manage and
                              advise. Accordingly, Guggenheim Partners and its affiliates may have direct and indirect interests in a variety of global markets and the securities of issuers in which the Fund may directly or indirectly invest. These
                              interests may cause the Fund to be subject to regulatory limits, and in certain circumstances, these various activities may prevent the Fund from participating in an investment decision. As a result, activities and dealings of
                              Guggenheim Partners and its affiliates may affect the Fund in ways that may disadvantage or restrict the Fund or be deemed to benefit Guggenheim Partners and its affiliates. From time to time, conflicts of interest may arise
                              between a portfolio manager&#8217;s management of the investments of the Fund on the one hand and the management of other registered investment companies, pooled investment vehicles and other accounts (collectively, &#8220;other
                              accounts&#8221;) on the other. The other accounts might have similar investment objectives or strategies as the Fund or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. In
                              certain circumstances, and subject to its fiduciary obligations under the Investment Advisers Act of 1940 (the &#8220;Advisers Act&#8221;) and the requirements of the 1940 Act, the Adviser may have to allocate a limited investment
                              opportunity among its clients. The other accounts might also have different investment objectives or strategies than the Fund. In addition, the Fund may be limited in its ability to invest in, or hold securities of, any
                              companies that the Adviser or its affiliates (or other accounts managed by the Adviser or its affiliates) control, or companies in which the Adviser or its affiliates have interests or with whom they do business. For example,
                              affiliates of the Adviser may act as underwriter, lead agent or administrative agent for loans or otherwise participate in the market for loans. <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">37</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z556127d85dca48389afd4284282f54d5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;" rowspan="1">Because of limitations imposed by applicable law, the presence of the Adviser&#8217;s affiliates in the markets for loans may restrict the Fund&#8217;s ability to acquire some loans
                            or affect the timing or price of such acquisitions. To address these conflicts, the Fund and Guggenheim Partners and its affiliates have established various policies and procedures that are reasonably designed to detect and
                            prevent such conflicts and prevent the Fund from being disadvantaged. For additional information about potential conflicts of interest, and the way in which the Adviser and its affiliates address such conflicts, please see
                            &#8220;Management of the Fund&#8212;Potential Conflicts of Interest&#8221; in the SAI.</td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Market Disruption and Geopolitical Risk. </font>The aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, possible
                              terrorist attacks in the United States and around the world, growing social and political discord in the United States, the European debt crisis, the response of the international community&#8212;through economic sanctions and
                              otherwise&#8212;to Russia&#8217;s annexation of the Crimea region of Ukraine and posture vis-a-vis Ukraine, increasingly strained relations between the United States and a number of foreign countries, including traditional allies, such as
                              certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and
                              Spain, the United Kingdom&#8217;s pending withdrawal from the EU and the resulting profound and uncertain impacts on the economic and political future of the United Kingdom, the exit or potential exit of one or more countries from
                              the EU or the EMU, the EU and global financial markets, further downgrade of U.S. Government securities, the change in the U.S. president and the new administration and other similar events, may have long-term effects on the
                              United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund does not know and cannot predict how long the securities markets may be affected by these
                              events and the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the
                              market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international
                              organization to carry out their duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and
                              agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes in government policies, taxation, restrictions on foreign investment and currency
                              repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested and the risks associated with financial, economic, health, labor and other global market
                              developments and disruptions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund and its service providers are currently impacted by quarantines and similar measures being enacted by governments in response to COVID-19, which are obstructing the regular functioning of business workforces
                              (including requiring employees to work from external locations and their homes). Accordingly, certain risks described above are heightened under current conditions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Technology Risk. </font>As the use of Internet technology has become more prevalent, the Fund and its service providers and markets generally have become more susceptible to potential
                              operational risks related to intentional and unintentional events that may cause the Fund or a service provider to lose proprietary information, suffer data corruption or lose operational capacity. There can be no guarantee
                              that any risk management systems established by the Fund, its service providers, or issuers of the securities in which the Fund invests to reduce technology and cyber security risks will succeed, and the Fund cannot control
                              such systems put in place by service providers, issuers or other third parties whose operations may affect the Fund.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">38</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zc9bbb7d14049463d8cf00ad3ca23244b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div><font style="font-style: italic;">Cyber Security Risk. </font>The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse,
                              loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to
                              service the Fund&#8217;s operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund
                              or its service providers may adversely impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process
                              transactions; inability to calculate the Fund&#8217;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance
                              costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the
                              Fund&#8217;s investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Anti-Takeover Provisions in the Fund&#8217;s Governing Documents</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Fund&#8217;s Agreement and Declaration of Trust and Bylaws (collectively, the &#8220;Governing Documents&#8221;) include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the
                              Fund to an open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. See
                              &#8220;Anti-Takeover and Other Provisions in the Fund&#8217;s Governing Documents&#8221; and &#8220;Risks&#8212;Anti- Takeover Provisions.&#8221;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">
                            <div style="font-weight: bold;">Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent</div>
                          </td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>The Bank of New York Mellon serves as the custodian of the Fund&#8217;s assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Fund&#8217;s assets in compliance with the 1940 Act. For its services,
                              the custodian will receive a monthly fee based upon, among other things, the average value of the total assets of the Fund, plus certain charges for securities transactions.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>Computershare Inc. serves as the Fund&#8217;s dividend disbursing agent, transfer agent and registrar with respect to the Common Shares of the Fund, and Computershare Trust Company, N.A. serves as agent under the Fund&#8217;s Dividend
                              Reinvestment Plan (the &#8220;Plan Agent&#8221;).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">
                            <div>MUFG Investor Services (US) LLC (formerly Rydex Fund Services, LLC) (&#8220;MUFG&#8221;) serves as the Fund&#8217;s administrator. Pursuant to an administration agreement with the Fund, MUFG provides certain administrative, bookkeeping and
                              accounting services to the Fund. MUFG also provides certain fund accounting services to the Fund pursuant to a fund accounting agreement.</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22.53%; vertical-align: top;">&#160;</td>
                          <td style="width: 77.47%; vertical-align: top;">&#160;</td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">39</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <br>
                    <div><br>
                    </div>
                    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">SUMMARY OF FUND EXPENSES</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table contains information about the costs and expenses that Common Shareholders will bear directly or indirectly. The table is based on the capital structure of the Fund
                      as of May 31, 2020<font style="font-weight: bold;">&#160;</font>(except as noted below).&#160; The purpose of the table and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly
                      or indirectly.</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z2483f375f52a402d97fe5ed1382b8c02" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 76.76%; vertical-align: top;">
                            <div style="font-weight: bold;">Shareholder Transaction Expenses</div>
                          </td>
                          <td style="width: 23.24%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 76.76%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-indent: 9pt;">Sales load (as a percentage of offering price)</div>
                            </div>
                          </td>
                          <td style="width: 23.24%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;"><font style="background-color: #CCEEFF;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8212;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: #CCEEFF;">(</font></sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1)</sup> </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 76.76%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-indent: 9pt;">Offering expenses borne by the Fund (as a percentage of offering price)</div>
                            </div>
                          </td>
                          <td style="width: 23.24%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>0.60%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1),(2)</sup></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 76.76%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-indent: 9pt;">Dividend Reinvestment Plan fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                            </div>
                          </td>
                          <td style="width: 23.24%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-indent: 0.5pt;"><font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>None</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z8802ca75e2124ecd82d51dc415ceb52e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 60%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Annual Expenses</div>
                          </td>
                          <td style="width: 40%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Percentage of Average Net Assets Attributable to Common Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Management fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
                          </td>
                          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">1.00%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div>Interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
                          </td>
                          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">0.04%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Acquired fund fees and expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
                          </td>
                          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">0.08%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div>Other expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
                          </td>
                          <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">0.17%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Total annual expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
                          </td>
                          <td style="width: 40%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">1.29%</div>
                          </td>
                        </tr>

                    </table>
                    <div>______________________</div>
                    <table cellspacing="0" cellpadding="0" id="z2ce286df10e24e009a763a3dd51f47d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z5440ac6d68a94f65b1af257fd764f9fa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(2)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Adviser has incurred on behalf of the Fund all costs associated with the Fund&#8217;s registration statement and any offerings pursuant to such registration statement. The Fund has agreed, in connection with offerings under
                              this registration statement, to reimburse the Adviser for offering expenses incurred by the Adviser on the Fund&#8217;s behalf in an amount up to the lesser of the Fund&#8217;s actual offering costs or 0.60% of the total offering price of
                              the Common Shares sold in such offerings. Amounts in excess of 0.60% of the total offering price of shares sold pursuant to this registration statement will not be subject to recoupment from the Fund. The expense limitation
                              agreement will be in effect for the life of the registration statement with respect to all Common Shares sold pursuant to the registration statement and may only be terminated by the Board of Trustees of the Fund.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z486dce4d4e724e7ea2f6a6468c02e1e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(3)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>You will pay brokerage charges if you direct the Plan Agent to sell your Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zdf36b03a13cf4e9697674b5626009020" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(4)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Based upon average net assets applicable to Common Shares during the year ended May 31, 2020.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z639e55859f2f4b0b9d94c2c4cddd1531" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(5)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Fund pays the Investment Adviser a fee, payable monthly in arrears at an annual rate equal to 1.00% of the Fund&#8217;s average daily Managed Assets (as defined herein). <font style="background-color: #FFFFFF;">The fee shown
                                above is based upon outstanding Financial Leverage of 8.7% of the Fund&#8217;s Managed Assets. If Financial Leverage of more than 8.7% of the Fund&#8217;s Managed Assets is used, the management fees shown would be higher.</font></div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zf3cf587f2a5e4bf3bcb2656c1d1f3fdc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(6)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div><font style="background-color: #FFFFFF;">Includes interest expense on borrowings under the Fund&#8217;s committed facility agreement and reverse repurchase agreements, based on the Fund&#8217;s outstanding Financial Leverage as of May
                                31, 2020.</font> The Fund has entered into a committed facility agreement pursuant to which it may borrow up to $80 million. As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3
                              million, which represented approximately 2.7% of the Fund&#8217;s Managed Assets as of such date. In addition, as of May 31, 2020, the Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to
                              approximately 6.0% of the Fund&#8217;s Managed Assets. As of May 31, 2020, the Fund&#8217;s total Financial Leverage represented approximately 8.7% of the Fund&#8217;s Managed Assets. The cost of Financial Leverage, including the portion of the
                              investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, is borne by Common Shareholders. The actual amount of interest payments on borrowed funds and interest expense on reverse
                              repurchase agreements borne by the Fund will vary over time in accordance with the level of the Fund&#8217;s use of Borrowings and reverse repurchase agreements and variations in market interest rates.</div>
                          </td>
                        </tr>

                    </table>
                    <div>
                      <div><br>
                      </div>
                      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">40</font></div>
                        <div style="page-break-after: always;" id="DSPFPageBreak">
                          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                      </div>
                      <div><br>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z7d6c01da05c4405c990ee019e22d180f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(7)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year, reflecting the fees and expenses borne by the Fund as an investor in other investment companies during the most recently completed
                              fiscal year and the expected investment of the proceeds of this offering.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z7e063f1bac6b4ee68de0085863bfd580" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(8)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Other expenses are estimated based upon those incurred during the fiscal year ended May 31, 2020.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zf64cb62c957141b8868a5f035e4ddfba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(9)<br>
                          </td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund&#8217;s financial highlights and financial statements because the financial highlights and financial statements
                              reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment
                              companies.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
                    </div>
                    <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Example</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As required by relevant SEC regulations, the following Example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1) &#8220;Total annual expenses&#8221;
                      of 1.29% of net assets attributable to Common Shares and (2) a 5% annual return*:</div>
                    <table cellspacing="0" cellpadding="0" id="z49063dea64a7451f8574d63979557035" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">1 Year</div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">3 Years</div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">5 Years</div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">10 Years</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 53.85%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div>Total Expenses Incurred<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                            </div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$13</div>
                            </div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$41</div>
                            </div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$71</div>
                            </div>
                          </td>
                          <td style="width: 11.54%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$156</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 12pt;">______________________</div>
                    <table cellspacing="0" cellpadding="0" id="z03925bbf7c894bf7844672cfd5e3a0ab" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">*</td>
                          <td style="width: auto; vertical-align: top;">
                            <div><font style="font-weight: bold;">The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#8217;s actual rate of return may
                                be higher or lower than the hypothetical 5% return shown in the Example.</font> The Example assumes that all dividends and distributions are reinvested at net asset value.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 0pt; margin-left: 28.8pt; margin-bottom: 6pt;">Assuming the Fund does not utilize Financial Leverage, the estimated total expenses incurred for the 1, 3, 5 and 10 year period would be $13, $40, $68 and $151,
                      respectively.</div>
                    <table cellspacing="0" cellpadding="0" id="z937997c34e30497182f23c2d6b84b334" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering
                              costs.</div>
                          </td>
                        </tr>

                    </table>
                    <div> <br>
                    </div>
                  </div>
                  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">41</font></div>
                    <div style="page-break-after: always;" id="DSPFPageBreak">
                      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                  </div>
                  <div><br>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">FINANCIAL HIGHLIGHTS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The financial highlights table is intended to help you understand the Fund&#8217;s financial performance. The information in this table for the fiscal year ended 2020, 2019, 2018, 2017 and
                      2016 is derived from the Fund&#8217;s financial statements and has been audited by Ernst &amp; Young LLP, independent registered public accounting firm for the Fund. The Fund&#8217;s audited financial statements appearing in the Fund&#8217;s annual
                      report to shareholders for the year ended<font style="font-weight: bold;">&#160;</font>May 31, 2020, including the report of<font style="font-weight: bold;">&#160;</font>Ernst &amp; Young LLP<font style="font-weight: bold;">&#160;</font>thereon,
                      including accompanying notes thereto, are incorporated by reference in the SAI.</div>
                    <table cellspacing="0" cellpadding="0" border="0" id="za78c1078c20047faa7277eec8919aeab" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 47.69%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Per share data</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended</div>
                            <div style="text-align: center; font-weight: bold;"> May 31, 2020</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended</div>
                            <div style="text-align: center; font-weight: bold;"> May 31, 2019</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended <br>
                              May 31, 2018</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended</div>
                            <div style="text-align: center; font-weight: bold;"> May 31, 2017</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Net asset value, beginning of period</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$17.91</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$19.12</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$19.78</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$17.50</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="font-weight: bold;">Income from investment operations</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup></div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.89 </div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.97</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.23</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.61</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 10pt;">Net gain (loss) on investments (realized and unrealized)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.32) </div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.01</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.30</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.86</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 20pt;">Total from investment operations</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.43) </div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.98</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.53</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">4.47</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="font-weight: bold;">Distributions to Common Shareholders</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">From and in excess of net investment income</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.86)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.12)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.01)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.18)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 10pt;">Return of capital</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.33)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.91)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">Capital gains</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.16)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.18)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.01)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 20.15pt;">Total distributions</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.19)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.19)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.19)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.19)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                            <div>Net asset value, end of period</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$15.29</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">17.91</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">19.12</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">19.78</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                            <div>Market value, end of period</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$16.20</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">19.96</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.29</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                            <div style="text-align: center; margin-right: 7.2pt;">20.94</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="font-weight: bold;">Total investment return<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(b)</sup></div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 10pt;">Net asset value</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.79)%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">5.43%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">8.02%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">26.76%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">Market value</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(7.96)%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">4.94%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">13.31%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">33.33%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="font-weight: bold;">Ratios and supplemental data</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Net assets, end of period (in thousands)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$648,892</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$641,825</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$530,250</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$410,465</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div>Ratios to average net assets applicable to</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Common Shares:</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 10pt;">Total expenses, including interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(c)</sup>, <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(d)</sup></div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.21%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.17%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.52%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.35%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">Net investment income, including interest expense</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">5.29%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">5.26%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">6.27%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">8.55%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div>Portfolio turnover</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">41%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">38%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">48%</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">41%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div>Senior Indebtedness</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="margin-left: 10pt;">Borrowings &#8211; committed facility agreement (in thousands)</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$19,300</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">N/A</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">N/A</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$16,705</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 47.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="margin-left: 10pt;">Asset coverage per $1,000 of borrowings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup></div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$34,621</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">N/A</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">N/A</div>
                          </td>
                          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$25,571</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-top: 6pt; margin-bottom: 6pt; font-style: italic;">(footnotes on following page)</div>
                    <table cellspacing="0" cellpadding="0" border="0" id="zdb3a259b48cc40efad5751af1718b5b9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 28%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;
                            <div style="font-weight: bold;">Per share data</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold; text-align: center;">For the Year Ended </div>
                            <div style="font-weight: bold; text-align: center;">May 31, 2016</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                            <div style="text-align: center; font-weight: bold;">May 31, 2015</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                            <div style="text-align: center; font-weight: bold;">May 31, 2014</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                            <div style="text-align: center; font-weight: bold;">May 31, 2013</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                            <div style="text-align: center; font-weight: bold;">May 31, 2012</div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">For the Year Ended May 31, 2011</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" border="0" id="ze6fde2253f0d497b999a97ace538d558" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                            <div>Net asset value, beginning of period</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">$19.61</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$20.56</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$20.95</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$19.00</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$20.11</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$17.56</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="font-weight: bold;">Income from investment operations</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup></div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">1.40</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.28</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.44</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.68</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.80</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.94</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="margin-left: 9pt">
                              <div>Net gain (loss) on investments (realized and unrealized)</div>
                            </div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">(1.33)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.05)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.35</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.22</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.06)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.49</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                            <div style="margin-left: 20pt;">Total from investment operations</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">0.07</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.23</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">1.79</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">3.90</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">0.74</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">4.43</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="font-weight: bold;">Distributions to Common Shareholders</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="margin-left: 10pt;">From and in excess of net investment income</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">(1.82)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.42)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.82)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.78)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.85)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.88)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Return of capital</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                            <div style="margin-left: 10pt;">Capital gains</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">(0.36)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.76)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.36)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(0.17)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">&#8212;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                            <div style="margin-left: 20.15pt;">Total distributions</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">(2.18)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.18)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(2.18)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.95)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.85)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">(1.88)</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                            <div>Net asset value, end of period</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                            <div style="text-align: center;">17.50</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                            <div style="text-align: center; margin-right: 7.2pt;">19.61</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                            <div style="text-align: center; margin-right: 7.2pt;">20.56</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; margin-right: 7.2pt;">20.95</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; margin-right: 7.2pt;">19.00</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; margin-right: 7.2pt;">20.11</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                            <div>Market value, end of period</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">17.61</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.21</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.83</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.91</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.08</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">22.32</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="font-weight: bold;">Total investment return<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(b)</sup></div>
                          </td>
                          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Net asset value</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">0.80%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">6.39%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">9.20%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">21.37%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">4.09%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">26.14%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Market value</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">-6.07%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">8.08%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">10.71%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">14.10%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">3.81%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">40.85%</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">42</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" border="0" id="zdb3a259b48cc40efad5751af1718b5b9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;
                              <div style="font-weight: bold;">Per share data</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="font-weight: bold; text-align: center;">For the Year Ended </div>
                              <div style="font-weight: bold; text-align: center;">May 31, 2016</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                              <div style="text-align: center; font-weight: bold;">May 31, 2015</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                              <div style="text-align: center; font-weight: bold;">May 31, 2014</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                              <div style="text-align: center; font-weight: bold;">May 31, 2013</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">For the Year Ended </div>
                              <div style="text-align: center; font-weight: bold;">May 31, 2012</div>
                            </td>
                            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">For the Year Ended May 31, 2011</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zb1c0f1727d3a434a8133e4eee22edce6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="font-weight: bold;">Ratios and supplemental data</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div>Net assets, end of period (in thousands)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">$310,246</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$342,988</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$318,001</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$286,471</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$207,346</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$187,333</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div>Ratios to average net assets applicable to</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div>Common Shares:</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Total expenses, including interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(c)</sup>, <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(d)</sup></div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">2.38%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.16%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.28%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.47%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.55%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">2.69%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Net investment income, including interest expense</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">7.79%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">6.44%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">7.07%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">8.30%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">9.45%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">10.20%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div>Portfolio turnover</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">116%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">86%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">95%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">165%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">112%</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">64%</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div>Senior Indebtedness</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Borrowings &#8211; committed facility agreement (in thousands)</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center;">$9,355</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$45,489</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$60,789</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$56,099</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$30,599</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$22,433</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">
                            <div style="margin-left: 10pt;">Asset coverage per $1,000 of borrowings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup></div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">$34,164</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$8,540</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$6,231</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$6,107</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$7,776</div>
                          </td>
                          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center; margin-right: 7.2pt;">$9,351</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z0eb9ae08e3444d32be2da096bf3b5be3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(a)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Based on average shares outstanding.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zbe4ca9f18eb54c56b5e7d007fca9ffbb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(b)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Total investment return is calculated assuming a purchase of a Common Share at the beginning of the period and a sale on the last day of the period reported either at net asset value or market price per share. Dividends and
                              distributions are assumed to be reinvested at net asset value for net asset value returns or the prices obtained under the Fund&#8217;s Dividend Reinvestment Plan for market value returns. Total investment return does not reflect
                              brokerage commissions. A return calculated for a period of less than one year is not annualized.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z6ee4d931cd174736a517a41b772800f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(c)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The ratios of total expenses to average net assets applicable to common shares do not reflect fees and expenses incurred indirectly by the Fund as a result of its investment in shares of other investment companies. If these
                              fees were included in the expense ratios, the expense ratios would increase by 0.08%, 0.00%*, 0.00%*, 0.00%*, 0.02%, 0.03%, 0.03%, 0.05%, 0.04%, 0.03% and 0.05% for the years ended May 31, 2020, 2019, 2018, 2017, 2016, 2015,
                              2014, 2013, 2012 and 2011, respectively.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zb4211955711d48aea78aee48eff95b66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(d)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Excluding interest expense, the operating expense ratios for the periods ended May 31 would be:</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zb4da7d0207314721b4456be9039c1b9d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2020</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2019</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2018</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2017</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2016</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2015</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2014</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2013</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2012</div>
                          </td>
                          <td style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="font-style: italic;">2011</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.17%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.15%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.33%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.62%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.74%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.72%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.78%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.81%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.78%</div>
                            </div>
                          </td>
                          <td style="width: 10%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="font-style: italic;">1.85%</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zf3d983945ce443eebe5311757d22944c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(e)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Calculated by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the Fund&#8217;s total assets and dividing by the borrowings.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z5225ad8f26794dd6935a011efa0932c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">*</td>
                          <td style="width: auto; vertical-align: top;">
                            <div><font style="background-color: #FFFFFF;">Less than 0.01%</font></div>
                          </td>
                        </tr>

                    </table>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                      <div id="DSPFPageFooter"> </div>
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">43</font></div>
                      <div id="DSPFPageBreak" style="page-break-after:always;">
                        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">SENIOR SECURITIES AND OTHER FINANCIAL LEVERAGE</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table sets forth information about the Fund&#8217;s outstanding Financial Leverage as of the end of the last ten fiscal years. The information in this table for the fiscal
                      years ended 2020, 2019, 2018, 2017 and 2016 has been audited by Ernst &amp; Young LLP, independent registered public accounting firm. The Fund&#8217;s audited financial statements appearing in the Fund&#8217;s annual report to shareholders for
                      the year ended<font style="font-weight: bold;">&#160;</font>May 31, 2020, including the report of<font style="font-weight: bold;">&#160;</font>Ernst &amp; Young LLP<font style="font-weight: bold;">&#160;</font>thereon, including accompanying notes
                      thereto, are incorporated by reference in the SAI.</div>
                    <table cellspacing="0" cellpadding="0" id="z9ec8cc2d383d44888db096ddb5aa0fba" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Class and Fiscal </div>
                            <div style="text-align: center; font-weight: bold;">Period End</div>
                          </td>
                          <td style="width: 22.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Total Principal </div>
                            <div style="text-align: center; font-weight: bold;">Amount Outstanding</div>
                          </td>
                          <td style="width: 21.69%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Asset Coverage Per </div>
                            <div style="text-align: center; font-weight: bold;">Preferred Share/</div>
                            <div style="text-align: center; font-weight: bold;">$1,000 of Borrowings</div>
                          </td>
                          <td style="width: 19.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center;"><font style="font-weight: bold;">Involuntary </font></div>
                            <div style="text-align: center;"><font style="font-weight: bold;">Liquidating</font>&#160;</div>
                            <div style="text-align: center;"><font style="font-weight: bold;">Preference Per </font></div>
                            <div style="text-align: center;"><font style="font-weight: bold;">Unit</font></div>
                          </td>
                          <td style="width: 16.49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Average </div>
                            <div style="text-align: center; font-weight: bold;">Market Value </div>
                            <div style="text-align: center; font-weight: bold;">Per Unit</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="5">
                            <div style="background-color: #FFFFFF;">
                              <div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Borrowings &#8211; Committed Facility Agreement</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 19.5%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2020</font></div>
                            </div>
                          </td>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$19,300,000</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$34,621</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2019</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$&#8212;</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$&#8212;</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2018</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$&#8212;</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$&#8212;</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2017</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$16,704,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$25,571</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2016</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$ 9,354,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$34,164</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2015</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$45,488,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$8,540</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2014</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$60,788,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$6,231</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2013</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$56,098,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$6,107</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2012</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$30,598,955</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$7,776</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2011</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$22,432,914</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$9,351</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="5">
                            <div style="background-color: #FFFFFF;">
                              <div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Reverse Repurchase Agreements(1)</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2020</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$42,445,822</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">&#160;N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">&#160;N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">&#160;N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2019</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$&#8212;</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2018</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$1,610,022</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2017</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$91,424,819</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2016</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$130,570,046</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2015</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$114,758,163</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2014</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$75,641,024</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2013</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$59,473,742</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2012</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$53,243,041</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2011</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$47,618,513</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="5">
                            <div style="background-color: #FFFFFF;">
                              <div style="font-weight: bold;"><font style="background-color: #FFFFFF;">TALF Program(1)</font></div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div><font style="background-color: #FFFFFF;">May 31, 2011</font></div>
                            </div>
                          </td>
                          <td style="width: 22.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">$10,618,934</font></div>
                            </div>
                          </td>
                          <td style="width: 21.69%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A(1)</font></div>
                            </div>
                          </td>
                          <td style="width: 19.58%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                          <td style="width: 16.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;"><font style="background-color: #FFFFFF;">N/A</font></div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z463eb3c2e7fc48c287c922a22146baac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>As a result of the Fund having earmarked or segregated cash or liquid securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by
                              the SEC, the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the 1940 Act.</div>
                          </td>
                        </tr>

                    </table>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                      <div id="DSPFPageFooter"> </div>
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">44</font></div>
                      <div id="DSPFPageBreak" style="page-break-after:always;">
                        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">THE FUND</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
                      &#8220;1940 Act&#8221;) that commenced operations on July 26, 2007. The Fund was organized as a statutory trust on November 13, 2006, pursuant to a Certificate of Trust, and is governed by the laws of the State of Delaware. Its principal office
                      is located at 227 West Monroe Street, Chicago, Illinois 60606, and its telephone number is (312) 827-0100.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Funds Investment Advisors, LLC (the &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s investment adviser and is responsible for the management of the Fund. Guggenheim Partners
                      Investment Management, LLC (the &#8220;Sub-Adviser&#8221;) is responsible for the management of the Fund&#8217;s portfolio of securities. Each of the Investment Adviser and the Sub-Adviser are wholly-owned subsidiaries of Guggenheim Partners, LLC
                      (&#8220;Guggenheim Partners&#8221;).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Except as otherwise noted, all percentage limitations set forth in this Prospectus apply immediately after a purchase or initial investment and any subsequent change in any applicable
                      percentage resulting from market fluctuations does not require any action.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">USE OF PROCEEDS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Unless otherwise specified in a supplement to this Prospectus (each a &#8220;Prospectus Supplement&#8221;), the Fund intends to invest the net proceeds of an offering of Common Shares in
                      accordance with its investment objective and policies as stated herein. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering of Common Shares in accordance with its
                      investment objective and policies within three months after the completion of such offering. Pending such investment, it is anticipated that the proceeds will be invested in U.S. government securities or high quality, short-term money
                      market securities. The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Common Shares primarily
                      for this purpose.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As of September 10, 2020, the Fund had sold 6,986,379 Common Shares in an at-the-market offering at an aggregate offering price of $18.07. As a result, up to $223,756,131 aggregate
                      offering price of Common Shares remained available for subsequent offerings under this Prospectus.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">MARKET AND NET ASSET VALUE INFORMATION</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus, will be, subject to notice of issuance, listed on the New York Stock Exchange (the
                      &#8220;NYSE&#8221;). The Fund&#8217;s Common Shares commenced trading on the NYSE on July 27, 2007.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Common Shares have traded both at a premium and at a discount in relation to the Fund&#8217;s net asset value per share. Although the Common Shares recently have traded at a premium<font style="font-weight: bold;">&#160;</font>to net asset value, there can be no assurance that this will continue after the offering nor that the Common Shares will not trade at a discount in the future. Shares of closed-end investment
                      companies frequently trade at a discount to net asset value. The Fund&#8217;s net asset value may be reduced immediately following an offering of the Common Shares due to the costs of such offering, which will be borne entirely by the Fund.
                      The sale of Common Shares by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common Shares available may put downward
                      pressure on the market price for Common Shares. See &#8220;Risks&#8212;Market Discount Risk.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table sets forth, for each of the periods indicated, the high and low closing market prices for the Common Shares on the NYSE, as well as the net asset value per Common
                      Share and the premium or discount to net asset value per Common Share at which the Common Shares were trading on the date of the high and low closing prices. The Fund calculates its net asset value as of the close of business, usually
                      5:00 p.m. Eastern Time, every day on which the NYSE is open. See &#8220;Net Asset Value&#8221; for information as to the determination of the Fund&#8217;s net asset value.</div>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">45</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z468eb6821c004e8c9466f01a2c9e05cb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 22%; vertical-align: bottom; border-bottom: #000000 2px solid;" rowspan="2">
                            <div style="font-weight: bold;">During Quarter Ended</div>
                          </td>
                          <td style="width: 26%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-weight: bold;">Market Price</div>
                          </td>
                          <td style="width: 26.4%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-weight: bold;">NAV per Common<br>
                              Share on Date of Market<br>
                              Price High and Low<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                          </td>
                          <td style="width: 25.6%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
                            <div style="text-align: center; font-weight: bold;">Premium/(Discount) on<br>
                              Date of Market Price<br>
                              High and Low<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">High</div>
                          </td>
                          <td style="width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Low</div>
                          </td>
                          <td style="width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">High</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Low</div>
                          </td>
                          <td style="width: 13%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">High</div>
                          </td>
                          <td style="width: 12.6%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Low</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>August 31, 2020</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.46</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$16.48</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$16.15</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$15.44</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">14.30%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">6.74%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>May 31, 2020</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.01</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$11.82</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.00</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$15.25</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">5.94%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">(22.49)%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>February 29, 2020</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.47</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.08</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.14</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$16.91</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">13.59%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">1.01%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>November 30, 2019</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.77</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.56</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.63</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.46</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">12.14%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">6.30%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>August 31, 2019</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$20.88</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.51</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.81</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.60</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">17.24%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">10.85%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>May 31, 2019</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$20.26</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.18</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.95</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.88</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">12.87%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">7.27%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>February 28, 2019</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$20.46</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.31</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.02</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$17.83</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">13.54%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">(2.92%)</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>November 30, 2018</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$22.21</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.94</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.09</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$18.38</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">16.34%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">3.05%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>August 31, 2018</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$22.31</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$21.10</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.14</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.01</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">16.56%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">10.99%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div>May 31, 2018</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$21.30</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.91</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.10</div>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$19.39</div>
                            </div>
                          </td>
                          <td style="width: 13%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">11.52%</div>
                            </div>
                          </td>
                          <td style="width: 12.6%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">2.68%</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z4e19b30f9f43449783282608e7deb712" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Based on the Fund&#8217;s computations.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zc53c41d075df43fbb5f581af838f1129" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(2)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Calculated based on the information presented. Percentages are rounded.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The last reported sale price, net asset value per Common Share and percentage<font style="font-weight: bold;">&#160;</font>to net asset value per Common Share on September 10, 2020<font style="font-weight: bold;">&#160;</font>was $18.17,<font style="font-weight: bold;">&#160;</font>$16.24 and 11.88%, respectively. The Fund cannot predict whether its Common Shares will trade in the future at a premium to or discount from net
                      asset value, or the level of any premium or discount. Shares of closed-end investment companies frequently trade at a discount from net asset value. The Fund&#8217;s Common Shares have in the past traded below their net asset value. As of
                      September 10, 2020, 44,225,691 Common Shares of the Fund were outstanding.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">INVESTMENT OBJECTIVE AND POLICIES</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Objective</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation. The Fund&#8217;s investment objective is considered fundamental
                      and may not be changed without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. The Fund cannot ensure investors that it will achieve its investment objective.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Philosophy and Investment Process</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will pursue a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between securities
                      that deviate from their perceived fair value and/or historical norms. The Sub-Adviser seeks to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies. The
                      Fund&#8217;s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower
                      correlation of returns as compared to such benchmark indexes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser&#8217;s analysis of a fixed-income security&#8217;s credit quality is comprised of multiple elements, including, but not limited to: (i) sector analysis, including regulatory
                      developments and sector health, (ii) collateral, business, and counterparty risk, which includes payment history, collateral performance, and borrower credit profile, (iii) structural analysis, which includes securitization structure
                      review and forms of credit enhancement, and (iv) stress analysis, including historical collateral performance during extreme market stress and identifying tail risks. This analysis is applied against the macroeconomic outlook,
                      geopolitical issues as well as considerations that more directly affect the company&#8217;s industry to determine the Sub-Adviser&#8217;s internal judgment as to the security&#8217;s credit quality. In addition to the process described above, the
                      Sub-Adviser selects securities using a rigorous portfolio construction approach to tightly control independent risk exposures such as fixed income sector weights, sector specific yield curves, credit spreads, prepayment risks, and
                      other risk exposures the Sub-Adviser deems relevant. Within those risk constraints, the Sub-Adviser estimates the relative value of different securities to select individual securities that, in the Sub-Adviser&#8217;s judgment, may provide
                      risk-adjusted outperformance.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser&#8217;s process for determining whether to buy a security is a collaborative effort between various groups including: (i) economic research, which focus on key economic
                      themes and trends, regional and </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">46</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">country-specific analysis, and assessments of event-risk and policy impacts on asset prices, (ii) the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling
                      tools to determine allocation of assets among a variety of sectors, (iii) its Sector Specialists, who are responsible for identifying investment opportunities in particular securities within these sectors, including the structuring of
                      certain securities directly with the issuers or with investment banks and dealers involved in the origination of such securities, and (iv) portfolio managers, who determine which securities best fit the Fund based on the Fund&#8217;s
                      investment objective and top-down sector allocations. In managing the Fund, the Sub-Adviser uses a process for selecting securities for purchase and sale that is based on intensive credit research and involves extensive due diligence
                      on each issuer, region and sector. The Sub-Adviser also considers macroeconomic outlook and geopolitical issues.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser generally decides which securities to sell for the Fund based on one of three factors:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z3e67008ca8de4289b0116a3b6e971d3d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">In the Sub-Adviser&#8217;s judgment, the relative value measure of the instrument no longer indicates that the instrument is cheap relative to similar instruments and a substitution of the instrument
                                with a similar but cheaper instrument enhances the risk-adjusted return potential of the portfolio.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="ze3879f7ad74f43f4b347bab479c1e8cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The Sub-Adviser&#8217;s fundamental analysis suggests that the embedded credit risk in an instrument has increased and the instrument no longer properly compensates the holder for this increased
                                risk.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z0ec7669cacf140e395401050ec8b0dbb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The Sub-Adviser&#8217;s fundamental sector allocation decisions result in the rebalancing of existing positions to achieve the Sub-Adviser&#8217;s desired sector exposures.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Policies</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will seek to achieve its investment objective by investing in a wide range of fixed-income and other debt and senior equity securities (&#8220;Income Securities&#8221;) selected from a
                      variety of sectors, including, but not limited to, U.S. government and agency securities, corporate bonds, loans and loan participations, structured finance investments (including residential and commercial mortgage-related
                      securities, asset-backed securities, collateralized debt obligations and risk-linked securities), mezzanine and preferred securities and convertible securities. The Fund may invest in non-U.S. dollar-denominated Income Securities
                      issued by sovereign entities and corporations, including Income Securities of issuers in emerging market countries. The Fund may invest in Income Securities of any credit quality, including, without limitation, Income Securities rated
                      below-investment grade (commonly referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds), which are considered speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may also invest in common stocks, limited liability company interests, trust certificates and other equity investments (&#8220;Common Equity Securities&#8221;) that the Sub-Adviser
                      believes offer attractive yield and/or capital appreciation potential. As part of its Common Equity Securities strategy, the Fund currently intends to employ a strategy of writing (selling) covered call options and may, from time to
                      time, buy or sell put options on individual Common Equity Securities. In addition to its covered call option strategy, the Fund may, to a lesser extent, pursue a strategy that includes the sale (writing) of both covered call and put
                      options on indices of securities and sectors of securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may allocate its assets among a wide variety of Income Securities and Common Equity Securities, provided that, under normal market conditions, the Fund will not invest more
                      than:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zeb54bb64a93342ac908e77fd5e66adf9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">50% of its total assets in Common Equity Securities consisting of common stock;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zb0c87d7e5a464a1e93273bf4e5383e15" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">30% of its total assets in other investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zf1a8a78f284141de8dd70f938feafc19" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">20% of its total assets in non-U.S. dollar-denominated Income Securities of corporate and governmental issuers located outside the United States; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z303bc5ba9c2d418daad5fdca142db3e5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">10% of its total assets in Income Securities of issuers in emerging markets.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The percentage of the Fund&#8217;s total assets allocated to any category of investment may at any given time be significantly less than the percentage permitted pursuant to the above
                      referenced investment policies.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">These policies may be changed by the Board of Trustees, but no change is anticipated. If the Fund&#8217;s policies change, the Fund will provide shareholders at least 60 days&#8217; prior written
                      notice before implementation of the change.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">47</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Percentage limitations described in this Prospectus are as of the time of investment by the Fund and could thereafter be exceeded as a result of market value fluctuations of the Fund&#8217;s
                      portfolio.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Credit Quality. </font>The Fund may invest without limitation in securities rated below-investment grade (e.g., securities rated below Baa3 by
                      Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), below BBB- by Standard &amp; Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;) or comparably rated by another nationally recognized statistical rating organization) or, if
                      unrated, determined by the Sub-Adviser to be of comparable quality. Securities rated below-investment grade are commonly referred to as &#8220;high-yield&#8221; or &#8220;junk bonds&#8221; and are considered speculative with respect to the issuer&#8217;s capacity
                      to pay interest and repay principal. The Fund&#8217;s investments in any of the sectors and types of Income Securities in which the Fund may invest may include, without limitation, below investment grade securities. Lower grade securities
                      may be particularly susceptible to economic downturns. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse effect on the value of such securities. In addition, it is
                      likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is not required to dispose of a security if an NRSRO or the Sub-Adviser downgrades its assessment of that security. In determining whether to retain or sell a security that an
                      NRSRO or the Sub-Adviser has downgraded, the Sub-Adviser may consider such factors as its assessment of the credit quality of the security, the price at which the security could be sold, and the rating, if any, assigned to the
                      security by other ratings agencies. When the Sub-Adviser believes it to be in the best interests of the Fund&#8217;s shareholders, the Fund will reduce its investment in lower grade securities and, in certain market conditions, the Fund may
                      invest none of its assets in lower grade securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Rating agencies, such as Moody&#8217;s or S&amp;P, are private services that provide ratings of the credit quality of debt obligations. Ratings assigned by an NRSRO are not absolute
                      standards of credit quality but represent the opinion of the NRSRO as to the quality of the obligation. Ratings do not evaluate market risks or the liquidity of securities. Rating agencies may fail to make timely changes in credit
                      ratings and an issuer&#8217;s current financial condition may be better or worse than a rating indicates. To the extent that the issuer of a security pays an NRSRO for the analysis of its security, an inherent conflict of interest may exist
                      that could affect the reliability of the rating. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such
                      obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Sub-Adviser also will independently evaluate these securities and the ability of the issuers of such securities to pay
                      interest and principal. To the extent that the Fund invests in unrated lower grade securities, the Fund&#8217;s ability to achieve its investment objective will be more dependent on the Sub-Adviser&#8217;s credit analysis than would be the case
                      when the Fund invests in rated securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Please refer to Appendix A to the SAI for more information regarding Moody&#8217;s and S&amp;P&#8217;s ratings of fixed-income securities.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">THE FUND&#8217;S INVESTMENTS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will seek to achieve its investment objective by investing in the following categories of securities:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Income Securities. </font>The Fund may invest in a wide range of Income Securities selected from a variety of sectors, including, but not limited to,
                      corporate bonds, loans and loan participations (including senior secured floating rate loans (&#8220;Senior Loans&#8221;), &#8220;second lien&#8221; secured floating rate loans (&#8220;Second Lien Loans&#8221;), and other types of secured and unsecured loans with fixed
                      and variable interest rates) (collectively, &#8220;Loans&#8221;), structured finance investments (including residential and commercial mortgage-related securities, asset-backed securities, collateralized debt obligations and risk-linked
                      securities), U.S. government and agency securities, mezzanine and preferred securities and convertible securities. The Fund may invest in non-U.S. dollar-denominated Income Securities issued by sovereign entities and corporations,
                      including Income Securities of issuers in emerging market countries. The Fund may invest in Income Securities of any credit quality, including Income Securities rated below-investment grade (commonly referred to as &#8220;high-yield&#8221; or
                      &#8220;junk&#8221; bonds), which are considered speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Common Equity Securities and Covered Call Option Strategy. </font>The Fund may invest in Common Equity Securities that the Sub-Adviser believes offer
                      attractive yield and/or capital appreciation potential. As part of its Common Equity Securities strategy, the Fund currently intends to employ a strategy of writing (selling) covered call </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">48</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">options and may, from time to time, buy or sell put options on individual Common Equity Securities. In addition to its covered call option strategy, the Fund may, to a lesser extent, pursue a strategy
                      that includes the sale (writing) of both covered call and put options on indices of securities and sectors of securities. This option strategy is intended to generate current gains from option premiums as a means to enhance
                      distributions payable to the Fund&#8217;s Common Shareholders. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. A substantial portion of the options written
                      by the Fund may be over-the-counter options (&#8220;OTC options&#8221;). Under current market conditions, the Fund implements its covered call writing strategy primarily by investing in exchange-traded funds (&#8220;ETFs&#8221;) which provide exposure to
                      Common Equity Securities and writing covered call options on those ETFs.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Real Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by companies that own, produce,
                      refine, process, transport and market &#8220;real property assets,&#8221; such as real estate and the natural resources upon or within real estate (&#8220;Real Property Asset Companies&#8221;). These Real Property Asset Companies include:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zc107c54b366847d8be0511aabc149399" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Companies engaged in the ownership, construction, financing, management and/or sale of commercial, industrial and/or residential real estate (or that have assets primarily invested in such real
                                estate), including real estate investment trusts (&#8220;REITs&#8221;); and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zad35646b4d3346e68d61d72faac3809c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Companies engaged in energy, natural resources and basic materials businesses and companies engaged in associated businesses. These companies include, but are not limited to, those engaged in
                                businesses such as oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services, forest products, chemicals, coal, alternative energy sources and environmental
                                services, as well as related transportation companies and equipment manufacturers.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Personal Property Asset Companies. </font>The Fund may invest in Income Securities and Common Equity Securities issued by companies that seek to
                      profit primarily from the ownership, rental, leasing, financing or disposition of &#8220;personal property assets&#8221; (&#8220;Personal Property Asset Companies&#8221;). Personal (as opposed to real) property assets include any tangible, movable property
                      or asset. The Fund will typically seek to invest in Income Securities and Common Equity Securities of Personal Property Asset Companies with investment performance that is not highly correlated with traditional market indexes because
                      the personal property asset held by such company is non-correlated with traditional debt or equity markets. Such personal property assets include special situation transportation assets (e.g., railcars, airplanes and ships) and
                      collectibles (e.g., antiques, wine and fine art).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Private Securities. </font>The Income Securities and Common Equity Securities in which the Fund may invest include privately issued securities of
                      both public and private companies (&#8220;Private Securities&#8221;). Private Securities have additional risk considerations than comparable public securities, including availability of financial information about the issuer and valuation and
                      liquidity issues.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Funds. </font>As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and
                      Common Equity Securities by investing in other investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles (collectively, &#8220;Investment Funds&#8221;). The Fund may invest
                      up to 30% of its total assets in Investment Funds that primarily hold (directly or indirectly) investments in which the Fund may invest directly. The 1940 Act generally limits a registered investment company&#8217;s investments in other
                      investment companies to 10% of its total assets. However, pursuant to exemptions set forth in rules and regulations promulgated under the 1940 Act, the Fund may invest in excess of this limitation provided that the conditions of such
                      exemptions are met. In addition, the Fund may invest in certain ETFs in excess of the 10% limitation in reliance upon and in accordance with exemptive relief obtained by such ETFs. The Fund will invest in private investment funds,
                      commonly referred to as &#8220;hedge funds,&#8221; only to the extent permitted by applicable rules, regulations and interpretations of the SEC and NYSE. The Fund has no current intention to invest in private investment funds. Investments in
                      other Investment Funds involve operating expenses and fees at the Investment Fund level that are in addition to the expenses and fees borne by the Fund and are borne indirectly by holders of the Fund&#8217;s Common Shares. Further, on
                      December 19, 2018, the SEC published a proposed rule that, if adopted, would change the regulation of investments in other investment companies. Such regulations could permit closed-end funds to invest in other investment companies in
                      excess of the limits of the 1940 Act.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Synthetic Investments. </font>As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities
                      and Common Equity Securities through the use of customized derivative instruments (including swaps, options, forwards, notional principal contracts or other financial instruments) to </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">49</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">replicate, modify or replace the economic attributes associated with an investment in Income Securities and Common Equity Securities (including interests in Investment Funds). The Fund may be exposed to
                      certain additional risks should the Sub-Adviser use derivatives as a means to synthetically implement the Fund&#8217;s investment strategies, including a lack of liquidity in such derivative instruments and additional expenses associated
                      with using such derivative instruments.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Portfolio Contents</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s investment portfolio consists of investments in the following types of securities:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Corporate Bonds. </font>Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may be either
                      secured or unsecured. Collateral used for secured debt includes, but is not limited to, real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders,
                      as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may have a prior claim over other creditors if liens or
                      mortgages are involved. Interest on corporate bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate bonds
                      contain elements of both interest-rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the
                      corporation, the corporation&#8217;s performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Investment Grade Bonds. </font>The Fund may invest in a wide variety of fixed-income securities rated or determined by the Sub-Adviser to be
                      investment grade quality that are issued by corporations and other non-governmental entities and issuers (&#8220;Investment Grade Bonds&#8221;). Investment Grade Bonds are subject to market and credit risk. Market risk relates to changes in a
                      security&#8217;s value. Investment Grade Bonds have varying levels of sensitivity to changes in interest rates and varying degrees of credit quality. In general, bond prices rise when interest rates fall, and fall when interest rates rise.
                      Longer-term and zero coupon bonds are generally more sensitive to interest rate changes. Credit risk relates to the ability of the issuer to make payments of principal and interest. The values of Investment Grade Bonds, like those of
                      other fixed-income securities, may be affected by changes in the credit rating or financial condition of an issuer. Investment Grade Bonds are generally considered medium- and high-quality securities. Some, however, may possess
                      speculative characteristics, and may be more sensitive to economic changes and changes in the financial condition of issuers. The market prices of Investment Grade Bonds in the lowest investment grade categories may fluctuate more
                      than higher-quality securities and may decline significantly in periods of general or regional economic difficulty. Investment Grade Bonds in the lowest investment grade categories may be thinly traded, making them difficult to sell
                      promptly at an acceptable price. Investment Grade Bonds include certain investment grade quality mortgage-related securities, asset-backed securities, and other hybrid securities and instruments that are treated as debt obligations
                      for U.S. federal income tax purposes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Below-Investment Grade Bonds. </font>The Fund may invest without limitation in a wide variety of fixed-income securities that are rated or determined
                      by the Sub-Adviser to be below-investment grade quality (&#8220;Below-Investment Grade Bonds&#8221;). The credit quality of most Below-Investment Grade Bonds reflects a greater than average possibility that adverse changes in the financial
                      condition of an issuer, or in general economic conditions, or both, may impair the ability of the issuer to make payments of interest and principal. The inability (or perceived inability) of issuers to make timely payment of interest
                      and principal would likely make the values of Below-Investment Grade Bonds held by the Fund more volatile and could limit the Fund&#8217;s ability to sell such Bonds at favorable prices. In the absence of a liquid trading market for its
                      Below-Investment Grade Bonds, the Fund may have difficulties determining the fair market value of such investments. Below-Investment Grade Bonds include certain investment grade quality mortgage-related securities, asset-backed
                      securities, and other hybrid securities and instruments that are treated as debt obligations for U.S. federal income tax purposes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to pre-existing outstanding debt obligations of below-investment grade issuers, the Fund may also invest in &#8220;debtor-in-possession&#8221; or &#8220;DIP&#8221; financings newly issued in
                      connection with &#8220;special situation&#8221; restructuring and refinancing transactions. DIP financings are Loans to a debtor-in-possession in a proceeding under the U.S. Bankruptcy Code that have been approved by the bankruptcy court. DIP
                      financings are typically fully secured by a lien on the debtor&#8217;s otherwise unencumbered assets or secured by a junior lien on the debtor&#8217;s encumbered assets (so long as the Loan is fully secured based on the most recent current
                      valuation or appraisal report of the debtor). The bankruptcy court can authorize the debtor to grant the DIP lender a claim with super-</div>
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                    <div style="margin-bottom: 6pt;">priority over administrative expenses incurred during bankruptcy and of other claims, thus a DIP financing may constitute senior debt even if not secured. DIP financings are often required to close with
                      certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. These financings allow the entity to continue its business operations while
                      reorganizing under Chapter 11 of the U.S. Bankruptcy Code.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Distressed and Defaulted Securities. </font>The Fund may invest in the securities of financially distressed and bankrupt issuers. Such debt
                      obligations may be in covenant or payment default. Such investments generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted
                      obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial recovery
                      of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Structured Finance Investments. </font>The Fund may invest in structured finance investments, which are Income Securities and Common Equity
                      Securities typically issued by special purpose vehicles that hold income-producing securities (e.g., mortgage loans, consumer debt payment obligations and other receivables) and other financial assets. Structured finance investments
                      are tailored, or packaged, to meet certain financial goals of investors. Typically, these investments provide investors with capital protection, income generation and/or the opportunity to generate capital growth. The Sub-Adviser
                      believes that structured finance investments provide attractive risk-adjusted returns, frequent sector rotation opportunities and prospects for adding value through security selection. Structured finance investments include:</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Mortgage-Related Securities</u>. Mortgage-related securities are a form of derivative collateralized by pools of commercial or residential mortgages. Pools of mortgage loans are
                      assembled as securities for sale to investors by various governmental, government-related and private organizations. These securities may include complex instruments such as collateralized mortgage obligations, REITs (including debt
                      and preferred stock issued by REITs), and other real estate-related securities. The mortgage-related securities in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that
                      change based on multiples of changes in a specified index of interest rates, and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in
                      residential and commercial mortgage-related securities issued by governmental entities and private issuers, including subordinated mortgage-related securities. The underlying assets of certain mortgage-related securities may be
                      subject to prepayments, which shorten the weighted average maturity and may lower the return of such securities. See &#8220;Investment Objective and Policies &#8211; Additional Investment Policies &#8211; Mortgage Related Securities&#8221; in the Fund&#8217;s SAI
                      for additional information regarding various types of mortgage-related securities.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Asset-Backed Securities</u>. Asset-backed securities (&#8220;ABS&#8221;) are a form of structured debt obligation. ABS are payment claims that are securitized in the form of negotiable paper
                      that is issued by a financing company (generally called a special purpose vehicle). Collateral assets brought into a pool according to specific diversification rules. A special purpose vehicle is founded for the purpose of
                      securitizing these payment claims and the assets of the special purpose vehicle are the diversified pool of collateral assets. The special purpose vehicle issues marketable securities which are intended to represent a lower level or
                      risk than an underlying collateral asset individually, due to the diversification in the pool. The redemption of the securities issued by the special purpose vehicle takes place out of the cash flow generated by the collected assets.
                      A special purpose vehicle may issue multiple securities with different priorities to the cash flows generated and the collateral assets. The collateral for ABS may include home equity loans, automobile and credit card receivables,
                      boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. There is the
                      possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Collateralized Debt Obligations</u>. A collateralized debt obligation (&#8220;CDO&#8221;) is an asset-backed security whose underlying collateral is typically a portfolio of bonds, bank loans,
                      other structured finance securities and/or synthetic instruments. Where the underlying collateral is a portfolio of bonds, a CDO is referred to as a collateralized bond obligation (&#8220;CBO&#8221;). Where the underlying collateral is a
                      portfolio of bank loans, a CDO is referred to as a collateralized loan obligation (&#8220;CLO&#8221;). Investors in CLOs bear the credit risk of the </div>
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                    <div style="margin-left: 36pt; margin-bottom: 6pt;">underlying collateral. Multiple tranches of securities are issued by the CLO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior,
                      mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CLO&#8217;s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and
                      scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. This prioritization of the cash flows from a pool of securities among the several tranches of the CLO is a key feature of the CLO
                      structure. If there are funds remaining after each tranche of debt receives its contractual interest rate and the CLO meets or exceeds required collateral coverage levels (or other similar covenants), the remaining funds may be paid
                      to the subordinated (or residual) tranche (often referred to as the &#8220;equity&#8221; tranche). The contractual provisions setting out this order of payments are set out in detail in the relevant CLO&#8217;s indenture. These provisions are referred
                      to as the &#8220;priority of payments&#8221; or the &#8220;waterfall&#8221; and determine the terms of payment of any other obligations that may be required to be paid ahead of payments of interest and principal on the securities issued by a CLO. In
                      addition, for payments to be made to each tranche, after the most senior tranche of debt, there are various tests that must be complied with, which are different for each CLO. If a CLO breaches one of these tests excess cash flow that
                      would otherwise be available for distribution to the subordinated tranche investors is diverted to prepay CLO debt investors in order of seniority until such time as the covenant breach is cured. If the covenant breach is not or
                      cannot be cured, the subordinated tranche investors (and potentially other investors in lower priority rated tranches) may experience a partial or total loss of their investment.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;">CLOs are subject to the same risk of prepayment described with respect to certain mortgage-related and asset-backed securities. The value of CLOs may be affected by changes in the
                      market&#8217;s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;">The Fund may invest in senior, rated tranches as well as subordinated tranches of CLOs. Investment in the subordinated tranche is subject to special risks. The subordinated tranche
                      does not receive ratings and is considered the riskiest portion of the capital structure of a CLO because it bears the bulk of defaults from the loans in the CLO and serves to protect the other, more senior tranches from default in
                      all but the most severe circumstances.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Risk-Linked Securities</u>. Risk-linked securities (&#8220;RLS&#8221;) are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply
                      securitization techniques to catastrophic property and casualty damages. RLS are typically debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined &#8220;trigger
                      event.&#8221; Depending on the specific terms and structure of the RLS, this trigger could be the result of a hurricane, earthquake or some other catastrophic event. Insurance companies securitize this risk to transfer to the capital
                      markets the truly catastrophic part of the risk exposure. A typical RLS provides for income and return of capital similar to other fixed-income investments, but would involve full or partial default if losses resulting from a certain
                      catastrophe exceeded a predetermined amount. RLS typically have relatively high yields compared with similarly rated fixed-income securities, and also have low correlation with the returns of traditional securities. The Sub-Adviser
                      believes that inclusion of RLS in the Fund&#8217;s portfolio could lead to significant improvement in its overall risk-return profile. Investments in RLS may be linked to a broad range of insurance risks, which can be broken down into three
                      major categories: natural risks (such as hurricanes and earthquakes), weather risks (such as insurance based on a regional average temperature) and non-natural events (such as aerospace and shipping catastrophes). Although
                      property-casualty RLS have been in existence for over a decade, significant developments have started to occur in securitizations done by life insurance companies. In general, life insurance industry securitizations could fall into a
                      number of categories. Some are driven primarily by the desire to transfer risk to the capital markets, such as the transfer of extreme mortality risk (mortality bonds). Others, while also including the element of risk transfer, are
                      driven by other considerations. For example, a securitization could be undertaken to relieve the capital strain on life insurance companies caused by the regulatory requirements of establishing very conservative reserves for some
                      types of products. Another example is the securitization of the stream of future cash flows from a particular block of business, including the securitization of embedded values of life insurance business or securitization for the
                      purpose of funding acquisition costs.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Senior Loans. </font>Senior Loans are floating rate Loans made to corporations and other non-governmental entities and issuers. Senior Loans
                      typically hold the most senior position in the capital structure of the issuing entity, </div>
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                    </div>
                    <div style="margin-bottom: 6pt;">are typically secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debt holders and stockholders of the
                      borrower. The proceeds of Senior Loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and, to a lesser extent, to finance internal growth and for other
                      corporate purposes. Senior Loans typically have rates of interest that are redetermined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium or credit spread. Base lending rates in common
                      usage today are primarily the London-Interbank Offered Rate (&#8220;LIBOR&#8221;), and secondarily the prime rate offered by one or more major U.S. banks (the &#8220;Prime Rate&#8221;) and the certificate of deposit (&#8220;CD&#8221;) rate or other base lending rates
                      used by commercial lenders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Second Lien Loans. </font>Second Lien Loans are Loans made by public and private corporations and other nongovernmental entities and issuers for a
                      variety of purposes. Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower. Second Lien Loans typically are secured by a second priority security interest or lien to or on specified
                      collateral securing the borrower&#8217;s obligation under the Loan and typically have similar protections and rights as Senior Loans. Second Lien Loans are not (and by their terms cannot) become subordinate in right of payment to any
                      obligation of the related borrower other than Senior Loans of such borrower. Second Lien Loans, like Senior Loans, typically have floating rate interest payments. Because Second Lien Loans are second to Senior Loans, they present a
                      greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. Such investments generally are of below-investment grade quality. Other than their subordinated status, Second Lien Loans have
                      many characteristics and risks similar to Senior Loans discussed above. In addition, Second Lien Loans and debt securities of below-investment grade quality share many of the risk characteristics of Non-Investment Grade Bonds.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Subordinated Secured Loans. </font>Subordinated secured Loans are made by public and private corporations and other nongovernmental entities and
                      issuers for a variety of purposes. Subordinated secured Loans may rank lower in right of payment to one or more Senior Loans and Second Lien Loans of the Borrower. Subordinated secured Loans typically are secured by a lower priority
                      security interest or lien to or on specified collateral securing the Borrower&#8217;s obligation under the Loan, and typically have more subordinated protections and rights than Senior Loans and Second Lien Loans. Subordinated secured Loans
                      may become subordinated in right of payment to more senior obligations of the Borrower issued in the future. Subordinated secured Loans may have fixed or floating rate interest payments. Because Subordinated secured Loans may rank
                      lower as to right of payment than Senior Loans and Second Lien Loans of the Borrower, they may present a greater degree of investment risk than Senior Loans and Second Lien Loans but often pay interest at higher rates reflecting this
                      additional risk. Such investments generally are of below investment grade quality. Other than their more subordinated status, such investments have many characteristics and risks similar to Senior Loans and Second Lien Loans discussed
                      above.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Unsecured Loans. </font>Unsecured Loans are loans made by public and private corporations and other nongovernmental entities and issuers for a
                      variety of purposes. Unsecured Loans generally have lower priority in right of payment compared to holders of secured debt of the Borrower. Unsecured Loans are not secured by a security interest or lien to or on specified collateral
                      securing the Borrower&#8217;s obligation under the loan. Unsecured Loans by their terms may be or may become subordinate in right of payment to other obligations of the borrower, including Senior Loans, Second Lien Loans and Subordinated
                      Secured Loans. Unsecured Loans may have fixed or floating rate interest payments. Because unsecured Loans are subordinate to the secured debt of the borrower, they present a greater degree of investment risk but often pay interest at
                      higher rates reflecting this additional risk. Such investments generally are of below investment grade quality. Other than their subordinated and unsecured status, such investments have many characteristics and risks similar to Senior
                      Loans, Second Lien Loans and Subordinated Secured Loans discussed above.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Mezzanine Investments. </font>The Fund may invest in certain lower grade securities known as &#8220;Mezzanine Investments,&#8221; which are subordinated debt
                      securities that are generally issued in private placements in connection with an equity security (e.g., with attached warrants) or may be convertible into equity securities. Mezzanine Investments may be issued with or without
                      registration rights. Similar to other lower grade securities, maturities of Mezzanine Investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine Investments
                      are usually unsecured and subordinated to other obligations of the issuer.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Convertible Securities. </font>Convertible securities include bonds, debentures, notes, preferred stocks and other securities that entitle the holder
                      to acquire common stock or other equity securities of the issuer. Convertible securities have general characteristics similar to both debt and equity securities. A convertible security generally entitles the holder to receive interest
                      or preferred dividends paid or accrued until the convertible security matures or </div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt obligations. Convertible securities rank senior to common stock in a
                      corporation&#8217;s capital structure and, therefore, generally entail less risk than the corporation&#8217;s common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible
                      security sells above its value as a debt obligation. A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by the Fund is called for redemption, the
                      Fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the Fund&#8217;s ability to achieve
                      its investment objectives. The price of a convertible security often reflects variations in the price of the underlying common stock in a way that non-convertible debt may not. The value of a convertible security is a function of (i)
                      its yield in comparison to the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (ii) its worth if converted into the underlying common stock.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Preferred Stocks. </font>Preferred stocks represent the senior residual interest in the assets of an issuer after meeting all claims, with priority
                      to corporate income and liquidation payments over the issuer&#8217;s common stock. As such, preferred stock is inherently more risky than the bonds and loans of the issuer, but less risky than its common stock. Preferred stocks often
                      contain provisions that allow for redemption in the event of certain tax or legal changes or at the issuers&#8217; call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears beyond a
                      certain time period. Preferred stock in some instances is convertible into common stock.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Although they are equity securities, preferred stocks have certain characteristics of both debt and common stock. They are debt-like in that their promised income is contractually
                      fixed. They are common stock-like in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics of equity due to
                      their subordinated position in an issuer&#8217;s capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. In order to be
                      payable, dividends on preferred stock must be declared by the issuer&#8217;s board of directors. In addition, distributions on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some
                      preferred stocks are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors or otherwise made payable. Other preferred stocks are non-cumulative, meaning that skipped dividends and
                      distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. If the Fund owns preferred stock that is deferring its
                      distributions, the Fund may be required to report income for U.S. federal income tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below the rate payable on an issue of
                      preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many
                      other securities, such as U.S. Government securities, corporate bonds and common stock.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">U.S. Government Securities. </font>The Fund may invest in debt securities issued or guaranteed by the U.S. government, its agencies or
                      instrumentalities including: (1) U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance, such as U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to
                      ten years), and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. government under the separate trading of registered interest and
                      principal securities program (i.e., &#8220;STRIPS&#8221;), all of which are backed by the full faith and credit of the United States; and (2) obligations issued or guaranteed by U.S. government agencies or instrumentalities, including government
                      guaranteed mortgage-related securities, some of which are backed by the full faith and credit of the U.S. Treasury, some of which are supported by the right of the issuer to borrow from the U.S. government, and some of which are
                      backed only by the credit of the issuer itself.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Foreign Securities. </font>While the Fund invests primarily in securities of U.S. issuers, the Fund may invest up to 20% of its total assets in
                      non-U.S. dollar-denominated fixed-income securities of corporate and governmental issuers located outside the United States, including up to 10% in emerging markets. Foreign securities include securities issued or guaranteed by
                      companies organized under the laws of countries other than the United States and securities issued or guaranteed by foreign governments, their agencies or instrumentalities and supra-national governmental entities, such as the World
                      Bank. Foreign securities also may be traded on foreign securities exchanges or in over-the-counter capital markets. The value of foreign securities and obligations is affected by changes in currency rates, foreign tax laws (including
                      withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other operational risks. In addition, the </div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the
                      United States. Foreign investments also could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less
                      publicly available financial and other information and potential difficulties in enforcing contractual obligations.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Since the Fund may invest in securities and obligations that are denominated or quoted in currencies other than the U.S. dollar, the Fund may be affected by changes in foreign currency
                      exchange rates (and exchange control regulations) which affect the value of investments in the Fund and the accrued income and appreciation or depreciation of the investments in U.S. dollars. Changes in foreign currency exchange rates
                      relative to the U.S. dollar will affect the U.S. dollar value of the Fund&#8217;s assets denominated in that currency and the Fund&#8217;s return on such assets as well as any temporary uninvested reserves in bank deposits in foreign currencies.
                      In addition, the Fund will incur costs in connection with conversions between various currencies. The Fund may seek to fully hedge its exposures to foreign currencies but may, at the discretion of the Sub-Adviser, at any time limit or
                      eliminate foreign currency hedging activity. See &#8220;&#8212;Derivative Transactions&#8212;Foreign Currency Transactions.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Sovereign and Supranational Obligations. </font>The Fund may invest in sovereign debt securities, which are debt securities issued or guaranteed by
                      foreign governmental entities, such as foreign government debt or foreign treasury bills. Investments in sovereign debt securities involve special risks in addition to those risks usually associated with investments in debt
                      securities, including risks associated with economic or political uncertainty and the risk that the governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest
                      when due. The Fund may also invest in securities or other obligations issued or backed by supranational organizations, which are international organizations that are designated or supported by government entities or banking
                      institutions typically to promote economic reconstruction or development. These obligations are subject to the risk that the government(s) on whose support the organization depends may be unable or unwilling to provide the necessary
                      support. With respect to both sovereign and supranational obligations, the Fund may have little recourse against the foreign government or supranational organization that issues or backs the obligation in the event of default. These
                      obligations may be denominated in foreign currencies and the prices of these obligations may be more volatile than corporate debt obligations.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Sovereign debt instruments in which the Fund may invest may involve great risk and may be deemed to be the equivalent in terms of credit quality to securities rated below investment
                      grade by Moody&#8217;s and S&amp;P. Governmental entities may depend on expected disbursements from foreign governments, multilateral agencies and international organizations to reduce principal and interest arrearages on their debt
                      obligations. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity&#8217;s implementation of economic or other reforms and/or economic performance and the
                      timely service of the governmental entity&#8217;s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of the commitments to lend
                      funds or other aid to the governmental entity, which may further impair the governmental entity&#8217;s ability or willingness to service its debts in a timely manner. Some of the countries in which the Fund may invest have encountered
                      difficulties in servicing their sovereign debt obligations and have withheld payments of interest and/or principal of sovereign debt. These difficulties have also led to agreements to restructure external debt obligations, which may
                      result in costs to the holders of the sovereign debt. Consequently, a government obligor may default on its obligations and/or the values of its obligations may decline significantly.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Common Stocks and Other Common Equity Securities. </font>The Fund may also invest in common stocks and other Common Equity Securities that the
                      Sub-Adviser believes offer attractive yield and/or capital appreciation potential. Common stock represents the residual ownership interest in the issuer. Holders of common stocks and other Common Equity Securities are entitled to the
                      income and increase in the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred stockholders are satisfied. The Fund may invest in companies of any market capitalization.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Options. </font>As part of its Common Equity Securities strategy, the Fund currently intends to employ a strategy of writing (selling) covered call
                      options and may, from time to time, buy or sell put options on individual Common Equity Securities. In addition to its covered call option strategy, the Fund may, to a lesser extent, pursue a strategy that includes the sale (writing)
                      of both covered call and put options on indices of securities and sectors of securities. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund&#8217;s Common
                      Shareholders. An option on a security is a contract that gives the holder of the </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or
                      &#8220;strike&#8221; price. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price or to pay the exercise price upon delivery of the underlying
                      security. Certain options, known as &#8220;American style&#8221; options may be exercised at any time during the term of the option. Other options, known as &#8220;European style&#8221; options, may be exercised only on the expiration date of the option.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If an option written by the Fund expires unexercised, the Fund realizes on the expiration date a capital gain equal to the premium received by the Fund at the time the option was
                      written. If an option purchased by the Fund expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange-traded option may be closed out by an offsetting
                      purchase or sale of an option of the same series (type, underlying security, exercise price and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected when the Fund desires. The
                      Fund may sell put or call options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the premium and other transaction costs paid on the put
                      or call option when purchased. The Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Fund will
                      realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. Net
                      gains from the Fund&#8217;s option strategy will be short-term capital gains which, for U.S. federal income tax purposes, will constitute net investment company taxable income.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will follow a strategy known as &#8220;covered call option writing,&#8221; which is a strategy designed to generate current gains from option premiums as a means to enhance distributions
                      payable to the Fund&#8217;s Common Shareholders. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As part of its strategy, the Fund may not sell &#8220;naked&#8221; call options on individual securities, (i.e., options representing more shares of the stock than are held in the portfolio). A
                      call option written by the Fund on a security is &#8220;covered&#8221; if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash
                      consideration is required, cash or other assets determined to be liquid by the Sub-Adviser (in accordance with procedures established by the board of trustees) in such amount are segregated by the Fund&#8217;s custodian) upon conversion or
                      exchange of other securities held by the Fund. A call option is also covered if the Fund holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price
                      of the call written, or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Fund in segregated assets determined to be liquid by the Sub-Adviser as described above.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Put options are contracts that give the holder of the option, in return for a premium, the right to sell to the writer of the option the security underlying the option at a specified
                      exercise price at a specific time or times during the term of the option. These strategies may produce a considerably higher return than the Fund&#8217;s primary strategy of covered call writing, but involve a higher degree of risk and
                      potential volatility.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will write (sell) put options on individual securities only if the put option is &#8220;covered.&#8221; A put option written by the Fund on a security is &#8220;covered&#8221; if the Fund segregates
                      or earmarks assets determined to be liquid by the Sub-Adviser, as described above, equal to the exercise price. A put option is also covered if the Fund holds a put on the same security as the put written where the exercise price of
                      the put held is (i) equal to or greater than the exercise price of the put written, or (ii) less than the exercise price of the put written, provided the difference is maintained by the Fund in segregated or earmarked assets
                      determined to be liquid by the Sub-Adviser, as described above.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may sell put and call options on indices of securities. Options on an index differ from options on securities because (i) the exercise of an index option requires cash
                      payments and does not involve the actual purchase or sale of securities, (ii) the holder of an index option has the right to receive cash upon exercise of the option if the level of the index upon which the option is based is greater,
                      in the case of a call, or less, in the case of a put, than the exercise price of the option and (iii) index options reflect price-fluctuations in a group of securities or segments of the securities market rather than price
                      fluctuations in a single security.</div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Restricted and Illiquid Securities. </font>The Fund may invest in securities for which there is no readily available trading market or that are
                      otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(2) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and securities
                      eligible for resale pursuant to Rule 144A thereunder. Section 4(2) and Rule 144A securities may, however, be treated as liquid by the Investment Adviser pursuant to procedures adopted by the Fund&#8217;s Board of Trustees, which require
                      consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the level of portfolio illiquidity may be
                      increased to the extent that eligible buyers become uninterested in purchasing such securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">It may be difficult to sell such securities at a price representing the fair value until such time as such securities may be sold publicly. Where registration is required, a
                      considerable period may elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to
                      sell. The Fund may also acquire securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would
                      otherwise be desirable.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Government Sponsored Investment Programs</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">From time to time, the Fund may seek to invest in credit securities through one or more programs that may from time to time be sponsored, established or operated by the U.S. Department
                      of the Treasury, the Board of Governors of the Federal Reserve System and other governmental agencies.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Derivative Transactions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may, but is not required to, use various strategic transactions in swaps, futures, options and other derivative contracts in order to earn income, facilitate portfolio
                      management and mitigate risks. These strategies may be executed through the use of derivative contracts. In the course of pursuing these investment strategies, the Fund may purchase and sell exchange-listed and OTC put and call
                      options on securities, equity and fixed-income indices and other instruments, purchase and sell futures contracts and options thereon, and enter into various transactions such as swaps, caps, floors or collars. In addition, derivative
                      transactions may also include new techniques, instruments or strategies that are permitted as regulatory changes occur. In order to protect the soundness of derivative transactions and outstanding derivative positions, the Sub-Adviser
                      generally requires derivative counterparties to have a minimum credit rating of A from Moody&#8217;s (or a comparable rating from another NRSRO) and monitors such rating on an ongoing basis. In addition, the Sub-Adviser seeks to allocate
                      derivative transactions to limit exposure to any single counterparty. The Fund has not adopted a maximum percentage limit with respect to derivative investments. However, the maximum level of and types of derivative transactions used
                      by the Fund will be approved by the Board of Trustees and the Board of Trustees will receive regular reports from the Investment Adviser and the Sub-Adviser regarding the Fund&#8217;s use of derivative instruments and the effect of
                      derivative transactions on the management of the Fund&#8217;s portfolio and the performance of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Credit Derivatives. </font>The Fund may engage in credit derivatives transactions, which generally take one of three forms: swaps (specifically,
                      credit default swaps), options and structured instruments. The Fund may use credit default swaps, among other things, to transfer credit exposure. The Fund may be either the buyer or seller in a credit default swap transaction and
                      generally will be a net buyer of protection. The &#8220;buyer&#8221; in a credit default contract is obligated to pay the &#8220;seller&#8221; a periodic stream of payments over the term of the contract provided that no specified credit event with respect to
                      a reference issuer has occurred. The Fund may enter in to cleared credit default swaps (including index credit default swaps) and bilaterally-traded, OTC credit default swaps. In a physically-settled credit default swap, if a credit
                      event occurs, the seller must pay the buyer the full notional value, or &#8220;par value&#8221;, of the reference obligation in exchange for a deliverable reference obligation. Many credit default swaps are not physically-settled but rather
                      auction-settled. In an auction-settled credit default swap, if a credit event occurs, the seller must pay the difference between the full notional value, or &#8220;par value&#8221;, and the auction-recognized settlement price.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Where the Fund is a buyer, if no credit event occurs, the Fund would have spent the stream of payments and received no benefit from the contract. However, if a credit event occurs, the
                      Fund (if the buyer) will either receive the full notional value of the reference obligation, less the value, if any, of the delivery reference obligation, that may have little or no value or the difference between the full notional
                      value and the auction-recognized settlement price. As a seller, the Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and five years, provided that there is no credit event
                      during the pendency of the </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">trade. If a credit event occurs, the Fund as seller generally must pay the buyer the full notional value, or &#8220;par value&#8221; of the swap in exchange for an equal face amount of the reference obligations of
                      the entity described in the swap, or the Fund may be required to deliver the related net cash amount, depending on the settlement methodology of the swap. &#8220;&#8221;Unless and until the Fund actually receives the defaulted reference
                      obligation, it will not be a holder of record of such obligation and will not have any rights as a creditor against the relevant issuer.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund would earmark and reserve assets necessary to meet any accrued payment obligations when it is the buyer of a credit default swap. In cases where the Fund is the seller of a
                      credit default swap, if the credit default swap provides for physical settlement, the Fund would be required to earmark and reserve the full notional amount of the credit default swap. Where the Fund sells protection, it effectively
                      adds the equivalent of leverage to its portfolio because, in addition to its total assets, the Fund would be subject to investment exposure on the notional amount of the swap.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Foreign Currency Transactions. </font>The Fund may (but is not required to) hedge some or all of its exposure to non-U.S. currencies through the use
                      of forward foreign currency exchange contracts, options on foreign currencies, foreign currency futures contracts and swaps and other derivatives transactions. Suitable hedging transactions may not be available in all circumstances
                      and there can be no assurance that the Fund will engage in such transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility to engage in such transactions, the Investment
                      Adviser or Sub-Adviser may determine not to do so or to do so only in unusual circumstances or market conditions. These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable
                      fluctuations in relevant foreign currencies. The Fund may also use derivatives transactions for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">For a more complete discussion of the Fund&#8217;s investment practices involving transactions in derivatives and certain other investment techniques, see &#8220;Investment Objective and
                      Policies&#8212;Derivative Instruments&#8221; in the Fund&#8217;s SAI.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Temporary Defensive Investments</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">At any time when a temporary defensive posture is believed by the Investment Adviser to be warranted (a &#8220;temporary defensive period&#8221;), the Fund may, without limitation, hold cash or
                      invest its assets in money market instruments and repurchase agreements in respect of those instruments. The money market instruments in which the Fund may invest are obligations of the U.S. government, its agencies or
                      instrumentalities; commercial paper rated A-1 or higher by S&amp;P or Prime-1 by Moody&#8217;s; and certificates of deposit and bankers&#8217; acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance
                      Corporation. During a temporary defensive period, the Fund may also invest in shares of money market mutual funds. Money market mutual funds are investment companies, and the investments in those companies by the Fund are in some
                      cases subject to the 1940 Act&#8217;s limitations on investments in other investment companies. See &#8220;Investment Restrictions&#8221; in the Fund&#8217;s SAI. As a shareholder in a mutual fund, the Fund will bear its ratable share of its expenses,
                      including management fees, and will remain subject to payment of the fees to the Investment Adviser, with respect to assets so invested. See &#8220;Management of the Fund.&#8221; The Fund may not achieve its investment objective during a
                      temporary defensive period or be able to sustain its historical distribution levels.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Certain Other Investment Practices</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">When Issued, Delayed Delivery Securities and Forward Commitments. </font>The Fund may enter into forward commitments for the purchase or sale of
                      securities, including on a &#8220;when issued&#8221; or &#8220;delayed delivery&#8221; basis, in excess of customary settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence of a
                      subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring (i.e., a when, as and if issued security). When such transactions are negotiated, the price is fixed at the time of the
                      commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only enter into a forward commitment with the intention of actually acquiring the security,
                      the Fund may sell the security before the settlement date if it is deemed advisable. Securities purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior to the
                      settlement date. The Fund will segregate with its custodian cash or liquid securities in an aggregate amount at least equal to the amount of its outstanding forward commitments.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Loans of Portfolio Securities. </font>To increase income, the Fund may lend its portfolio securities to securities broker-dealers or financial
                      institutions if (i) the loan is collateralized in accordance with applicable regulatory requirements and (ii) no loan will cause the value of all loaned securities to exceed 331/3% of the value of the Fund&#8217;s total assets. If the
                      borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over
                      the value of the collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral should the borrower of the securities fail financially. There can be no assurance
                      that borrowers will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any gain or loss in the market price during the period of the loan would inure to the Fund. If
                      the other party to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction
                      on the Fund&#8217;s ability to sell the collateral and the Fund would suffer a loss. See &#8220;Investment Objective and Policies Loans of Portfolio Securities&#8221; in the Fund&#8217;s SAI.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Repurchase Agreements. </font>Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under the terms of
                      a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period (usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the
                      obligation at an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations during the holding period. The Fund bears a risk of loss in the event that the other
                      party to a repurchase agreement defaults on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the
                      underlying securities during the period in which it seeks to assert these rights. The Sub-Adviser, acting under the supervision of the Board of Trustees of the Fund, reviews the creditworthiness of those banks and dealers with which
                      the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The Fund
                      will not enter into repurchase agreements with the Investment Adviser, the Sub-Adviser or their affiliates. The Fund will segregate or earmark cash or liquid securities in an amount at least equal to the dollar amount of the Fund&#8217;s
                      obligation to repurchase securities or other assets (plus any accrued interest, if applicable). Assets may be segregated with the Fund&#8217;s custodian or on the Fund&#8217;s books.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Reverse Repurchase Agreements. </font>The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement, the Fund
                      temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time (normally within
                      seven days) and price, which reflects an interest payment. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When
                      the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of
                      the Fund&#8217;s assets. As a result, such transactions may increase fluctuations in the market value of the Fund&#8217;s assets. While there is a risk that large fluctuations in the market value of the Fund&#8217;s assets could affect net asset value,
                      this risk is not significantly increased by entering into reverse repurchase agreements, in the opinion of the Sub-Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds,
                      they constitute a form of leverage. Such agreements will be treated as subject to investment restrictions regarding &#8220;borrowings.&#8221; If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of
                      the agreement, entering into the agreement will lower the Fund&#8217;s cash available for distribution. The Sub-Adviser generally requires counterparties to reverse repurchase transactions to have a minimum credit rating of A from Moody&#8217;s
                      (or a comparable rating from another NRSRO) and monitors such rating on an ongoing basis.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Portfolio Turnover</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or
                      dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the lesser of the amount of the securities purchased or securities sold by
                      the average monthly value of securities owned during the year (excluding securities whose maturities at acquisition were one year or less). The Fund&#8217;s portfolio turnover rate may vary greatly from year to year. Higher portfolio
                      turnover may decrease the after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term capital </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">gains portion of distributions to shareholders. For the fiscal years ended May 31, 2020<font style="font-weight: bold;">&#160;</font>and May 31, 2019, the Fund&#8217;s portfolio turnover rate was 41% and 38%,
                      respectively.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Restrictions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the
                      holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class). See &#8220;Investment Restrictions&#8221; in the SAI for a complete list of the fundamental
                      investment policies of the Fund.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">USE OF FINANCIAL LEVERAGE</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may seek to enhance the level of its current distributions by utilizing financial leverage through the issuance of preferred shares (&#8220;Preferred Shares&#8221;), through borrowing or
                      the issuance of commercial paper or other forms of debt (&#8220;Borrowings&#8221;), through reverse repurchase agreements, dollar rolls or similar transactions or through a combination of the foregoing (collectively &#8220;Financial Leverage&#8221;). The
                      Fund may utilize Financial Leverage up to the limits imposed by the 1940 Act; however, the aggregate amount of Financial Leverage is not currently expected to exceed 331/3% of the Fund&#8217;s Managed Assets after such issuance and/or
                      borrowing. So long as the net rate of return on the Fund&#8217;s investments purchased with the proceeds of Financial Leverage exceeds the cost of such Financial Leverage, such excess amounts will be available to pay higher distributions to
                      holders of the Fund&#8217;s Common Shares. There can be no assurance that a leveraging strategy will be implemented or that it will be successful during any period during which it is employed.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million, which represented approximately 2.7% of the Fund&#8217;s Managed Assets as of such date.
                      In addition, as of May 31, 2020, the Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to approximately 6.0% of the Fund&#8217;s Managed Assets. As of May 31, 2020, the Fund&#8217;s total Financial Leverage
                      represented approximately 8.7% of the Fund&#8217;s Managed Assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s total Financial Leverage may vary significantly over time based on the Sub-Adviser&#8217;s assessment of market conditions, available investment opportunities and cost of
                      leverage. The Fund has at times used significantly greater levels of leverage than on May 31, 2020,<font style="font-weight: bold;">&#160;</font>and may in the future increase leverage up to the parameters set forth herein.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Borrowing</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is authorized to borrow or issue debt securities for financial leveraging purposes and for temporary purposes such as the settlement of transactions. The Fund may utilize
                      Indebtedness to the maximum extent permitted under the 1940 Act. Under the 1940 Act, the Fund generally is not permitted to issue commercial paper or notes or engage in other Borrowings unless, immediately after the Borrowing, the
                      Fund would have asset coverage (as defined in the 1940 Act) of less than 300%, i.e., the value of the Fund&#8217;s total assets less liabilities other than the principal amount represented by commercial paper, notes or other Borrowings, is
                      at least 300% of such principal amount. In addition, other than with respect to privately arranged Borrowings, the Fund is not permitted to declare any cash dividend or other distribution on the Common Shares unless, at the time of
                      such declaration, the value of the Fund&#8217;s total assets, less liabilities other than the principal amount represented by Borrowings, is at least 300% of such principal amount after deducting the amount of such dividend or other
                      distribution. If the Fund borrows, the Fund intends, to the extent possible, to prepay all or a portion of the principal amount of any outstanding commercial paper, notes or other Borrowings to the extent necessary to maintain the
                      required asset coverage.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The terms of any such Borrowings may require the Fund to pay a fee to maintain a line of credit, such as a commitment fee, or to maintain minimum average balances with a lender. Any
                      such requirements would increase the cost of such Borrowings over the stated interest rate. Such lenders would have the right to receive interest on and repayment of principal of any such Borrowings, which right will be senior to
                      those of the Common Shareholders. Any such Borrowings may contain provisions limiting certain activities of the Fund, including the payment of dividends to Common Shareholders in certain circumstances. Any Borrowings will likely be
                      ranked senior or equal to all other existing and future Borrowings of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain types of Borrowings subject the Fund to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Certain Borrowings issued by the Fund
                      also may subject the Fund to certain </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">60</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for such Borrowings. Such guidelines may impose asset coverage or portfolio composition
                      requirements that are more stringent than those imposed by the 1940 Act. It is not anticipated that these covenants or guidelines will impede the Sub-Adviser from managing the Fund&#8217;s portfolio in accordance with the Fund&#8217;s investment
                      objective and policies.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The 1940 Act grants to the holders of senior securities representing indebtedness issued by the Fund, other than with respect to privately arranged Borrowings, certain voting rights in
                      the event of default in the payment of interest on or repayment of principal. Failure to maintain certain asset coverage requirements under the 1940 Act could result in an event of default and entitle the debt holders to elect a
                      majority of the Board of Trustees.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has entered into a committed facility agreement with BNP Paribas, dated as of November 20, 2008, and amended through the date hereof, pursuant to which the Fund may borrow up
                      to $80 million. Interest payable by the Fund on Borrowings under the committed facility agreement is based on the three-month London Interbank Offered Rate (LIBOR) plus 85<font style="font-weight: bold;">&#160;</font>basis points. An
                      unused commitment fee of 0.75% may be charged on the difference between the maximum committed amount and the actual amount borrowed. On May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million.
                      The Fund&#8217;s Borrowings under the committed facility are collateralized by portfolio assets which are maintained by the Fund in a separate account with the Fund&#8217;s custodian for the benefit of the lender, which collateral exceeds the
                      amount borrowed. Securities deposited in the collateral account may, subject to certain conditions, be rehypothecated by BNP Paribas up to the amount of the loan balance outstanding. The Fund continues to receive dividends and
                      interest on rehypothecated securities. The Fund also has the right to recall rehypothecated securities on demand and such securities shall be returned to the collateral account within the ordinary settlement cycle. In the event a
                      recalled security is not returned by the lender, the loan balance outstanding will be reduced by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNP Paribas in connection
                      with the rehypothecation of portfolio securities. Rehypothecation of the Fund&#8217;s pledged portfolio securities entails risks, including the risk that the lender will be unable or unwilling to return rehypothecated securities which could
                      result in, among other things, the Fund&#8217;s inability to find suitable investments to replace the unreturned securities, thereby impairing the Fund&#8217;s ability to achieve its investment objectives. In the event of a default by the Fund
                      under the committed facility, the lender has the right to sell such collateral assets to satisfy the Fund&#8217;s obligation to the lender. The amounts drawn under the committed facility may vary over time and such amounts will be reported
                      in the Fund&#8217;s audited and unaudited financial statements contained in the Fund&#8217;s annual and semi-annual reports to shareholders.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Reverse Repurchase Agreements and Dollar Roll Transactions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Borrowings may be made by the Fund through reverse repurchase agreements under which the Fund sells portfolio securities to financial institutions such as banks and broker-dealers and
                      agrees to repurchase them at a particular date and price. Such agreements are considered to be borrowings under the 1940 Act. The Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be
                      earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Borrowings may be made by the Fund through dollar roll transactions. A dollar roll transaction involves a sale by the Fund of a mortgage-backed or other security concurrently with an
                      agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and stated maturity as those sold, but pools of mortgages
                      collateralizing those securities may have different prepayment histories than those sold. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities
                      sold. Proceeds of the sale will be invested in additional instruments for the Fund, and the income from these investments will generate income for the Fund. If such income does not exceed the income, capital appreciation and gain or
                      loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of
                      dollar rolls.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">With respect to any reverse repurchase agreement, dollar roll or similar transaction, the Fund&#8217;s Managed Assets shall include any proceeds from the sale of an asset of the Fund to a
                      counterparty in such a transaction, in addition to the value of the underlying asset as of the relevant measuring date.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">With respect to Financial Leverage incurred through investments in reverse repurchase agreements, dollar rolls and economically similar transactions, the Fund intends to earmark or
                      segregate cash or liquid securities in accordance with applicable interpretations of the staff of the SEC. As a result of such segregation, the Fund&#8217;s obligations under such transactions will not be considered senior securities
                      representing indebtedness for purposes </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">61</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">of the 1940 Act and the Fund&#8217;s use of leverage through reverse repurchase agreements, dollar rolls and economically similar transactions will not be limited by the 1940 Act. However, the Fund&#8217;s use of
                      leverage through reverse repurchase agreements, dollar rolls and economically similar transactions will be included when calculating the Fund&#8217;s Financial Leverage and therefore will be limited by the Fund&#8217;s maximum overall leverage
                      levels approved by the Board of Trustees (currently 331/3% of the Fund&#8217;s Managed Assets) and may be further limited by the availability of cash or liquid securities to earmark or segregate in connection with such transactions.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Preferred Shares</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s Governing Documents provide that the Board of Trustees may authorize and issue Preferred Shares with rights as determined by the Board of Trustees, by action of the Board of
                      Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any Preferred Shares that might be issued. Any such Preferred Share offering would be subject to the limits
                      imposed by the 1940 Act. Although the Fund has no present intention to issue Preferred Shares, it may in the future utilize Preferred Shares to the maximum extent permitted by the 1940 Act. Under the 1940 Act, the Fund may not issue
                      Preferred Shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of Preferred Shares outstanding, the Fund is required to have at least two
                      dollars of assets). The Fund has no present intention to issue Preferred Shares. See &#8220;Description of Capital Structure-Preferred Shares.&#8221;</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Certain Portfolio Transactions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition the Fund may engage in certain derivatives transactions that have economic characteristics similar to leverage. To the extent the terms of such transactions obligate the
                      Fund to make payments, the Fund intends to earmark or segregate cash or liquid securities in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transactions or otherwise cover
                      such transactions in accordance with applicable interpretations of the staff of the SEC. To the extent the terms of such transactions obligate the Fund to deliver particular securities to extinguish the Fund&#8217;s obligations under such
                      transactions the Fund may &#8220;cover&#8221; its obligations under such transactions by either (i) owning the securities or collateral underlying such transactions or (ii) having an absolute and immediate right to acquire such securities or
                      collateral without additional cash consideration (or, if additional cash consideration is required, having earmarked or segregated cash or liquid securities). Such segregation or cover is intended to provide the Fund with available
                      assets to satisfy its obligations under such transactions. As a result of such segregation or cover, the Fund&#8217;s obligations under such transactions will not be considered senior securities representing indebtedness for purposes of the
                      1940 Act, or included in calculating the aggregate amount of the Fund&#8217;s Financial Leverage. To the extent that the Fund&#8217;s obligations under such transactions are not so segregated or covered, such obligations may be considered &#8220;senior
                      securities representing indebtedness&#8221; under the 1940 Act and therefore subject to the 300% asset coverage requirement.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Effects of Financial Leverage</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million, which represented approximately 2.7% of the Fund&#8217;s Managed Assets as of such date.
                      In addition, as of May 31, 2020, the Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to approximately 6.0% of the Fund&#8217;s Managed Assets. As of May 31, 2020, the Fund&#8217;s total Financial Leverage
                      represented approximately 8.7% of the Fund&#8217;s Managed Assets. Assuming the Fund&#8217;s total Financial Leverage represented approximately 331/3% of the Fund&#8217;s Managed Assets and interest costs to the Fund at a combined average annual rate
                      of 2.04% with respect to such Financial Leverage, then the incremental income generated by the Fund&#8217;s portfolio (net of estimated expenses including expenses related to the Financial Leverage) must exceed approximately 0.68% to cover
                      such interest expense. Of course, these numbers are merely estimates used for illustration. The amount of Financial Leverage used by the Fund as well as actual interest expenses on such Financial Leverage will vary.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table is furnished pursuant to requirements of the Securities and Exchange Commission (the &#8220;SEC&#8221;). It is designed to illustrate the effect of leverage on Common Share
                      total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio
                      returns are hypothetical figures and are not necessarily indicative of what the Fund&#8217;s investment portfolio returns will be. The table further </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">62</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">assumes Financial Leverage representing approximately 331/3% of the Fund&#8217;s Managed Assets and interest costs to the Fund at a combined average annual rate of 2.04% with respect to such Financial
                      Leverage.</div>
                    <table cellspacing="0" cellpadding="0" id="zee3882305b0e44979760ab4bad457b15" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 46.15%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div>Assumed portfolio total return (net of expenses)</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: right;">(10.00)%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: right;">(5.00)%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: right;">0.00%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: right;">5.00%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: right;">10.00%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 46.15%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div>Common Share total return</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: right;">13.98%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: right;">6.48%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: right;">(1.02)%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: right;">(8.52)%</div>
                            </div>
                          </td>
                          <td style="width: 10.77%; vertical-align: top;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: right;">(16.02)%</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">Common Share total return is composed of two elements&#8212;the Common Share dividends paid by the Fund (the amount of which is largely determined by the Fund&#8217;s net
                      investment income after paying the carrying cost of Financial Leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely
                      to suffer capital loss than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the net investment income it receives on its investments is entirely offset by losses on the value of
                      those investments. This table reflects the hypothetical performance of the Fund&#8217;s portfolio and not the performance of the Fund&#8217;s Common Shares, the value of which will be determined by market and other factors.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">During the time in which the Fund is utilizing Financial Leverage, the amount of the fees paid to the Investment Adviser and the Sub-Adviser for investment advisory services will be
                      higher than if the Fund did not utilize Financial Leverage because the fees paid will be calculated based on the Fund&#8217;s Managed Assets, which may create a conflict of interest between the Investment Adviser and the Sub-Adviser and the
                      Common Shareholders. In order to manage this conflict of interest, the Board of Trustees will receive regular reports from the Investment Adviser and the Sub-Adviser regarding the Fund&#8217;s use of Financial Leverage and the effect of
                      Financial Leverage on the management of the Fund&#8217;s portfolio and the performance of the Fund. Because the Financial Leverage costs will be borne by the Fund at a specified rate, only the Fund&#8217;s Common Shareholders will bear the cost
                      of the Fund&#8217;s fees and expenses.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Interest Rate Transactions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In connection with the Fund&#8217;s use of Financial Leverage, the Fund may enter into interest rate swap or cap transactions. Interest rate swaps involve the Fund&#8217;s agreement with the swap
                      counterparty to pay a fixed-rate payment in exchange for the counterparty&#8217;s paying the Fund a variable rate payment that is intended to approximate all or a portion of the Fund&#8217;s variable-rate payment obligation on the Fund&#8217;s
                      Financial Leverage. The payment obligation would be based on the notional amount of the swap, which will not exceed the amount of the Fund&#8217;s Financial Leverage.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may use an interest rate cap, which would require it to pay a premium to the cap counterparty and would entitle it, to the extent that a specified variable-rate index exceeds
                      a predetermined fixed rate, to receive payment from the counterparty of the difference based on the notional amount. The Fund would use interest rate swaps or caps only with the intent to reduce or eliminate the risk that an increase
                      in short-term interest rates could have on Common Share net earnings as a result of leverage.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will usually enter into swaps or caps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the
                      instrument, with the Fund&#8217;s receiving or paying, as the case may be, only the net amount of the two payments. The Fund intends to segregate cash or liquid securities having a value at least equal to the Fund&#8217;s net payment obligations
                      under any swap transaction, marked-to-market daily. The Fund will treat such amounts as illiquid.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The use of interest rate swaps and caps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security
                      transactions. Depending on the state of interest rates in general, the Fund&#8217;s use of interest rate instruments could enhance or harm the overall performance of the Common Shares. To the extent there is a decline in interest rates, the
                      net amount receivable by the Fund under the interest rate swap or cap could decline and could thus result in a decline in the net asset value of the Common Shares. In addition, if short-term interest rates are lower than the Fund&#8217;s
                      fixed rate of payment on the interest rate swap, the swap will reduce Common Share net earnings if the Fund must make net payments to the counterparty. If, on the other hand, short-term interest rates are higher than the fixed rate of
                      payment on the interest rate swap, the swap will enhance Common Share net earnings if the Fund receives net payments from the counterparty. Buying interest rate caps could enhance the performance of the Common Shares by limiting the
                      Fund&#8217;s maximum leverage expense.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">63</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Buying interest rate caps could also decrease the net earnings of the Common Shares if the premium paid by the Fund to the counterparty exceeds the additional cost of the Financial
                      Leverage that the Fund would have been required to pay had it not entered into the cap agreement.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Interest rate swaps and caps do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is
                      limited to the net amount of interest payments that the Fund is contractually obligated to make. If the counterparty defaults, the Fund would not be able to use the anticipated net receipts under the swap or cap to offset the costs of
                      the Financial Leverage. Depending on whether the Fund would be entitled to receive net payments from the counterparty on the swap or cap, which in turn would depend on the general state of short-term interest rates at that point in
                      time, such a default could negatively impact the performance of the Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Although this will not guarantee that the counterparty does not default, the Fund will not enter into an interest rate swap or cap transaction with any counterparty that the
                      Sub-Adviser believes does not have the financial resources to honor its obligation under the interest rate swap or cap transaction. In order to help protect the soundness of derivative transactions and outstanding derivative
                      positions, the Sub-Adviser generally requires derivative counterparties to have a minimum credit rating of A from Moody&#8217;s Investors Service (or a comparable rating from another NRSRO) and monitors such rating on an ongoing basis.
                      Further, the Sub-Adviser will regularly monitor the financial stability of a counterparty to an interest rate swap or cap transaction in an effort to proactively protect the Fund&#8217;s investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition, at the time the interest rate swap or cap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement
                      transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the performance of the Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may choose or be required to redeem some or all Fund Preferred Shares or prepay any Borrowings. Such a redemption or prepayment would likely result in the Fund&#8217;s seeking to
                      terminate early all or a portion of any swap or cap transaction. Such early termination of a swap could result in a termination payment by or to the Fund. An early termination of a cap could result in a termination payment to the
                      Fund. There may also be penalties associated with early termination.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">RISKS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-style: italic;">Investors should consider the following risk factors and special considerations associated with investing in the Fund. Investors should be aware that in light of
                      the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions over the world, the risks below are heightened significantly compared to normal conditions and therefore subject the
                      Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund to elevated investment risk, including the possible loss of the entire principal amount invested.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Not a Complete Investment Program</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">An investment in the Common Shares of the Fund should not be considered a complete investment program. The Fund is intended for long-term investors seeking current income and capital
                      appreciation. The Fund is not meant to provide a vehicle for those who wish to play short-term swings in the stock market. Each Common Shareholder should take into account the Fund&#8217;s investment objective as well as the Common
                      Shareholder&#8217;s other investments when considering an investment in the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment and Market Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">An investment in Common Shares of the Fund is subject to investment risk, particularly under current economic, financial, labor and health conditions, including the possible loss of
                      the entire principal amount that you invest. An investment in the Common Shares of the Fund represents an indirect investment in the securities owned by the Fund. The value of, or income generated by, the investments held by the Fund
                      are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest
                      rates, changes in inflation or expectations about inflation, investor confidence or economic, political, social or financial market conditions, environmental disasters, governmental actions, public health emergencies (such as the
                      spread of infectious diseases, pandemics and epidemics) and other similar events, that each of which may be temporary or last for extended periods. For example, the risks of a borrower&#8217;s default or bankruptcy or non-payment of
                      scheduled interest or principal payments from senior floating rate interests held by the Fund are especially acute under these conditions. </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">Furthermore, interest rates and bond yields may fall as a result of types of events, including responses by governmental entities to such events, which would magnify the Fund&#8217;s fixed-income instruments&#8217;
                      susceptibility to interest rate risk and diminish their yield and performance. Moreover, the Fund&#8217;s investments in asset-backed securities are subject to many of the same risks that are applicable to investments in securities
                      generally, including interest rate risk, credit risk, foreign currency risk, below-investment grade securities risk, financial leverage risk, prepayment and regulatory risk, which would be elevated under the foregoing circumstances.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Fund&#8217;s investments will
                      increase in value along with the broader markets.&#160; Volatility of financial markets, including potentially extreme volatility caused by the events described above, can expose the Fund to greater market risk than normal, possibly
                      resulting in greatly reduced liquidity. Moreover, changing economic, political, social or financial market conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by
                      the Fund in a different country or geographic region because of the increasingly interconnected global economies and financial markets. The Adviser potentially could be prevented from considering, managing and executing investment
                      decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, such as the current
                      conditions, which have also resulted in impediments to the normal functioning of workforces, including personnel and systems of the Fund&#8217;s service providers and market intermediaries.</div>
                    <div style="margin-bottom: 6pt;">At any point in time, your Common Shares may be worth less than your original investment, including the reinvestment of Fund dividends and distributions.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Management Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is subject to management risk because it has an actively managed portfolio. The Sub-Adviser will apply investment techniques and risk analysis in making investment decisions
                      for the Fund, but there can be no guarantee that these will produce the desired results. The Fund&#8217;s allocation of its investments across various asset classes and sectors may vary significantly over time based on the Adviser&#8217;s
                      analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#8217;s portfolio, may vary over time.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Income Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The income investors receive from the Fund is based primarily on the interest it earns from its investments in Income Securities, which can vary widely over the short- and long-term.
                      If prevailing market interest rates drop, investors&#8217; income from the Fund could drop as well. The Fund&#8217;s income could also be affected adversely when prevailing short-term interest rates increase and the Fund is utilizing leverage,
                      although this risk is mitigated to the extent the Fund invests in floating-rate obligations.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Dividend Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Dividends on common stock and other Common Equity Securities which the Fund may hold are not fixed but are declared at the discretion of an issuer&#8217;s board of directors. There is no
                      guarantee that the issuers of the Common Equity Securities in which the Fund invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time. These circumstances may result
                      from issuer-specific events, adverse economic or market developments, or legislative or regulatory changes or other developments that limit an issuer&#8217;s ability to declare and pay dividends, which would affect the Fund&#8217;s performance
                      and ability to generate income. The dividend income from the Fund&#8217;s investment in Common Equity Securities will be influenced by both general economic activity and issuer-specific factors. In the event of adverse changes in economic
                      conditions or adverse events effecting a specific industry or issuer, the issuers of the Common Equity Securities held by the Fund may reduce the dividends paid on such securities.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Income Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to the risks discussed above, Income Securities, including high-yield bonds, are subject to certain risks, including:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Issuer Risk. </font>The value of Income Securities may decline for a number of reasons which directly relate to the issuer, such as management
                      performance, financial leverage, reduced demand for the issuer&#8217;s goods and services, historical and projected earnings, and the value of its assets.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Spread Risk. </font>Spread risk is the risk that the market price can change due to broad based movements in spreads, which is particularly relevant
                      in the current low spread environment.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Credit Risk. </font>The Fund could lose money if the issuer or guarantor of a debt instrument or a counterparty to a derivatives transaction or other transaction (such
                      as a repurchase agreement or a loan of portfolio securities or other instruments) is unable or unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on time or defaults. If an issuer fails to pay
                      interest, the Fund&#8217;s income would likely be reduced, and if an issuer fails to repay principal, the value of the instrument likely would fall and the Fund could lose money. This risk is especially acute with respect to below
                      investment grade debt instruments (commonly referred to as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds) and unrated high risk debt instruments, whose issuers are particularly susceptible to fail to meet principal or interest obligations under
                      current conditions. Also, the issuer, guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by economic, political or social conditions that could lower the credit quality (or the
                      market&#8217;s perception of the credit quality) of the issuer or instrument, leading to greater volatility in the price of the instrument and in shares of the Fund. Although credit quality may not accurately reflect the true credit risk of
                      an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument&#8217;s liquidity and make it more difficult for the Fund to sell at an advantageous price or time. The
                      risk of the occurrence of these types of events is heightened under current conditions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The degree of credit risk depends on the particular instrument and the financial condition of the issuer, guarantor or counterparty, which are often reflected in its credit quality.
                      Credit quality is a measure of the issuer&#8217;s expected ability to make all required interest and principal payments in a timely manner. An issuer with the highest credit rating has a very strong capacity with respect to making all
                      payments. An issuer with the second-highest credit rating has a strong capacity to make all payments, but the degree of safety is somewhat less. An issuer with the lowest credit quality rating may be in default or have extremely poor
                      prospects of making timely payment of interest and principal. Credit ratings assigned by rating agencies are based on a number of factors and subjective judgments and therefore do not necessarily represent an issuer&#8217;s actual financial
                      condition or the volatility or liquidity of the security. Although higher-rated securities generally present lower credit risk as compared to lower-rated or unrated securities, an issuer with a high credit rating may in fact be
                      exposed to heightened levels of credit or liquidity risk.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Interest Rate Risk. </font>Fixed-income and other debt instruments are subject to the possibility that interest rates could change (or are expected
                      to change). Changes in interest rates, including changes in reference rates used in fixed-income and other debt instruments (such as LIBOR), may adversely affect the Fund&#8217;s investments in these instruments, such as the value or
                      liquidity of, and income generated by, the investments. In addition, changes in interest rates, including rates that fall below zero, can have unpredictable effects on markets and can adversely affect the Fund&#8217;s yield, income and
                      performance.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The value of a debt instrument with a longer duration will generally be more sensitive to interest rate changes than a similar instrument with a shorter duration. Similarly, the longer
                      the average duration (whether positive or negative) of these instruments held by the Fund or to which the Fund is exposed (<font style="font-style: italic;">i.e.</font>, the longer the average portfolio duration of the Fund), the more
                      the Fund&#8217;s NAV will likely fluctuate in response to interest rate changes. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates that incorporates a security&#8217;s yield, coupon, final
                      maturity and call features, among other characteristics. For example, the NAV per share of a bond fund with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">However, measures such as duration may not accurately reflect the true interest rate sensitivity of instruments held by the Fund and, in turn, the Fund&#8217;s susceptibility to changes in
                      interest rates. Certain fixed-income and debt instruments are subject to the risk that the issuer may exercise its right to redeem (or call) the instrument earlier than anticipated. Although an issuer may call an instrument for a
                      variety of reasons, if an issuer does so during a time of declining interest rates, the Fund might have to reinvest the proceeds in an investment offering a lower yield or other less favorable features, and therefore might not benefit
                      from any increase in value as a result of declining interest rates. Interest only or principal only securities and inverse floaters are particularly sensitive to changes in interest rates, which may impact the income generated by the
                      security and other features of the security.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Adjustable rate securities also react to interest rate changes in a similar manner as fixed-rate securities but generally to a lesser degree depending on the characteristics of the
                      security, in particular its reset terms (<font style="font-style: italic;">i.e.</font>, the index chosen, frequency of reset and reset caps or floors). During periods of rising interest rates, because changes in interest rates on
                      adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. These securities also may be subject to limits on the maximum </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">increase in interest rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the
                      same extent as the value of comparable fixed rate securities. These securities may not be subject to limits on downward adjustments of interest rates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">During periods of rising interest rates, issuers of debt securities or asset-backed securities may pay principal later or more slowly than expected, which may reduce the value of a
                      Fund&#8217;s investment in such securities and may prevent the Fund from receiving higher interest rates on proceeds reinvested in other instruments. During periods of falling interest rates, issuers of debt securities or asset-backed
                      securities may pay off debts more quickly or earlier than expected, which could cause the Fund to be unable to recoup the full amount of its initial investment and/or cause the Fund to reinvest in lower-yielding securities, thereby
                      reducing the Fund&#8217;s yield or otherwise adversely impacting the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain debt instruments, such as instruments with a negative duration or inverse instruments, are also subject to interest rate risk, although such instruments generally react
                      differently to changes in interest rates than instruments with positive durations. The Fund&#8217;s investments in these instruments also may be adversely affected by changes in interest rates. For example, the value of instruments with
                      negative durations, such as inverse floaters, generally decrease if interest rates decline.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s use of leverage will tend to increase Common Share interest rate risk. The Fund may utilize certain strategies, including taking positions in futures or interest rate swaps,
                      for the purpose of reducing the interest rate sensitivity of credit securities held by the Fund and decreasing the Fund&#8217;s exposure to interest rate risk. The Fund is not required to hedge its exposure to interest rate risk and may
                      choose not to do so. In addition, there is no assurance that any attempts by the Fund to reduce interest rate risk will be successful or that any hedges that the Fund may establish will perfectly correlate with movements in interest
                      rates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Current Fixed-Income and Debt Market Conditions</font>. Fixed-income and debt market conditions are highly unpredictable and some parts of the market
                      are subject to dislocations. In response to the crisis initially caused by the outbreak of COVID-19, as with other serious economic disruptions, governmental authorities and regulators have enacted or are enacting significant fiscal
                      and monetary policy changes, including providing direct capital infusions into companies, creating new monetary programs and lowering interest rates considerably. These actions present heightened risks to fixed-income and debt
                      instruments, and such risks could be even further heightened if these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. In light of these actions and current conditions, interest
                      rates and bond yields in the United States and many other countries are at or near historic lows, and in some cases, such rates and yields are negative. The current very low or negative interest rates are magnifying the Fund&#8217;s
                      susceptibility to interest rate risk and diminishing yield and performance. In addition, the current environment is exposing fixed-income and debt markets to significant volatility and reduced liquidity for Fund investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Reinvestment Risk. </font>Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will decline if the Fund invests the proceeds from
                      matured, traded or called Income Securities at market interest rates that are below the Fund portfolio&#8217;s current earnings rate. A decline in income could affect the Common Shares&#8217; market price or the overall return of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Prepayment Risk. </font>Certain debt instruments, including loans and mortgage- and other asset-backed securities, are subject to the risk that
                      payments on principal may occur more quickly or earlier than expected (or an investment is converted or redeemed prior to maturity).&#160;For example, an issuer may exercise its right to redeem outstanding debt securities prior to their
                      maturity (known as a &#8220;call&#8221;) or otherwise pay principal earlier than expected for a number of reasons (<font style="font-style: italic;">e.g.</font>, declining interest rates, changes in credit spreads and improvements in the issuer&#8217;s
                      credit quality).If an issuer calls or &#8220;prepays&#8221; a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities,
                      securities with greater credit risks or securities with other, less favorable features or terms than the security in which the Fund initially invested, thus potentially reducing the Fund&#8217;s yield.&#160;Income Securities frequently have call
                      features that allow the issuer to repurchase the security prior to its stated maturity. Loans and mortgage- and other asset-backed securities are particularly subject to prepayment risk, and offer less potential for gains, during
                      periods of declining interest rates (or narrower spreads) as issuers of higher interest rate debt instruments pay off debts earlier than expected.&#160; In addition, the Fund may lose any premiums paid to acquire the investment. Other
                      factors, such as excess cash flows, may also contribute to prepayment risk.&#160;Thus, changes in interest rates may cause volatility in the value of and income received from these types of debt instruments.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Variable or floating rate investments may be less vulnerable to prepayment risk. Most floating rate loans and fixed-income securities allow for prepayment of principal without penalty.
                      Accordingly, the potential for the value of a floating rate loan or security to increase in response to interest rate declines is limited. Corporate loans or fixed-income securities purchased to replace a prepaid corporate loan or
                      security may have lower yields than the yield on the prepaid corporate loan or security.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Liquidity Risk. </font>The Fund may invest without limitation in Income Securities for which there is no readily available trading market or which
                      are otherwise illiquid, including certain high-yield bonds. The Fund may not be able to readily dispose of illiquid securities and obligations at prices that approximate those at which the Fund could sell such securities and
                      obligations if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. In addition, limited
                      liquidity could affect the market price of Income Securities, thereby adversely affecting the Fund&#8217;s net asset value and ability to make distributions. Dislocations in certain parts of markets are resulting in reduced liquidity for
                      certain investments. It is uncertain when financial markets will improve. Liquidity of financial markets may also be affected by government intervention.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Valuation of Certain Income Securities Risk. </font>The Sub-Adviser may use the fair value method to value investments if market quotations for them
                      are not readily available or are deemed unreliable, or if events occurring after the close of a securities market and before the Fund values its assets would materially affect net asset value. Because the secondary markets for certain
                      investments may be limited, they may be difficult to value. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater
                      role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. A security that is fair valued may be valued at a price higher or lower than the value
                      determined by other funds using their own fair valuation procedures. Prices obtained by the Fund upon the sale of such securities may not equal the value at which the Fund carried the investment on its books, which would adversely
                      affect the net asset value of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Duration and Maturity Risk. </font>The Fund has no set policy regarding portfolio maturity or duration. Holding long duration and long maturity
                      investments will expose the Fund to certain magnified risks. These risks include interest rate risk, credit risk and liquidity risks as discussed above. Generally speaking, the longer the duration of the Fund&#8217;s portfolio, the more
                      exposure the Fund will have to interest rate risk described above.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Below-Investment Grade Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by the Sub-Adviser to be of comparable credit quality, which are commonly referred to
                      as &#8220;high-yield&#8221; or &#8220;junk&#8221; bonds. Investment in securities of below-investment grade quality involves substantial risk of loss, the risk of which is particularly acute under current conditions. Income Securities of below-investment
                      grade quality are predominantly speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default or decline in market value due to adverse economic and
                      issuer-specific developments. Securities of below investment grade quality may involve a greater risk of default or decline in market value due to adverse economic and issuer-specific developments. Issuers of below investment grade
                      securities are not perceived to be as strong financially as those with higher credit ratings. These issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make
                      interest and principal payments. Income Securities of below-investment grade quality display increased price sensitivity to changing interest rates and to a deteriorating economic environment. The market values, total return and yield
                      for securities of below investment grade quality tend to be more volatile than the market values, total return and yield for higher quality bonds. Securities of below investment grade quality tend to be less liquid than investment
                      grade debt securities and therefore more difficult to value accurately and sell at an advantageous price or time and may involve greater transactions costs and wider bid/ask spreads, than higher-quality bonds. To the extent that a
                      secondary market does exist for certain below investment grade securities, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because of the substantial risks
                      associated with investments in below investment grade securities, you could have an increased risk of losing money on your investment in Common Shares, both in the short-term and the long-term. To the extent that the Fund invests in
                      securities that have not been rated by an NRSRO, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Adviser&#8217;s credit analysis than would be the case when the Fund invests in rated securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Successful investment in lower-medium and lower-rated debt securities may involve greater investment risk and is highly dependent on the Adviser&#8217;s credit analysis. The value of
                      securities of below investment grade </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">quality is particularly vulnerable to changes in interest rates and a real or perceived economic downturn or higher interest rates could cause a decline in prices of such securities by lessening the
                      ability of issuers to make principal and interest payments. These securities are often thinly traded or subject to irregular trading and can be more difficult to sell and value accurately than higher-quality bonds because there tends
                      to be less public information available about these securities. Because objective pricing data may be less available, judgment may play a greater role in the valuation process. In addition, the entire below investment grade market can
                      experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by major investors, a high- profile default, or a change in the market&#8217;s
                      psychology. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices than those used in calculating the Fund&#8217;s net asset value.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Structured Finance Investments Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s structured finance investments may include residential and commercial mortgage-related and other asset-backed securities issued by governmental entities and private issuers.
                      Holders of structured finance investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product,
                      and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured finance investments enable the investor to acquire interests in a pool of securities without
                      the brokerage and other expenses associated with directly holding the same securities, investors in structured finance investments generally pay their share of the structured product&#8217;s administrative and other expenses. Although it is
                      difficult to predict whether the prices of indices and securities underlying structured finance investments will rise or fall, these prices (and, therefore, the prices of structured finance investments) will be influenced by the same
                      types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to
                      sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured finance investment owned by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in structured finance products collateralized by low grade or defaulted loans or securities. Investments in such structured finance products are subject to the
                      risks associated with below investment grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on
                      the value of such securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in senior and subordinated classes issued by structured finance vehicles. The payment of cash flows from the underlying assets to senior classes take precedence
                      over those of subordinated classes, and therefore subordinated classes are subject to greater risk. Furthermore, the leveraged nature of subordinated classes may magnify the adverse impact on such class of changes in the value of the
                      assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Structured finance securities are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in structured finance securities
                      may be characterized by the Fund as illiquid securities; however, an active dealer market may exist which would allow such securities to be considered liquid in some circumstances.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Mortgage-Backed Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Mortgage-backed securities represent an interest in a pool of mortgages. The risks associated with mortgage-backed securities include: (1) credit risk associated with the performance
                      of the underlying mortgage properties and of the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-backed securities secured by
                      loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in the value of the mortgage-backed security; (4) loss of all or
                      part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated
                      with the underlying mortgage collateral. The value of mortgage-backed securities may be substantially dependent on the servicing of the underlying pool of mortgages.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to
                      foreclosure. When market interest rates</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> increase, the market values of mortgage-backed securities decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective maturities of these securities. As
                      a result, the negative effect of the rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of debt securities. In addition, due to increased instability in the credit
                      markets, the market for some mortgage-backed securities has experienced reduced liquidity and greater volatility with respect to the value of such securities, making it more difficult to value such securities. The Fund may invest in
                      sub-prime mortgages or mortgage-backed securities that are backed by sub-prime mortgages.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Moreover, the relationship between prepayments and interest rates may give some high-yielding mortgage-related and asset-backed securities less potential for growth in value than
                      conventional bonds with comparable maturities. In addition, in periods of falling interest rates, the rate of prepayments tends to increase. During such periods, the reinvestment of prepayment proceeds by the Fund will generally be at
                      lower rates than the rates that were carried by the obligations that have been prepaid. Because of these and other reasons, mortgage-related and asset-backed securities&#8217; total return and maturity may be difficult to predict precisely.
                      To the extent that the Fund purchases mortgage-related and asset-backed securities at a premium, prepayments (which may be made without penalty) may result in loss of the Fund&#8217;s principal investment to the extent of premium paid.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Mortgage-backed securities generally are classified as either commercial mortgage-backed securities (&#8220;CMBS&#8221;) or residential mortgage-backed securities (&#8220;RMBS&#8221;), each of which are
                      subject to certain specific risks.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Commercial Mortgage-Backed Securities Risk. </font>The market for CMBS developed more recently and, in terms of total outstanding principal amount of
                      issues, is relatively small compared to the market for residential single-family mortgage-related securities. CMBS are subject to particular risks, including lack of standardized terms, have shorter maturities than residential
                      mortgage loans and provide for payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. In addition, commercial lending generally is viewed as exposing the lender to a
                      greater risk of loss than one-to-four family residential lending. Commercial lending typically involves larger loans to single borrowers or groups of related borrowers than residential one-to-four family mortgage loans. In addition,
                      the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. Net operating income of an income-producing
                      property can be affected by, among other things: tenant mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of properties, changes in laws that increase
                      operating expense or limit rents that may be charged, any need to address environmental contamination at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic
                      conditions and/or specific industry segments, declines in regional or local real estate values, declines in regional or local rental or occupancy rates, increases in interest rates, real estate tax rates and other operating expenses,
                      change in governmental rules, regulations and fiscal policies, including environmental legislation, acts of God, terrorism, social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances
                      are more likely to have an adverse impact on mortgage-related securities secured by loans on commercial properties than on those secured by loans on residential properties. Economic downturns and other events that limit the activities
                      of and demand for commercial retail and office spaces (such as the current crisis) adversely impact the value of such securities. Additional risks may be presented by the type and use of a particular commercial property. Special risks
                      are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming
                      insufficient to cover debt service on the related mortgage loan. The exercise of remedies and successful realization of liquidation proceeds relating to CMBS may be highly dependent on the performance of the servicer or special
                      servicer. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Residential Mortgage-Backed Securities Risk. </font>Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers
                      in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued. The rate of delinquencies and defaults on
                      residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is
                      located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a
                      lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount
                      that remains due on the loan. The prospect of incurring a loss </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process. These risks are
                      elevated given the current distressed economic, market, health and labor conditions, notably, increased levels of unemployment, delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the
                      effects and extent of government intervention with respect to mortgage payments and other economic matters.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Sub-Prime Mortgage Market Risk. </font>The residential mortgage market in the United States has experienced difficulties that may adversely affect
                      the performance and market value of certain mortgages and mortgage-related securities. Delinquencies and losses on residential mortgage loans (especially sub-prime and second-line mortgage loans) generally have increased recently and
                      may continue to increase, and a decline in or flattening of housing values (as has recently been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Borrowers with
                      adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. Also, a number of
                      residential mortgage loan originators have experienced serious financial difficulties or bankruptcy. Largely due to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield
                      requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such
                      secondary markets could continue or worsen. If the economy of the United States deteriorates further, the incidence of mortgage foreclosures, especially sub-prime mortgages, may increase, which may adversely affect the value of any
                      mortgage-backed securities owned by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The significance of the mortgage crisis and loan defaults in residential mortgage loan sectors led to the enactment of numerous pieces of legislation relating to the mortgage and
                      housing markets. These actions, along with future legislation or regulation, may have significant impacts on the mortgage market generally and may result in a reduction of available transactional opportunities for the Fund or an
                      increase in the cost associated with such transactions and may adversely impact the value of RMBS.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">During the mortgage crisis, a number of originators and servicers of residential and commercial mortgage loans, including some of the largest originators and servicers in the
                      residential and commercial mortgage loan market, experienced serious financial difficulties. Such difficulties may affect the performance of non-agency RMBS and CMBS. There can be no assurance that originators and servicers of
                      mortgage loans will not continue to experience serious financial difficulties or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting procedures and
                      policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant levels of default or delinquency on mortgage loans.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Asset-Backed Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to the general risks associated with credit securities discussed herein and the risks discussed under &#8220;Structured Finance Investments Risks,&#8221; ABS are subject to additional
                      risks. ABS involve certain risks in addition to those presented by MBS. ABS do not have the benefit of the same security interest in the underlying collateral as MBS and are more dependent on the borrower&#8217;s ability to pay and may
                      provide the Fund with a less effective security interest in the related collateral than do MBS. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these
                      securities. The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such as credit card and automobile receivables or other assets derived from consumer, commercial or corporate sectors.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">For example, ABS can be collateralized with credit card and automobile receivables. Credit card receivables are generally unsecured, and the debtors are entitled to the protection of a
                      number of state and federal consumer credit laws, many of which give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. These risks are elevated given the currently distressed
                      economic, market, labor and health conditions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there
                      is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical
                      requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">such receivables. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of
                      any ABS owned by the Fund. In recent years, certain automobile manufacturers have been granted access to emergency loans from the U.S. Government and have experienced bankruptcy. As a result of these events, the value of securities
                      backed by receivables from the sale or lease of automobiles may be adversely affected.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may increase, which may adversely affect the value of
                      any ABS owned by the Fund. In addition, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage-related securities. Therefore, there is the possibility that recoveries
                      on the underlying collateral may not, in some cases, be available to support payments on these securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">ABS collateralized by other types of assets are subject to risks associated with the underlying collateral.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">CLO, CDO and CBO Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to the general risks associated with debt securities discussed herein and the risks discussed under &#8220;Structured Finance Investments Risks,&#8221; CLOs, CDOs and CBOs are subject
                      to additional risks. CLOs, CDOs and CBOs are subject to risks associated with the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may
                      decline in value or default; and the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The credit quality of CLOs, CDOs and CBOs depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. The underlying assets
                      (e.g., debt obligations) of CLOs, CDOs and CBOs are subject to prepayments, which shorten the weighted average maturity and may lower the return of the securities issued by the CLOs, CDOs and CBOs. If the credit support or enhancement
                      is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The transaction documents relating to the issuance of CLOs, CDOs and CBOs may impose eligibility criteria on the
                      assets of the issuing SPV, restrict the ability of the investment manager to trade investments and impose certain portfolio-wide asset quality requirements. These criteria, restrictions and requirements may limit the ability of the
                      SPV&#8217;s investment manager to maximize returns on the CLOs, CDOs and CBOs. In addition, other parties involved in CLOs, CDOs and CBOs, such as third party credit enhancers and investors in the rated tranches, may impose requirements
                      that have an adverse effect on the returns of the various tranches of CLOs, CDOs and CBOs. Furthermore, CLO, CDO and CBO transaction documents generally contain provisions that, in the event that certain tests are not met (generally
                      interest coverage and over-collateralization tests at varying levels in the capital structure), proceeds that would otherwise be distributed to holders of a junior tranche must be diverted to pay down the senior tranches until such
                      tests are satisfied. Failure (or increased likelihood of failure) of a CLO, CDO or CBO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Payments to holders of CLOs, CDOs and CBOs may be subject to deferral. If cashflows generated by the underlying assets are insufficient to make all current and, if applicable, deferred
                      payments on the CLOs, CDOs and CBOs, no other assets will be available for payment of the deficiency and, following realization of the underlying assets, the obligations of the issuer to pay such deficiency will be extinguished.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The value of securities issued by CLOs, CDOs and CBOs also may change because of changes in market value: changes in the market&#8217;s perception of the creditworthiness of the servicing
                      agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement; loan performance and prices; broader sentiment and standing in the economic cycle, including
                      expectations regarding future loan defaults; liquidity conditions; and supply and demand at the various tranche levels. Finally, CLOs, CDOs and CBOs are limited recourse and may not be paid in full and may be subject to up to 100%
                      loss.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Section 13 of the Bank Holding Company Act of 1956, often referred to as the &#8220;Volcker Rule,&#8221; imposes restrictions on banking entities&#8217; ability to sponsor or invest in certain CLOs,
                      CDOs and CBOs. These restrictions may have an adverse effect on the CLO, CDO and CBO market generally, including the availability, liquidity and value of certain CLOs, CDOs and CBOs.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in any portion of the capital structure of CLOs (including the subordinated, residual and deep mezzanine debt tranches). As a result, the CLOs in which the Fund
                      invests may have issued and sold debt</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> tranches that will rank senior to the tranches in which the Fund invests. By their terms, such more senior tranches may entitle the holders to receive payment of interest or principal on or before the
                      dates on which the Fund is entitled to receive payments with respect to the tranches in which the Fund invests. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a CLO, holders of more senior
                      tranches would typically be entitled to receive payment in full before the Fund receives any distribution. After repaying such senior creditors, such CLO may not have any remaining assets to use for repaying its obligation to the
                      Fund. In the case of tranches ranking equally with the tranches in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such securities in the event of an insolvency,
                      liquidation, dissolution, reorganization or bankruptcy of the relevant CLO. Therefore, the Fund may not receive back the full amount of its investment in a CLO.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">CLO Subordinated Notes Risk. </font>The Fund may invest in any portion of the capital structure of CLOs (including the subordinated, residual and
                      deep mezzanine debt tranches). Investment in the subordinated tranche is subject to special risks. The subordinated tranche does not receive ratings and is considered the riskiest portion of the capital structure of a CLO. The
                      subordinated tranche is junior in priority of payment to the more senior tranches of the CLO and is subject to certain payment restrictions. As a result, the subordinated tranche bears the bulk of defaults from the loans in the CLO.
                      In addition, the subordinated tranche generally has only limited voting rights and generally does not benefit from any creditors&#8217; rights or ability to exercise remedies under the indenture governing the CLO notes. Certain mezzanine
                      tranches in which the Fund may invest may also be subject to certain risks similar to risks associated with investment in the subordinated tranche.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The subordinated tranche is unsecured and ranks behind all of the secured creditors, known or unknown, of the CLO issuer, including the holders of the secured notes it has issued.
                      Consequently, to the extent that the value of the issuer&#8217;s portfolio of loan investments has been reduced as a result of conditions in the credit markets, defaulted loans, capital gains and losses on the underlying assets, prepayment
                      or changes in interest rates, the value of the subordinated tranche realized at redemption could be reduced. If a CLO breaches certain tests set forth in the CLO&#8217;s indenture, excess cash flow that would otherwise be available for
                      distribution to the subordinated tranche investors is diverted to prepay CLO debt investors in order of seniority until such time as the covenant breach is cured. If the covenant breach is not or cannot be cured, the subordinated
                      tranche investors (and potentially other investors in lower priority rated tranches) may experience a partial or total loss of their investment. Accordingly, the subordinated tranche may not be paid in full and may be subject to up to
                      100% loss. At the time of issuance, the subordinated tranche of a CLO is typically under-collateralized in that the liabilities of a CLO at inception exceed its total assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The leveraged nature of subordinated notes may magnify the adverse impact on the subordinated notes of changes in the market value of the investments held by the issuer, changes in the
                      distributions on those investments, defaults and recoveries on those investments, capital gains and losses on those investments, prepayments on those investments and availability, prices and interest rates of those investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Subordinated notes are not guaranteed by another party. There can be no assurance that distributions on the assets held by the CLO will be sufficient to make any distributions or that
                      the yield on the subordinated notes will meet the Fund&#8217;s expectations. Investments in the subordinated tranche of a CLO are generally less liquid than CLO debt tranches and subject to extensive transfer restrictions, and there may be
                      no market for subordinated notes. Therefore Fund may be required to hold subordinated notes for an indefinite period of time or until their stated maturity. Certain mezzanine tranches in which the Fund may invest may also be subject
                      to certain risks similar to risks associated with investment in the subordinated tranche.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risks Associated with Risk-Linked Securities</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">RLS are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty
                      damages. Unlike other insurable low-severity, high-probability events (such as auto collision coverage), the insurance risk of which can be diversified by writing large numbers of similar policies, the holders of a typical RLS are
                      exposed to the risks from high-severity, low-probability events such as that posed by major earthquakes or hurricanes. RLS represent a method of reinsurance, by which insurance companies transfer their own portfolio risk to other
                      reinsurance companies and, in the case of RLS, to the capital markets. A typical RLS provides for income and return of capital similar to other fixed-income investments, but involves full or partial default if losses resulting from a
                      certain catastrophe exceeded a predetermined amount. In essence, investors invest funds in RLS and if a catastrophe occurs that &#8220;triggers&#8221; the RLS, investors may lose some or all of the capital invested. In the case of an event, the
                      funds are paid to the bond </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">sponsor &#8212; an insurer, reinsurer or corporation &#8212; to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection. RLS can be structured to pay-off on three types
                      of variables&#8212;insurance-industry catastrophe loss indices, insure-specific catastrophe losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or model, and
                      the risk and potential return profiles of RLS may be difficult to assess. Catastrophe-related RLS have been in use since the 1990s, and the securitization and risk-transfer aspects of such RLS are beginning to be employed in other
                      insurance and risk-related areas. No active trading market may exist for certain RLS, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risks Associated with Structured Notes</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Investments in structured notes involve risks associated with the issuer of the note and the reference instrument. Where the Fund&#8217;s investments in structured notes are based upon the
                      movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of
                      the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero, and any further changes in the reference
                      instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Senior Loans Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in senior secured floating rate Loans made to corporations and other non-governmental entities and issuers (&#8220;Senior Loans&#8221;). Senior Loans typically hold the most
                      senior position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debt
                      holders and stockholders of the borrower. The Fund&#8217;s investments in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of their issuers The risks associated with Senior Loans of
                      below-investment grade quality are similar to the risks of other lower grade Income Securities, although Senior Loans are typically senior and secured in contrast to subordinated and unsecured Income Securities. Senior Loans&#8217; higher
                      standing has historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest payments are adjusted for changes in short-term interest rates, investments in Senior
                      Loans generally have less interest rate risk than other lower grade Income Securities, which may have fixed interest rates. The Fund&#8217;s investments in Senior Loans are typically below-investment grade and are considered speculative
                      because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund&#8217;s net asset value and income distributions.
                      An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become
                      illiquid, which would adversely affect the Senior Loan&#8217;s value.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Economic and other events (whether real or perceived) can reduce the demand for certain Senior Loans or Senior Loans generally, which may reduce market prices and cause the Fund&#8217;s net
                      asset value per share to fall. The frequency and magnitude of such changes cannot be predicted.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Loans and other debt instruments are also subject to the risk of price declines due to increases in prevailing interest rates, although floating-rate debt instruments are substantially
                      less exposed to this risk than fixed-rate debt instruments. Interest rate changes may also increase prepayments of debt obligations and require the Fund to invest assets at lower yields. No active trading market may exist for certain
                      Senior Loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded Senior Loans.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Second Lien Loans Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in &#8220;second lien&#8221; secured floating rate Loans made by public and private corporations and other non-governmental entities and issuers for a variety of purposes
                      (&#8220;Second Lien Loans&#8221;). Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower. Second Lien Loans are subject to the same risks associated with investment in Senior Loans and other lower
                      grade Income Securities. However, Second Lien Loans are second in right of payment to Senior Loans and therefore are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be
                      insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans are </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell
                      participations in Second Lien Loans, which would create greater credit risk exposure.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Subordinated Secured Loans Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Subordinated secured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans and below investment grade securities. However,
                      such loans may rank lower in right of payment than any outstanding Senior Loans, Second Lien Loans or other debt instruments with higher priority of the Borrower and therefore are subject to additional risk that the cash flow of the
                      Borrower and any property securing the loan may be insufficient to meet scheduled payments and repayment of principal in the event of default or bankruptcy after giving effect to the higher ranking secured obligations of the Borrower.
                      Subordinated secured Loans are expected to have greater price volatility than Senior Loans and Second Lien Loans and may be less liquid.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Unsecured Loans Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Unsecured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans, subordinated secured Loans and below investment grade
                      securities. However, because unsecured Loans have lower priority in right of payment to any higher ranking obligations of the Borrower and are not backed by a security interest in any specific collateral, they are subject to
                      additional risk that the cash flow of the Borrower and available assets may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher ranking obligations of the Borrower. Unsecured Loans
                      are expected to have greater price volatility than Senior Loans, Second Lien Loans and subordinated secured Loans and may be less liquid.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Loans and Loan Participations and Assignments Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="background-color: #FFFFFF;">The Fund may invest in loans directly or through participations or assignments. </font>The Fund may purchase Loans on a direct assignment
                      basis from a participant in the original syndicate of lenders or from subsequent assignees of such interests. The Fund may also purchase, without limitation, participations in Loans. The purchaser of an assignment typically succeeds
                      to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser&#8217;s rights can be more restricted than those of the assigning
                      institution, and, in any event, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only
                      with the institution participating out the interest, not with the Borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement against the
                      Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the
                      institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund may not be able to conduct the same due diligence on the Borrower with respect to a Senior Loan that the Fund would otherwise
                      conduct. In addition, as a holder of the participations, the Fund may not have voting rights or inspection rights that the Fund would otherwise have if it were investing directly in the Senior Loan, which may result in the Fund being
                      exposed to greater credit or fraud risk with respect to the Borrower or the Senior Loan. Lenders selling a participation and other persons interpositioned between the lender and the Fund with respect to a participation will likely
                      conduct their principal business activities in the banking, finance and financial services industries. Because the Fund may invest in participations, the Fund may be more susceptible to economic, political or regulatory occurrences
                      affecting such industries.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as &#8220;covenant-lite&#8221; loans or obligations, which are generally subject to
                      more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Unfunded Commitments Risk. </font>Certain of the loan participations or assignments acquired by the Fund may involve unfunded commitments of the
                      lenders, revolving credit facilities, delayed draw credit facilities or other investments under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the Fund would
                      have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation. Such an obligation may have the effect of requiring the Fund to increase its investment in a company at a time
                      when it might not be desirable to do so (including at a time when the company&#8217;s financial condition makes it unlikely that such amounts will be repaid). These commitments are generally subject to the borrowers meeting certain criteria
                      such as compliance with covenants and certain</div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loans and related investments in the Fund&#8217;s portfolio.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Mezzanine Investments Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in certain lower grade securities known as &#8220;Mezzanine Investments,&#8221; which are subordinated debt securities that are generally issued in private placements in
                      connection with an equity security (<font style="font-style: italic;">e.g., </font>with attached warrants) or may be convertible into equity securities. Mezzanine Investments are subject to the same risks associated with investment
                      in Senior Loans, Second Lien Loans and other lower grade Income Securities. However, Mezzanine Investments may rank lower in right of payment than any outstanding Senior Loans and Second Lien Loans of the borrower, or may be unsecured
                      (i.e., not backed by a security interest in any specific collateral), and are subject to the additional risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving effect to
                      any higher ranking obligations of the borrower. Mezzanine Investments are expected to have greater price volatility and exposure to losses upon default than Senior Loans and Second Lien Loans and may be less liquid.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Distressed and Defaulted Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Investments in the securities of financially distressed issuers involve substantial risks. These securities may present a substantial risk of default or may be in default at the time
                      of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding
                      relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is
                      the fact that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Adviser&#8217;s judgment about the credit quality of the issuer and the relative value and liquidity of its securities
                      may prove to be wrong.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Convertible Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Convertible securities, debt or preferred equity securities convertible into, or exchangeable for, equity securities, are generally preferred stocks and other securities, including
                      fixed-income securities and warrants that are convertible into or exercisable for common stock. Convertible securities generally participate in the appreciation or depreciation of the underlying stock into which they are convertible,
                      but to a lesser degree and are subject to the risks associated with debt and equity securities, including interest rate, market and issuer risks. For example, if market interest rates rise, the value of a convertible security usually
                      falls. Certain convertible securities may combine higher or lower current income with options and other features. Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of
                      the warrants (generally, two or more years). Convertible securities may be lower-rated securities subject to greater levels of credit risk. A convertible security may be converted before it would otherwise be most appropriate, which
                      may have an adverse effect on the Fund&#8217;s ability to achieve its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">&#8220;Synthetic&#8221; convertible securities are selected based on the similarity of their economic characteristics to those of a traditional convertible security due to the combination of
                      separate securities that possess the two principal characteristics of a traditional convertible security, <font style="font-style: italic;">i.e.</font>, an income-producing security (&#8220;income-producing component&#8221;) and the right to
                      acquire an equity security (&#8220;convertible component&#8221;). The income-producing component is achieved by investing in non-convertible, income-producing securities such as bonds, preferred stocks and money market instruments, which may be
                      represented by derivative instruments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock
                      index. A simple example of a synthetic convertible security is the combination of a traditional corporate bond with a warrant to purchase equity securities of the issuer of the bond. The income-producing and convertible components of
                      a synthetic convertible security may be issued separately by different issuers and at different times.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Preferred Stock Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in preferred stock, which represents the senior residual interest in the assets of an issuer after meeting all claims, with priority to corporate income and
                      liquidation payments over the issuer&#8217;s common stock. As such, preferred stock is inherently more risky than the bonds and other debt instruments of the issuer, but less risky than its common stock. Preferred stocks may pay fixed or
                      adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. Certain preferred stocks contain </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">provisions that allow an issuer under certain conditions to skip (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer (in the case of &#8220;cumulative&#8221; preferred stocks) dividend payments. Preferred
                      stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or at the issuer&#8217;s call.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period. There is no assurance that dividends on
                      preferred stocks in which the Fund invests will be declared or otherwise made payable. If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income for U.S. federal income tax
                      purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally
                      after an initial period of call protection in which the stock is not redeemable.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Preferred stocks may be significantly less liquid than many other securities, such as U.S. Government securities, corporate debt and common stock. Preferred stock has properties of
                      both an equity and a debt instrument and is generally considered a hybrid instrument.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Foreign Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest up to 20% of its total assets in non-U.S. dollar denominated Income Securities of foreign issuers. Investing in foreign issuers may involve certain risks not
                      typically associated with investing in securities of U.S. issuers due to increased exposure to foreign economic, political and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control
                      regulations (including currency blockage), expropriation or nationalization of assets, imposition of withholding taxes on payments, and possible difficulty in obtaining and enforcing judgments against foreign entities. Furthermore,
                      issuers of foreign securities and obligations are subject to different, often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers. The securities and obligations of some foreign companies and
                      foreign markets are less liquid and at times more volatile than comparable U.S. securities, obligations and markets. These risks may be more pronounced to the extent that the Fund invests a significant amount of its assets in
                      companies located in one region and to the extent that the Fund invests in securities of issuers in emerging markets. The Fund may also invest in U.S. dollar- denominated Income Securities of foreign issuers, which are subject to many
                      of the risks described above regarding Income Securities of foreign issuers denominated in foreign currencies. These risks are heightened under the current conditions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">There may be less publicly available information about a foreign company than a U.S. company. Foreign securities markets may have substantially less volume than U.S. securities markets
                      and some foreign company securities are less liquid than securities of otherwise comparable U.S. companies. Foreign markets also have different clearance and settlement procedures that could cause the Fund to encounter difficulties in
                      purchasing and selling securities on such markets and may result in the Fund missing attractive investment opportunities or experiencing a loss. In addition, a portfolio that includes foreign securities can expect to have a higher
                      expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased costs of maintaining the custody of foreign securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">ADRs are receipts issued by United States banks or trust companies in respect of securities of foreign issuers held on deposit for use in the United States securities markets. While
                      ADRs may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of
                      certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights
                      with respect to the deposited securities.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Emerging Markets Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest up to 10% of its total assets in Income Securities the issuers of which are located in countries considered to be emerging markets. Investing in securities in
                      emerging countries generally entails greater risks than investing in securities in developed countries. Securities issued by governments or issuers in emerging market countries are more likely to have greater exposure to the risks of
                      investing in foreign securities. These risks are elevated under current conditions and include: (1)&#160;less social, political and economic stability; (2)&#160;the small size of the markets for such securities, limited access to investments in
                      the event of market closures and the low or nonexistent volume of trading, which result in a lack of liquidity, greater price volatility, and higher risk of failed trades or other trading issues; (3)&#160;certain national policies that may
                      restrict the Fund&#8217;s investment opportunities,</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> including restrictions on investment in issuers or industries deemed sensitive to national interests; (4)&#160;foreign taxation; (5)&#160;inflation and rapid fluctuations in interest rates; (6) currency
                      devaluations; (7) dependence on a few key trading partners; and (8) the absence of developed structures governing private or foreign investment or allowing for judicial redress for investment losses or injury to private property.
                      Furthermore, foreign investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or
                      creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation
                      and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Sovereign debt of emerging countries may be in default or
                      present a greater risk of default, the risk of which is heightened given the current conditions. These risks are heightened for investments in frontier markets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser has broad discretion to identify countries that it considers to qualify as &#8220;emerging markets.&#8221;&#160; In determining whether a country is an emerging market, the Sub-Adviser
                      may take into account specific or general factors that the Sub-Adviser deems to be relevant, including interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances and/or legal,
                      social and political developments, as well as whether the country is considered to be emerging or developing by supranational organizations such as the World Bank, the United Nations or other similar entities.&#160; Emerging market
                      countries generally will include countries with low gross national product per capita and the potential for rapid economic growth and are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central
                      and South America.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Foreign Currency Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The value of securities denominated or quoted in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control
                      regulations. The Fund&#8217;s investment performance may be negatively affected by a devaluation of a currency in which the Fund&#8217;s investments are denominated or quoted. Further, the Fund&#8217;s investment performance may be significantly
                      affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities denominated or quoted in another currency will increase or decrease in response to changes in the value of such currency
                      in relation to the U.S. dollar. Finally, the Fund&#8217;s distributions are paid in U.S. dollars, and to the extent the Fund&#8217;s assets are denominated in currencies other than the U.S. dollar, there is a risk that the value of any
                      distribution from such assets may decrease if the currency in which such assets or distributions are denominated falls in relation to the value of the U.S. dollar. The Fund currently intends to seek to hedge its exposures to foreign
                      currencies but may, at the discretion of the Investment Adviser, at any time limit or eliminate foreign currency hedging activity. To the extent the Fund does not hedge (or is unsuccessful in seeking to hedge) its foreign currency
                      risk, the value of the Fund&#8217;s assets and income could be adversely affected by currency exchange rate movements.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Sovereign Debt Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Investments in sovereign debt securities, such as foreign government debt or foreign treasury bills, involve special risks, including the availability of sufficient foreign exchange on
                      the date a payment is due, the relative size of the debt service burden to the economy as a whole, the government debtor&#8217;s policy towards the International Monetary Fund or international lenders, the political constraints to which the
                      debtor may be subject and other political considerations. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by the Fund. The governmental
                      authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest when due in accordance with the terms of such securities due to the extent of its foreign reserves. If an issuer
                      of sovereign debt defaults on payments of principal and/or interest, the Fund may have limited or no legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party
                      itself. For example, there may be no bankruptcy or similar proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. There can be no assurance that the holders of
                      commercial bank loans to the same sovereign entity may not contest payments to the holders of sovereign debt in the event of default under commercial bank loan agreements.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain issuers of sovereign debt may be dependent on disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on
                      their debt. Such disbursements may be conditioned upon a debtor&#8217;s implementation of economic reforms and/or economic performance and the timely service of such debtor&#8217;s obligations. A failure on the part of the debtor to implement
                      such reforms, achieve </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties&#8217; commitments to lend funds to the debtor, which may impair the debtor&#8217;s
                      ability to service its debts on a timely basis. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds
                      of sales by foreign investors. These restrictions or controls may at times limit or preclude foreign investment in certain sovereign debt and increase the costs and expenses of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As a holder of sovereign debt, the Fund may be requested to participate in the restructuring of such sovereign indebtedness, including the rescheduling of payments and the extension of
                      further loans to debtors, which may adversely affect the Fund. There can be no assurance that such restructuring will result in the repayment of all or part of the debt. Sovereign debt risk is increased for emerging market issuers and
                      certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis,
                      which has led to defaults and the restructuring of certain indebtedness.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">UK Departure from EU (&#8220;Brexit&#8221;) Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">On January 31, 2020, the United Kingdom officially withdrew from the European Union (&#8220;EU&#8221;) and the two sides entered into a transition phase, scheduled to conclude on December 31,
                      2020, where the United Kingdom effectively remains in the EU from an economic perspective, but no longer has any political representation in the EU parliament. During this transition phase, which could be extended beyond December of
                      2020, the United Kingdom is expected to negotiate a new trade deal with the EU. Due to political uncertainty, it is not possible to anticipate whether the United Kingdom and the EU will be able to agree and implement a new trade
                      agreement or what the nature of such trade arrangement will be. Throughout the withdrawal process and afterward, the impact on the United Kingdom and Economic and Monetary Union and the broader global economy is unknown but could be
                      significant and could result in increased volatility and illiquidity and potentially lower economic growth. The political divisions surrounding Brexit within the United Kingdom, as well as those between the UK and the EU, may also
                      have a destabilizing impact on the economy and currency of the United Kingdom and the EU. Any further exits from member states of the EU, or the possibility of such exits, would likely cause additional market disruption globally and
                      introduce new legal and regulatory uncertainties.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to the effects on the Fund&#8217;s investments in European issuers, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of
                      the Fund&#8217;s other investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and
                      European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and
                      politically divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. In addition, Brexit could lead to further disintegration of the
                      EU and related political stresses (including those related to sentiment against cross border capital movements and activities of investors like the Fund), prejudice to financial services businesses that are conducting business in the
                      EU and which are based in the UK, legal uncertainty regarding achievement of compliance with applicable financial and commercial laws and regulations in view of the expected steps to be taken pursuant to or in contemplation of Brexit.
                      Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund&#8217;s business, results of operations and financial condition.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Redenomination Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The result of Brexit, the progression of the European debt crisis and the possibility of one or more Eurozone countries exiting the European Monetary Union (&#8220;EMU&#8221;), or even the
                      collapse of the euro as a common currency, has created significant volatility in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries from the EMU, on the U.S. and
                      global economies and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution of the EMU could
                      have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#8217;s investments in
                      such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are
                      redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments, or should the euro cease to be used entirely, the currency
                      in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other
                      clarification of the denomination or value of such securities.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Common Equity Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest up to 50% of its total assets in Common Equity Securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common
                      stock held by the Fund. Also, the prices of equity securities are sensitive to general movements in the stock market, so a drop in the stock market may depress the prices of equity securities to which the Fund has exposure. Common
                      Equity Securities&#8217; prices fluctuate for a number of reasons, including changes in investors&#8217; perceptions of the financial condition of an issuer, the general condition of the relevant stock market, and broader domestic and
                      international political and economic events. The prices of Common Equity Securities are also sensitive to general movements in the stock market, so a drop in the stock market may depress the prices of Common Equity Securities to which
                      the Fund has exposure. While broad market measures of Common Equity Securities have historically generated higher average returns than Income Securities, Common Equity Securities have also experienced significantly more volatility in
                      those returns. Equity securities are currently experiencing heightened volatility and therefore, the Fund&#8217;s investments in equity securities are subject to heightened risks related to volatility. Common Equity Securities in which the
                      Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock
                      or debt instruments of such issuers.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risks Associated with the Fund&#8217;s Covered Call Option Strategy</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of its covered call option strategy. There are significant
                      differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use
                      options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may write call options on individual securities, securities indices, exchange-traded funds (&#8220;ETFs&#8221;) and baskets of securities. The buyer of an option acquires the right to buy
                      (a call option) or sell (a put option) a certain quantity of a security (the underlying security) or instrument, at a certain price up to a specified point in time or on expiration, depending on the terms. The seller or writer of an
                      option is obligated to sell (a call option) or buy (a put option) the underlying instrument. A call option is &#8220;covered&#8221; if the Fund owns the security underlying the call or has an absolute right to acquire the security without
                      additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount are segregated by the Fund&#8217;s custodian). As a seller of covered call options, the Fund faces the risk that it
                      will forgo the opportunity to profit from increases in the market value of the security covering the call option during an option&#8217;s life. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital
                      appreciation becomes more limited. For certain types of options, the writer of the option will have no control over the time when it may be required to fulfill its obligation under the option. There can be no assurance that a liquid
                      market will exist if and when the Fund seeks to close out an option position. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option
                      and must deliver the underlying security at the exercise price.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may write exchange-listed and OTC options. Options written by the Fund with respect to non-U.S. securities, indices or sectors generally will be OTC options. OTC options
                      differ from exchange-listed options in that they are entered into directly with the buyer of the option and not through an exchange or clearing organization that is interposed between the Fund and the counterparty. In an OTC option
                      transaction exercise price, premium and other terms are negotiated between buyer and seller. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risks of Real Property Asset Companies</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in Income Securities and Common Equity Securities issued by Real Property Asset Companies.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">80</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Real Estate Risks. </font>Because of the Fund&#8217;s ability to make indirect investments in real estate and in the securities of companies in the real
                      estate industry, it is subject to risks associated with the direct ownership of real estate. These risks include:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z9e53f5d04e454e93a767ecfe5ddfbe32" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">declines in the value of real estate;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z34d83ac2588c44e0b26f43a4913b8d59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">general and local economic conditions;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zf74d82ce6b3e47f5b0cdb143c328fa75" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">unavailability of mortgage funds;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z20f407cf9a874c6bb0d1a39f1fcc6192" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">overbuilding;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="za4f5623b72524588b187f19e3e5d5ce4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">extended vacancies of properties;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z8a45dbe10da949d3819ee1f37341ef5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">increased competition;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zaa75c9a60f4647a5a40c39035fa1f9fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">increases in property taxes and operating expenses;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z72ac961094b44ae9a7eef38b384a9af1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">changes in zoning laws;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z44425c797f2846b2b3a309224fe3f73d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">losses due to costs of cleaning up environmental problems and contamination;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z0358f3750b58445c89f84ab9afd7bad3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">limitations on, or unavailability of, insurance on economic terms;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z6efd629d9b234c8682e53f39e2973622" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">liability to third parties for damages resulting from environmental problems;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z5431b7bf37ff416fb7bc5d0b60a6617d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">casualty or condemnation losses;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z9ba6e0f19a53447598ab542db35b6754" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">limitations on rents;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z2f2ef4ce8e38476eb39f0fb0c0e065d0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">changes in neighborhood values and the appeal of properties to tenants;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z99687a46edde4a85ac76e9031a90fdc5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">changes in valuation due to the impact of terrorist incidents on a particular property or area, or on a segment of the economy; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd81e8792d85e4d9f8548c8685cd32951" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">changes in interest rates.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">National Resources and Commodities Risks. </font>Because of the Fund&#8217;s ability to make indirect investments in natural resources and physical
                      commodities, and in Real Property Asset Companies engaged in oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services, forest products, chemicals, coal, alternative energy
                      sources and environmental services, as well as related transportation companies and equipment manufacturers, the Fund is subject to risks associated with special risks, which include:</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Supply and Demand Risk</u>. A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for transportation, mining, processing,
                      storage or distribution may adversely impact the financial performance of an energy, natural resources, basic materials or an associated company that devotes a portion of its business to that commodity. Production declines and volume
                      decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected
                      maintenance problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for
                      such commodities could also adversely affect the financial performance of energy, natural resources, basic materials or associated companies. Factors that could lead to a decline in demand include economic recession or other adverse
                      economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Depletion and Exploration Risk</u>. Many energy, natural resources, basic materials and associated companies are engaged in the production of one or more physical commodities or are
                      engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of
                      new sources of supply, through the development of existing sources, through acquisitions or through long-term contracts to acquire reserves. The financial performance of energy, natural resources, basic materials and associated </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">81</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;">companies may be adversely affected if they, or the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the
                      natural decline.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Operational and Geological Risk</u>. Energy, natural resources, basic materials companies and associated companies are subject to specific operational and geological risks in
                      addition to normal business and management risks. Some examples of operational risks include mine rock falls, underground explosions and pit wall failures. Geological risk would include faulting of the ore body and misinterpretation
                      of geotechnical data.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Regulatory Risk</u>. Energy, natural resources, basic materials and associated companies are subject to significant federal, state and local government regulation in virtually every
                      aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. Various governmental
                      authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter
                      laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the operations and financial performance of energy, natural resources and basic materials
                      companies.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Commodity Pricing Risk</u>. The operations and financial performance of energy, natural resources and basic materials companies may be directly affected by commodity prices,
                      especially those energy, natural resources, basic materials and associated companies that own the underlying commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of
                      weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation, the availability of local, intrastate and interstate transportation systems,
                      governmental expropriation and political upheaval and conflicts. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of energy, natural resources, basic
                      materials and associated companies that are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy, natural
                      resources, basic materials and associated companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Precious Metals Pricing Risk</u>. The Fund may invest in companies that have a material exposure to precious metals, such as gold, silver and platinum and precious metals related
                      instruments and securities. The price of precious metals can fluctuate widely and is affected by numerous factors beyond the Fund&#8217;s control including: global or regional political, economic or financial events and situations;
                      investors&#8217; expectations with respect to the future rates of inflation and movements in world equity, financial and property markets; global supply and demand for specific precious metals, which is influenced by such factors as mine
                      production and net forward selling activities by precious metals producers, central bank purchases and sales, jewelry demand and the supply of recycled jewelry, net investment demand and industrial demand, net of recycling; interest
                      rates and currency exchange rates, particularly the strength of and confidence in the U.S. dollar; and investment and trading activities of hedge funds, commodity funds and other speculators. The Fund does not intend to hold physical
                      precious metals.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risks of Personal Property Asset Companies</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in Income Securities and Common Equity Securities issued by Personal Property Asset Companies. Personal (as opposed to real) property includes any tangible, movable
                      property or asset. The Fund will typically seek to invest in Income Securities and Common Equity Securities of Personal Property Asset Companies that are associated with personal property assets with investment performance that is not
                      highly correlated with traditional market indexes, such as special situation transportation assets (e.g., railcars, airplanes and ships) and collectibles (e.g., antiques, wine and fine art).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Special Situation Transportation Assets Risks. </font>The risks of special situation transportation assets include:</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Cyclicality of Supply and Demand for Transportation Assets Risk</u>. The transportation asset leasing and sales industry has periodically experienced cycles of oversupply and
                      undersupply of railcars, aircraft and ships. The oversupply of a specific type of transportation asset in the market is likely to depress the values of that type of transportation asset. The supply and demand of transportation assets
                      is affected by various </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">82</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;">cyclical factors that are not under the Fund&#8217;s control, including: (i) passenger and cargo demand; (ii) commercial demand for certain types of transportation assets, (iii) fuel costs
                      and general economic conditions affecting lessees&#8217; operations; (iv) government regulation, including operating restrictions; (v) interest rates; (vi) the availability of credit; (vii) manufacturer production level; (viii) retirement
                      and obsolescence of certain classes of transportation assets; (ix) re-introduction into service of transportation assets previously in storage; and (x) traffic control infrastructure constraints.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Risk of Decline in Value of Transportation Assets and Rental Values</u>. In addition to factors linked to the railway, aviation and shipping industries, other factors that may
                      affect the value of transportation assets, and thus of the Personal Property Asset Companies in which the Fund invests, include: (i) manufacturers merging or exiting the industry or ceasing to produce specific types of transportation
                      asset; (ii) the particular maintenance and operating history of the transportation assets; (iii) the number of operators using that type of transportation asset; (iv) whether the railcar, aircraft or ship is subject to a lease; (v)
                      any regulatory and legal requirements that must be satisfied before the transportation asset can be operated, sold or re-leased, (vi) compatibility of parts and layout of the transportation asset among operators of particular asset;
                      and (vii) any renegotiation of a lease on less favorable terms.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Technological Risks</u>. The availability for sale or lease of new, technologically advanced transportation assets and the imposition of stringent noise, emissions or environmental
                      regulations may make certain types of transportation assets less desirable in the marketplace and therefore may adversely affect the owners&#8217; ability to lease or sell such transportation assets. Consequently, the owner will have to
                      lease or sell many of the transportation assets close to the end of their useful economic life. The owners&#8217; ability to manage these technological risks by modifying or selling transportation assets will likely be limited.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Risks Relating to Leases of Transportation Assets</u>. Owner/lessors of transportation assets will typically require lessees of assets to maintain customary and appropriate
                      insurance. There can be no assurance that the lessees&#8217; insurance will cover all types of claims that may be asserted against the owner, which could adversely affect the value of the Fund&#8217;s investment in the Personal Property Asset
                      Company owning such transportation asset. Personal Property Asset Companies will be subject to credit risk of the lessees&#8217; ability to the provisions of the lease of the transportation asset. The Personal Property Asset Company will
                      need to release or sell transportation assets as the current leases expire in order to continue to generate revenues. The ability to re-lease or sell transportation assets will depend on general market and competitive conditions. Some
                      of the competitors of the Personal Property Asset Company may have greater access to financial resources and may have greater operational flexibility. If the Personal Property Asset Company is not able to re-lease a transportation
                      asset, it may need to attempt to sell the aircraft to provide funds for its investors, including the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Collectible Assets Risks. </font>The risks of collectible assets include:</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Valuation of Collectible Assets Risk</u>. The market for collectible assets as a financial investment is in the early stages of development. Collectible assets are typically bought
                      and sold through auction houses, and estimates of prices of collectible assets at auction are imprecise. Accordingly, collectible assets are difficult to value.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Liquidity of Collectible Assets Risk</u>. There are relatively few auction houses in comparison to brokers and dealers of traditional financial assets. The ability to sell
                      collectible assets is dependent on the demand for particular classes of collectible assets, which demand has been volatile and erratic in the past. There is no assurance that collectible assets can be sold within a particular
                      timeframe or at the price at which such collectible assets are valued, which may impair the ability of the Fund to realize full value of Personal Property Asset Companies in the event of the need to liquidate such assets.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Authenticity of Collectible Assets Risk</u>. The value of collectible assets often depends on its rarity or scarcity, or of its attribution as the product of a particular artisan.
                      Collectible Assets are subject to forgery and to the inabilities to assess the authenticity of the collectible asset, which may significantly impair the value of the collectible asset.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>High Transaction and Related Costs Risk</u>. Collectible assets are typically bought and sold through auction houses, which typically charge commissions to the purchaser and to the
                      seller which may exceed 20% of the sale price of the collectible asset. In addition, holding collectible assets entails storage and insurance costs, which may be substantial.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">83</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Private Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in privately issued Income Securities and Common Equity Securities of both public and private companies. Private Securities have additional risk considerations than
                      investments in comparable public investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a greater degree of investment risk and reliance upon the
                      Sub-Adviser&#8217;s ability to obtain and evaluate applicable information concerning such companies&#8217; creditworthiness and other investment considerations. Certain Private Securities may be illiquid. Because there is often no readily
                      available trading market for Private Securities, the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell them if they were more widely traded. Private Securities
                      are also more difficult to value. Valuation may require more research, and elements of judgment may play a greater role in the valuation of Private Securities as compared to public securities because there is less reliable objective
                      data available. Private Securities that are debt securities generally are of below-investment grade quality, frequently are unrated and present many of the same risks as investing in below-investment grade public debt securities.
                      Investing in private debt instruments is a highly specialized investment practice that depends more heavily on independent credit analysis than investments in other types of obligations.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Funds Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities by investing up to 30% of its total
                      assets in Investment Funds. Investments in Investment Funds present certain special considerations and risks not present in making direct investments in Income Securities and Common Equity Securities. Investments in Investment Funds
                      involve operating expenses and fees that are in addition to the expenses and fees borne by the Fund. Such expenses and fees attributable to the Fund&#8217;s investment in another Investment Fund are borne indirectly by Common Shareholders.
                      Accordingly, investment in such entities involves expense and fee layering. Fees charged by other Investment Funds in which the Fund invests may be similar to the fees charged by the Fund and can include asset-based management fees
                      and administrative fees payable to such entities&#8217; advisers and managers, thus resulting in duplicative fees. To the extent management fees of Investment Funds are based on total gross assets, it may create an incentive for such
                      entities&#8217; managers to employ financial leverage, thereby adding additional expense and increasing volatility and risk. Fees payable to advisers and managers of Investment Funds may include performance-based incentive fees calculated
                      as a percentage of profits. Such incentive fees directly reduce the return that otherwise would have been earned by investors over the applicable period. A performance-based fee arrangement may create incentives for an adviser or
                      manager to take greater investment risks in the hope of earning a higher profit participation. Investments in Investment Funds frequently expose the Fund to an additional layer of financial leverage. Investments in Investment Funds
                      expose the Fund to additional management risk. The success of the Fund&#8217;s investments in Investment Funds will depend in large part on the investment skills and implementation abilities of the advisers or managers of such entities.
                      Decisions made by the advisers or managers of such entities may cause the Fund to incur losses or to miss profit opportunities. While the Sub-Adviser will seek to evaluate managers of Investment Funds and where possible independently
                      evaluate the underlying assets, a substantial degree of reliance on such entities&#8217; managers is nevertheless present with such investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">On December 19, 2018, the SEC published a proposed rule that, if adopted, would change the regulation of investments in other investment companies. Such regulations could permit
                      closed-end funds to invest in other investment companies in excess of the limits of section 12(d)(1). The Investment Adviser and Sub-Adviser cannot predict the effects of these regulations on the Fund&#8217;s portfolio. The Investment
                      Adviser and Sub-Adviser intend to monitor developments and seeks to manage the Fund&#8217;s portfolio in a manner consistent with achieving the Fund&#8217;s investment objective, but there can be no assurance that they will be successful in doing
                      so.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Synthetic Investments Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As an alternative to holding investments directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities through the use of customized
                      derivative instruments (including swaps, options, forwards, notional principal contracts or other financial instruments) to replicate, modify or replace the economic attributes associated with an investment in Income Securities and
                      Common Equity Securities (including interests in Investment Funds). The Fund may be exposed to certain additional risks to the extent the Sub-Adviser use derivatives as a means to synthetically implement the Fund&#8217;s investment
                      strategies. If the Fund enters into a derivative instrument whereby it agrees to receive the return of a security or financial instrument or a basket of securities or financial instruments, it will typically contract to receive such
                      returns for a predetermined period of </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">84</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">time. During such period, the Fund may not have the ability to increase or decrease its exposure. In addition, such customized derivative instruments will likely be highly illiquid, and it is possible
                      that the Fund will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact the Fund&#8217;s performance in a material adverse manner.
                      Furthermore, certain derivative instruments contain provisions giving the counterparty the right to terminate the contract upon the occurrence of certain events. Such events may include a decline in the value of the reference
                      securities and material violations of the terms of the contract or the portfolio guidelines as well as other events determined by the counterparty. If a termination were to occur, the Fund&#8217;s return could be adversely affected as it
                      would lose the benefit of the indirect exposure to the reference securities and it may incur significant termination expenses.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the event the Fund seeks to participate in Investment Funds (including Private Investment Funds) through the use of such synthetic derivative instruments, the Fund will not acquire
                      any voting interests or other shareholder rights that would be acquired with a direct investment in the underlying Investment Fund. Accordingly, the Fund will not participate in matters submitted to a vote of the shareholders. In
                      addition, the Fund may not receive all of the information and reports to shareholders that the Fund would receive with a direct investment in such Investment Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Further, the Fund will pay the counterparty to any such customized derivative instrument structuring fees and ongoing transaction fees, which will reduce the investment performance of
                      the Fund. Finally, certain tax aspects of such customized derivative instruments are uncertain and a Common Shareholder&#8217;s return could be adversely affected by an adverse tax ruling.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Inflation/Deflation Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the
                      real value of the Common Shares and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund&#8217;s use of Financial Leverage would likely increase,
                      which would tend to further reduce returns to Common Shareholders. Deflation risk is the risk that prices throughout the economy decline over time&#8212;the opposite of inflation. Deflation may have an adverse affect on the creditworthiness
                      of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s portfolio.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Market Discount Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s Common Shares have traded both at a premium and at a discount in relation to net asset value. The Fund cannot predict whether the Common Shares will trade in the future at a
                      premium or discount to net asset value. The Fund&#8217;s Common Shares have recently traded at a premium<font style="font-weight: bold;">&#160;</font>to net asset value per share, which may not be sustainable. If the Common Shares are trading at
                      a premium to net asset value at the time you purchase Common Shares, the net asset value per share of the Common Shares purchased will be less than the purchase price paid. Shares of closed-end investment companies frequently trade at
                      a discount from net asset value, but in some cases have traded above net asset value. The risk of the Common Shares trading at a discount is a risk separate from the risk of a decline in the Fund&#8217;s net asset value as a result of the
                      Fund&#8217;s investment activities. The Fund&#8217;s net asset value will be reduced immediately following an offering of the Common Shares due to the costs of such offering, which will be borne entirely by the Fund. The sale of Common Shares by
                      the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common Shares available may put downward pressure on the market price
                      for Common Shares. The Fund may, from time to time, seek the consent of Common Shareholders to permit the issuance and sale by the Fund of Common Shares at a price below the Fund&#8217;s then current net asset value, subject to certain
                      conditions, and such sales of Common Shares at price below net asset value, if any, may increase downward pressure on the market price for Common Shares. These sales, if any, also might make it more difficult for the Fund to sell
                      additional Common Shares in the future at a time and price it deems appropriate.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Whether a Common Shareholder will realize a gain or loss upon the sale of Common Shares depends upon whether the market value of the Common Shares at the time of sale is above or below
                      the price the Common Shareholder paid, taking into account transaction costs for the Common Shares, and is not directly dependent upon the Fund&#8217;s net asset value. Because the market value of the Common Shares will be determined by
                      factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors outside the Fund&#8217;s control, the Fund cannot predict whether the Common Shares will trade at, below or above
                      net asset value, or at, below or above the public offering price for the Common Shares. Common Shares of the Fund are </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">85</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">designed primarily for long-term investors; investors in Common Shares should not view the Fund as a vehicle for trading purposes.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Dilution Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The voting power of current Common Shareholders will be diluted to the extent that current Common Shareholders do not purchase Common Shares in any future offerings of Common Shares or
                      do not purchase sufficient Common Shares to maintain their percentage interest. If the Fund is unable to invest the proceeds of such offering as intended, the Fund&#8217;s per Common Share distribution may decrease and the Fund may not
                      participate in market advances to the same extent as if such proceeds were fully invested as planned. If the Fund sells Common Shares at a price below net asset value pursuant to the consent of Common Shareholders, shareholders will
                      experience a dilution of the aggregate net asset value per Common Share because the sale price will be less than the Fund&#8217;s then-current net asset value per Common Share. Similarly, were the expenses of the offering to exceed the
                      amount by which the sale price exceeded the Fund&#8217;s then current net asset value per Common Share, shareholders would experience a dilution of the aggregate net asset value per Common Share. This dilution will be experienced by all
                      shareholders, irrespective of whether they purchase Common Shares in any such offering. See &#8220;Description of Capital Structure&#8212;Common Shares&#8212;Issuance of Additional Common Shares.&#8221;</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Financial Leverage Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Although the use of Financial Leverage by the Fund may create an opportunity for increased after-tax total return for the Common Shares, it also results in additional risks and can
                      magnify the effect of any losses. If the income and gains earned on securities purchased with Financial Leverage proceeds are greater than the cost of Financial Leverage, the Fund&#8217;s return will be greater than if Financial Leverage
                      had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of Financial Leverage, the return to the Fund will be less than if Financial Leverage had not been used.
                      There can be no assurance that a leveraging strategy will be implemented or that it will be successful during any period during which it is employed.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Financial Leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of and dividends on
                      the Common Shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on Borrowings or in the dividend rate on any Preferred Shares that the Fund must pay will reduce the return to the Common
                      Shareholders; and the effect of Financial Leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Common Shares than if the Fund were not leveraged, which may result in a greater
                      decline in the market price of the Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Because the fees received by the Investment Adviser and Sub-Adviser are based on the Managed Assets of the Fund (including the proceeds of any Financial Leverage), the Investment
                      Adviser and Sub-Adviser have a financial incentive for the Fund to utilize Financial Leverage, which may create a conflict of interest between the Investment Adviser and the Sub-Adviser on the one hand and the Common Shareholders on
                      the other. Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, which means that Common Shareholders effectively bear the entire advisory
                      fee. In order to manage this conflict of interest, the Board of Trustees will receive regular reports from the Adviser regarding the Fund&#8217;s use of Financial Leverage and the effect of Financial Leverage on the management of the Fund&#8217;s
                      portfolio and the performance of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Borrowings may subject the Fund to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Borrowings by the Fund also may subject the Fund to
                      certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for such Indebtedness. Such guidelines may impose asset coverage or portfolio composition requirements that are more
                      stringent than those imposed by the 1940 Act.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Reverse repurchase agreements involve the risks that the interest income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated
                      with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund.
                      There is no assurance that reverse repurchase agreements can be successfully employed. Dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed
                      upon repurchase price of those securities. Successful use of dollar rolls may depend upon the Adviser&#8217;s ability to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed.
                      In connection with reverse</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">86</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> repurchase agreements and dollar rolls, the Fund will also be subject to counterparty risk with respect to the purchaser of the securities. If the broker/dealer to whom the Fund sells securities becomes
                      insolvent, the Fund&#8217;s right to purchase or repurchase securities may be restricted.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may engage in certain derivatives transactions that have economic characteristics similar to leverage. To the extent the terms of any such transaction obligate the Fund to
                      make payments, the Fund intends to earmark or segregate cash or liquid securities in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transaction or otherwise cover such
                      transaction in accordance with applicable interpretations of the staff of the SEC. To the extent the terms of any such transaction obligate the Fund to deliver particular securities to extinguish the Fund&#8217;s obligations under such
                      transactions, the Fund may &#8220;cover&#8221; its obligations under such transaction by either (i) owning the securities or collateral underlying such transactions or (ii) having an absolute and immediate right to acquire such securities or
                      collateral without additional cash consideration (or, if additional cash consideration is required, having earmarked or segregated cash or liquid securities). Securities so segregated or designated as &#8220;cover&#8221; will be unavailable for
                      sale by the Adviser (unless replaced by other securities qualifying for segregation or cover requirements), which may adversely affect the ability of the Fund to pursue its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Recent economic and market events have contributed to severe market volatility and caused severe liquidity strains in the credit markets. If dislocations in the credit markets
                      continue, the Fund&#8217;s leverage costs may increase and there is a risk that the Fund may not be able to renew or replace existing leverage on favorable terms or at all. If the cost of leverage is no longer favorable, or if the Fund is
                      otherwise required to reduce its leverage, the Fund may not be able to maintain distributions on Common Shares at historical levels and Common Shareholders will bear any costs associated with selling portfolio securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s total Financial Leverage may vary significantly over time. To the extent the Fund increases its amount of Financial Leverage outstanding, it will be more exposed to these
                      risks.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Derivatives Transactions Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Derivatives Transactions Risk In General</font>. In addition to the covered call option strategy described above, the Fund may, but is not required
                      to, utilize other derivatives, including futures contracts and other Strategic Transactions to seek to earn income, facilitate portfolio management and mitigate risks. Participation in derivatives markets transactions involves
                      investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies (other than its covered call writing strategy). If the Sub-Adviser is incorrect about its expectations of market
                      conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Risks inherent in the use of derivatives include:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd8441fa49be444258266483c255500c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">dependence on the Sub-Adviser&#8217;s ability to predict correctly movements in the direction of interest rates and securities prices;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z47a278d2009f4981838df09fa2a20764" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">imperfect correlation between the price of derivatives and movements in the prices of the securities being hedged;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z58a6f30ace774632a2d21d4a4009b23e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the fact that skills needed to use these strategies are different from those needed to select portfolio securities;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z772185c9cd6d406ca4984d8a1160c57d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the possible absence of a liquid secondary market for any particular instrument at any time;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z784263659459495cbf21156fb05031e8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the possible need to defer closing out certain hedged positions to avoid adverse tax consequences;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zaacfa2d3b59242669e83401038749c76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the possible inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for it to do so, or the possible need for the Fund to sell a security at a
                                disadvantageous time due to a need for the Fund to maintain &#8220;cover&#8221; or to segregate securities in connection with the hedging techniques; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z1c8be1b420614be6861d2c96ab545013" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the creditworthiness of counterparties.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;"><font style="font-style: italic;">Futures Transactions Risk. </font>The Fund may invest in futures contracts. Futures and options on futures entail certain risks,
                      including but not limited to the following:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z2ef697234cc54690b9108d48b2c2b24f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">no assurance that futures contracts or options on futures can be offset at favorable prices;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z55810c9649b545c8ad27b3b893bb82b8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">possible reduction of the return of the Fund due to their use for hedging;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z977efeaef414407087bffc3ad79f8ef0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">possible reduction in value of both the securities hedged and the hedging instrument;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <div>
                        <div><br>
                        </div>
                        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">87</font></div>
                          <div style="page-break-after: always;" id="DSPFPageBreak">
                            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                        </div>
                        <div><br>
                        </div>
                      </div>
                      <table cellspacing="0" cellpadding="0" id="z05cef3a99ec7483fa89c1d656ddc04b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">possible lack of liquidity due to daily limits on price fluctuations;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z360b3726df5449abaaa28b57ef4a584f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">imperfect correlation between the contracts and the securities being hedged; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z793a6dbd6e9a46f8b2b6d275e752454c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">losses from investing in futures transactions that are potentially unlimited and the segregation requirements for such transactions.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Counterparty Risk. </font>Counterparty risk is the risk that a counterparty to a Fund transaction (<font style="font-style: italic;">e.g.</font>,
                      prime brokerage or securities lending arrangement or derivatives transaction) will be unable or unwilling to perform its contractual obligation to the Fund. The Fund is exposed to credit risks that the counterparty may be unwilling or
                      unable to make timely payments or otherwise meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform, the risk of which is particularly acute under
                      current conditions) its payment or other obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of,
                      the counterparty.</div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">The Fund bears the risk that counterparties may be adversely affected by legislative or regulatory changes, adverse market conditions (such as the current conditions),
                      increased competition, and/or wide scale credit losses resulting from financial difficulties of the counterparties&#8217; other trading partners or borrowers.</div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivatives transactions since generally a clearing organization becomes
                      substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance of financial
                      obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Risks Associated with Options on Securities. </font>There are significant differences between the securities and options markets that could result in
                      an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived
                      transaction may be unsuccessful to some degree because of market behavior or unexpected events. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. The Fund&#8217;s ability to
                      terminate OTC options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. The hours of trading for options may not
                      conform to the hours during which the underlying securities are traded. The Fund&#8217;s options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such
                      options are traded. To the extent that the Fund writes covered put options, the Fund will bear the risk of loss if the value of the underlying stock declines below the exercise price. If the option is exercised, the Fund could incur a
                      loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise. While the Fund&#8217;s potential gain in writing a covered put option is limited to the
                      interest earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire value of the stock. To the extent that the Fund writes covered call
                      option, the Fund forgoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained
                      the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received
                      an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. Thus, the use of options may require the Fund to
                      sell portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise
                      sell.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Risks Associated with Swaps</font>. The Fund may enter into swap transactions, including credit default swaps, total return swaps, index swaps,
                      currency swaps, commodity swaps and interest rate swaps, as well as options thereon, and may purchase or sell interest rate caps, floors and collars. If the Adviser is incorrect in its forecasts of market values, interest rates or
                      currency exchange rates, the investment performance of the Fund may be less favorable than it would have been if these investment techniques were not used. Such transactions are subject to market risk, risk of default by the other
                      party to the transaction and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. Swaps generally do not involve the delivery of securities, other
                      underlying assets or principal. Accordingly, the risk of loss with respect to</div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">88</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of payments that the
                      Fund is contractually entitled to receive. Swaps may effectively add leverage to the Fund&#8217;s portfolio because the Fund would be subject to investment exposure on the full notional amount of the swap.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">When the Fund acts as a seller of a credit default swap agreement with respect to a debt security, it is subject to the risk that an adverse credit event may occur with respect to the
                      issuer of the debt security and the Fund may be required to pay the buyer the full notional value of the debt security under the swap net of any amounts owed to the Fund by the buyer under the swap (such as the buyer&#8217;s obligation to
                      deliver the debt security to the Fund). As a result, the Fund bears the entire risk of loss due to a decline in value of a referenced debt security on a credit default swap it has sold if there is a credit event with respect to the
                      issuer of the security. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the Fund generally
                      may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The swap market has become more standardized in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized
                      swap documentation. As a result, some swaps have become relatively liquid. Although the swap market has become liquid, certain types of derivatives products, such as caps, floors and collars may be less liquid than swaps in general.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain standardized swaps are subject to mandatory exchange-trading and/or central clearing. Exchange-trading and central clearing are expected to reduce counterparty credit risk and
                      increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) and related regulatory developments require
                      the clearing and exchange-trading of certain OTC derivative instruments that the Commodity Futures Trading Commission (&#8220;CFTC&#8221;) and SEC have defined as &#8220;swaps.&#8221; Mandatory exchange-trading and clearing are occurring on a phased-in basis
                      based on CFTC approval of contracts for central clearing. Depending on the Fund&#8217;s size and other factors, the margin required under the rules of the clearinghouse and by the clearing member may be in excess of the collateral required
                      to be posted by the Fund to support its obligations under a similar bilateral swap. In addition, regulators have developed rules that require trading and execution of the most liquid swaps on trading facilities. Moving trading to an
                      exchange-type system may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of cleared and uncleared swaps. In addition, the CFTC and other applicable regulators
                      have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Recently adopted rules also require
                      centralized reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional administrative burdens and the
                      safeguards established to protect trader anonymity may not function as expected. The Sub-Adviser will continue to monitor developments in this area, particularly to the extent regulatory changes affect the ability of the Fund to enter
                      into swap agreements.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Further regulatory developments in the swap market may adversely impact the swap market generally or the Fund&#8217;s ability to use swaps.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Portfolio Turnover Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s annual portfolio turnover rate may vary greatly from year to year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for
                      the Fund. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net
                      short-term capital gains by the Fund which, when distributed to Common Shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. See &#8220;U.S. Federal
                      Income Tax Considerations.&#8221;</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">U.S. Government Securities Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Different types of U.S. government securities have different relative levels of credit risk depending on the nature of the particular government support for that security. U.S.
                      government securities may be supported by: (i)&#160;the full faith and credit of the United States government; (ii)&#160;the ability of the issuer to borrow from the U.S. Treasury; (iii)&#160;the credit of the issuing agency, instrumentality or
                      government-sponsored entity (&#8220;GSE&#8221;); (iv)&#160;pools of assets (<font style="font-style: italic;">e.g.</font>, mortgage-backed securities); or (v)&#160;the United States in some other way. The U.S. government and its </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">89</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">agencies and instrumentalities do not guarantee the market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S. government securities may not be
                      backed by the full faith and credit of the United States government. The value of U.S. government obligations may be adversely affected by changes in interest rates. It is possible that the issuers of some U.S. government securities
                      will not have the funds to timely meet their payment obligations in the future and there is a risk of default. For certain agency and GSE issued securities, there is no guarantee the U.S. government will support the agency or GSE if
                      it is unable to meet its obligations.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Legislation and Regulation Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">At any time after the date hereof, legislation may be enacted that could negatively affect the issuers in which the Fund invests. Changing approaches to regulation may also have a
                      negative impact on issuers in which the Fund invests. In addition, legislation or regulation may change the way in which the Fund is regulated. There can be no assurance that future legislation, regulation or deregulation will not
                      have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), which was signed into law in July 2010, has resulted in significant revisions to the U.S.
                      financial regulatory framework. The Dodd-Frank Act covers a broad range of topics, including, among many others: a reorganization of federal financial regulators; the creation of a process designed to ensure financial system stability
                      and the resolution of potentially insolvent financial firms; the enactment of new rules for derivatives trading; the creation of a consumer financial protection watchdog; the registration and regulation of managers of private funds;
                      the regulation of rating agencies; and the enactment of new federal requirements for residential mortgage loans. The regulation of various types of derivative instruments pursuant to the Dodd-Frank Act may adversely affect the Fund or
                      its counterparties.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In late November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies that would, if
                      adopted, for the most part rescind the SEC&#8217;s asset segregation and coverage rules and guidance.&#160; Instead of complying with current requirements, funds would need to trade derivatives and other transactions that potentially create
                      senior securities (except reverse repurchase agreements) subject to a value-at-risk (&#8220;VaR&#8221;) leverage limit, certain other testing requirements and requirements related to board reporting. These new requirements would apply unless a
                      fund qualified as a &#8220;limited derivatives user,&#8221; as defined in the SEC&#8217;s proposal. Reverse repurchase agreements would be subject to asset coverage requirements, and a fund trading reverse repurchase agreements would need to aggregate
                      the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund&#8217;s asset
                      coverage ratio. Reverse repurchase agreements would not be included in the calculation of whether a fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing
                      transactions would be included for purposes of such testing.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The current presidential administration has called for, and in certain instances has begun to implement, significant changes to U.S. fiscal, tax, trade, healthcare, immigration,
                      foreign, and government regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have
                      created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the
                      uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy,
                      those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Some
                      particular areas identified as subject to potential change, amendment or repeal include the Dodd-Frank Act, including the Volcker Rule and various swaps and derivatives regulations, credit risk retention requirements and the
                      authorities of the Federal Reserve, the Financial Stability Oversight Council and the SEC. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#8217;s business, they could adversely affect the Fund&#8217;s business,
                      financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund&#8217;s business and the business of the Fund&#8217;s competitors over the long term, the Fund will not
                      know if, overall, the Fund will benefit from them or be negatively affected by them.</div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">90</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">LIBOR Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s investments and payment obligations may be based on floating rates, such as London Interbank Offer Rate (&#8220;LIBOR&#8221;), Euro Interbank Offered Rate and other similar types of
                      reference rates (each, a &#8220;Reference Rate&#8221;). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (&#8220;FCA&#8221;), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates
                      for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This
                      announcement and any additional regulatory or market changes may have an adverse impact on a Fund or its investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market
                      participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or
                      amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to the Fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of
                      alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates
                      could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by the Fund or on its overall financial condition or results of operations. In
                      addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund&#8217;s performance and/or NAV.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The transition process might lead to increased volatility and illiquidity in markets for instruments with terms tied to LIBOR. It could also lead to a reduction in the interest rates
                      on, and the value of, some LIBOR-based investments and reduce the effectiveness of hedges mitigating risk in connection with LIBOR-based investments. Although some LIBOR-based instruments may contemplate a scenario where LIBOR is no
                      longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have such provisions and there may be significant
                      uncertainty regarding the effectiveness of any such alternative methodologies. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged), LIBOR&#8217;s cessation may give rise to basis
                      risk and render hedges less effective.&#160; As the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects and related adverse conditions could occur prior to the end of 2021. There also remains
                      uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments, notwithstanding significant efforts by the industry to develop robust LIBOR replacement
                      clauses. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and the possible renegotiation of
                      existing contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments.&#160; Fund investments may also be tied to other interbank
                      offered rates and currencies, which also will face similar issues.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain classes of instruments invested in by the Fund may be more sensitive to LIBOR cessation than others. For example, certain asset classes such as floating rate notes may not
                      contemplate a LIBOR cessation and/or might freeze a last-published or last-used LIBOR rate for all future payment dates upon a discontinuation of LIBOR. Also, for example, syndicated and other business loans tied to LIBOR may not
                      provide a clear roadmap for LIBOR&#8217;s replacement, leaving any future adjustments to the determination of a quantum of lenders. Securitizations and other asset-backed transactions may experience disruption as a result of inconsistencies
                      between when collateral assets shift from LIBOR and what rate those assets replace LIBOR with, on the one hand, and when the securitization notes shift from LIBOR and what rate the securitization notes replace LIBOR with.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Recent Market Developments Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Periods of market volatility remain, and may continue to occur in the future, in response to various political, social and economic events both within and outside of the United States.
                      These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
                      value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund&#8217;s securities uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#8217;s holdings. If
                      there is a significant decline in the value of the Fund&#8217;s portfolio, this may impact the asset coverage levels for the Fund&#8217;s outstanding leverage.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">91</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions
                      and the Fund&#8217;s business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of
                      incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund&#8217;s business,
                      financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader
                      economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest
                      rates and/or unfavorable economic conditions could impair the Fund&#8217;s ability to achieve its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines,
                      and adversely impacting local and global economies. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including by
                      providing direct capital infusions into companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates. These actions, including their possible
                      unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect the value of the
                      Fund&#8217;s investments and the performance of the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Increasing Government and other Public Debt Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Government and other public debt, including municipal obligations in which the Fund invests, can be adversely affected by large and sudden changes in local and global economic
                      conditions that result in increased debt levels. Although high levels of government and other public debt do not necessarily indicate or cause economic problems, high levels of debt may create certain systemic risks if sound debt
                      management practices are not implemented. A high debt level may increase market pressures to meet an issuer&#8217;s funding needs, which may increase borrowing costs and cause a government or public or municipal entity to issue additional
                      debt, thereby increasing the risk of refinancing. A high debt level also raises concerns that the issuer may be unable or unwilling to repay the principal or interest on its debt, which may adversely impact instruments held by the
                      Fund that rely on such payments. Governmental and quasigovernmental responses to the current economic situation are increasing government and other public debt, which heighten these risks. Unsustainable debt levels can decline the
                      valuation of currencies, and can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns or can generate or contribute to an economic downturn.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">When-Issued and Delayed Delivery Transactions Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Securities purchased on a when-issued or delayed delivery basis may expose the Fund to counterparty risk of default as well as the risk that securities may experience fluctuations in
                      value prior to their actual delivery. The Fund generally will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery
                      basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Short Sales Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own. If the price of the security sold short increases between
                      the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will be
                      increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral with its custodian.
                      Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. The Fund may have to pay a premium to borrow the securities and must pay any dividends or interest
                      payable on the securities until they are replaced, which will be expenses of the Fund.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">92</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Repurchase Agreement Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot
                      sell the security at the agreed-upon time and price or the security loses value before it can be sold.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may accept a wide variety of underlying securities as collateral for repurchase agreements entered into by the Fund. Rule 5b-3 under the 1940 Act, stipulates that if a
                      repurchase agreement entered into by a fund is &#8220;collateralized fully,&#8221; the repurchase agreement is deemed a transaction in the underlying securities and not a separate security issued to the fund by the selling institution. In order
                      for the repurchase agreement to qualify as &#8220;collateralized fully,&#8221; the collateral must consist solely of cash items, government securities, securities that are rated in the highest rating category by at least two NRSROs (or one NRSRO,
                      if that is the only such NRSRO which has issued a rating on the security) or unrated securities which the Adviser deems to be of comparable quality. However, the Fund may accept collateral in respect of repurchase agreements which do
                      not meet the above criteria, and in such event the repurchase agreement will not be considered &#8220;collateralized fully&#8221; for purposes of Rule 5b-3. Accepting collateral beyond the criteria of Rule 5b-3 exposes the Fund to two categories
                      of risks. First, because the Fund&#8217;s repurchase agreements which are secured by such collateral are not &#8220;collateralized fully&#8221; under Rule 5b-3, the repurchase agreement is considered a separate security issued by the selling
                      institution to the Fund. Accordingly, in addition to the risks of a default or bankruptcy of the selling institution, the Fund must include repurchase agreements that are not &#8220;collateralized fully&#8221; under Rule 5b-3 in its calculations
                      of securities issued by the selling institution held by the Fund for purposes of various diversification and concentration requirements applicable to the Fund. In particular, to the extent a selling institution is a &#8220;securities
                      related business&#8221; for purposes of Section 12(d)(3) of the 1940 Act and Rule 12d3-1 thereunder, the Fund would not be permitted to hold more than 5% of its total assets in securities issued by the selling institution, including
                      repurchase agreements that are not &#8220;collateralized fully&#8221; under Rule 5b-3. While this limitation (as well as other applicable limitations arising under concentration and diversification requirements) limits the Fund&#8217;s exposure to each
                      such selling institution, the Fund will be required to monitor its holdings of such securities and ensure that it complies with the applicable limitations. Second, the collateral underlying a repurchase agreement that is not
                      &#8220;collateralized fully&#8221; under Rule 5b-3 may not qualify as permitted or appropriate investments for the Fund under the Fund&#8217;s investment strategies and limitations. Accordingly, if a selling institution defaults and the Fund takes
                      possession of such collateral, the Fund may need to promptly dispose of such collateral (or other securities held by the Fund, if the Fund exceeds a limitation on a permitted investment by virtue of taking possession of the
                      collateral). In cases of market turmoil (which may be associated with a default or bankruptcy of a selling institution), the Fund may have more difficulty than anticipated in selling such securities and/or in avoiding a loss on the
                      sale of such securities. This risk may be more acute in the case of a selling institution&#8217;s insolvency or bankruptcy, which may restrict the Fund&#8217;s ability to dispose of collateral received from the selling institution. The Adviser
                      follows various procedures to monitor the liquidity and quality of any collateral received under a repurchase agreement (as well as the credit quality of each selling institution) designed to minimize these risks, but there can be no
                      assurance that the procedures will be successful in doing so.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Securities Lending Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may lend its portfolio securities to banks or dealers which meet the creditworthiness standards established by the Board of Trustees. Securities lending is subject to the risk
                      that loaned securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. Any loss in the market price of securities loaned by the Fund that
                      occurs during the term of the loan would be borne by the Fund and would adversely affect the Fund&#8217;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights in the collateral
                      should the borrower of the securities fail financially while the loan is outstanding.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Risk of Failure to Qualify as a RIC</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross
                      income from certain prescribed sources, meet certain asset diversification tests and distribute for each taxable year at least 90% of its &#8220;investment company taxable income&#8221; (generally, ordinary income plus the excess, if any, of net
                      short-term capital gain over net long-term capital loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular
                      corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Conflicts of Interest Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Partners is a global asset management and investment advisory organization. Guggenheim Partners and its affiliates advise clients in various markets and transactions and
                      purchase, sell, hold and recommend a broad array of investments for their own accounts and the accounts of clients and of their personnel and the relationships and products they sponsor, manage and advise. Accordingly, Guggenheim
                      Partners and its affiliates may have direct and indirect interests in a variety of global markets and the securities of issuers in which the Fund may directly or indirectly invest. These interests may cause the Fund to be subject to
                      regulatory limits, and in certain circumstances, these various activities may prevent the Fund from participating in an investment decision. As a result, activities and dealings of Guggenheim Partners and its affiliates may affect the
                      Fund in ways that may disadvantage or restrict the Fund or be deemed to benefit Guggenheim Partners and its affiliates. From time to time, conflicts of interest may arise between a portfolio manager&#8217;s management of the investments of
                      the Fund on the one hand and the management of other registered investment companies, pooled investment vehicles and other accounts (collectively, &#8220;other accounts&#8221;) on the other. The other accounts might have similar investment
                      objectives or strategies as the Fund or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. In certain circumstances, and subject to its fiduciary obligations under the Investment
                      Advisers Act of 1940 (the &#8220;Advisers Act&#8221;) and the requirements of the 1940 Act, the Adviser may have to allocate a limited investment opportunity among its clients. The other accounts might also have different investment objectives or
                      strategies than the Fund. In addition, the Fund may be limited in its ability to invest in, or hold securities of, any companies that the Adviser or its affiliates (or other accounts managed by the Adviser or its affiliates) control,
                      or companies in which the Adviser or its affiliates have interests or with whom they do business. For example, affiliates of the Adviser may act as underwriter, lead agent or administrative agent for loans or otherwise participate in
                      the market for loans. Because of limitations imposed by applicable law, the presence of the Adviser&#8217;s affiliates in the markets for loans may restrict the Fund&#8217;s ability to acquire some loans or affect the timing or price of such
                      acquisitions. To address these conflicts, the Fund and Guggenheim Partners and its affiliates have established various policies and procedures that are reasonably designed to detect and prevent such conflicts and prevent the Fund from
                      being disadvantaged. For additional information about potential conflicts of interest, and the way in which the Adviser and its affiliates address such conflicts, please see &#8220;Management of the Fund&#8212;Potential Conflicts of Interest&#8221; in
                      the SAI.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Market Disruption and Geopolitical Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, possible terrorist attacks in the United States and
                      around the world, growing social and political discord in the United States, the European debt crisis, the response of the international community&#8212;through economic sanctions and otherwise&#8212;to Russia&#8217;s annexation of the Crimea region of
                      Ukraine and posture vis-a-vis Ukraine, increasingly strained relations between the United States and a number of foreign countries, including traditional allies, such as certain European countries, and historical adversaries, such as
                      North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the United Kingdom&#8217;s pending withdrawal from the EU and the
                      resulting profound and uncertain impacts on the economic and political future of the United Kingdom, the exit or potential exit of one or more countries from the EU or the EMU, the EU and global financial markets, further downgrade of
                      U.S. Government securities, the change in the U.S. president and the new administration and other similar events, may have long-term effects on the United States and worldwide financial markets and may cause further economic
                      uncertainties in the United States and worldwide. The Fund does not know and cannot predict how long the securities markets may be affected by these events and the effects of these and similar events in the future on the U.S. economy
                      and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and
                      international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organization to carry out their duties prescribed to them under the relevant agreements, revisions of
                      these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political
                      developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is
                      invested and the risks associated with financial, economic, health, labor and other global market developments and disruptions.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund and its service providers are currently impacted by quarantines and similar measures being enacted by governments in response to COVID-19, which are obstructing the regular
                      functioning of business workforces (including requiring employees to work from external locations and their homes). Accordingly, certain risks described above are heightened under current conditions.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Technology Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As the use of Internet technology has become more prevalent, the Fund and its service providers and markets generally have become more susceptible to potential operational risks
                      related to intentional and unintentional events that may cause the Fund or a service provider to lose proprietary information, suffer data corruption or lose operational capacity. There can be no guarantee that any risk management
                      systems established by the Fund, its service providers, or issuers of the securities in which the Fund invests to reduce technology and cyber security risks will succeed, and the Fund cannot control such systems put in place by
                      service providers, issuers or other third parties whose operations may affect the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Cyber Security Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or
                      corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund&#8217;s
                      operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers
                      may adversely impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions; inability to calculate
                      the Fund&#8217;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
                      cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value. There can
                      be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Anti-Takeover Provisions Risk</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s Agreement and Declaration of Trust and Bylaws (collectively the &#8220;Governing Documents&#8221;) include provisions that could limit the ability of other entities or persons to
                      acquire control of the Fund or convert the Fund to an open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market
                      price of the Common Shares. See &#8220;Anti-Takeover and Other Provisions in the Fund&#8217;s Governing Documents.&#8221;</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">MANAGEMENT OF THE FUND</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Trustees and Officers</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board of Trustees is broadly responsible for the management of the Fund, including general supervision of the duties performed by the Investment Adviser. The names and business
                      addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under &#8220;Management of the Fund&#8221; in the SAI.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">The Investment Adviser</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Funds Investment Advisors, LLC, a wholly-owned subsidiary of Guggenheim Partners, acts as the Fund&#8217;s Investment Adviser pursuant to an investment advisory agreement between
                      the Fund and the Investment Adviser (the &#8220;Advisory Agreement&#8221;). The Investment Adviser is a registered investment adviser and acts as investment adviser to a number of closed-end and open-end investment companies. The Investment
                      Adviser is a Delaware limited liability company, with its principal offices located at 227 West Monroe Street, Chicago, Illinois 60606.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">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, foundation insurance companies and other institutions that have entrusted Guggenheim Partners with </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">the supervision of more than $270 billion of assets as of June 30, 2020. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States,
                      Europe, and Asia.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to the Advisory Agreement, the Investment Adviser is responsible for the management of the Fund. The Investment Adviser furnishes office facilities and equipment and clerical,
                      bookkeeping and administrative services on behalf of the Fund and oversees the activities of the Fund&#8217;s Sub-Adviser. The Investment Adviser provides all services through the medium of any directors, officers or employees of the
                      Investment Adviser or its affiliates as the Investment Adviser deems appropriate in order to fulfill its obligations and pays the compensation of all officers and Trustees of the Fund who are its affiliates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As compensation for its services, the Fund pays the Investment Adviser a fee, payable monthly in arrears at an annual rate equal to 1.00% of the Fund&#8217;s average daily Managed Assets
                      (from which the Investment Adviser pays the Sub-Adviser&#8217;s fee as described under &#8220;&#8212;The Sub-Adviser&#8221; below). &#8220;Managed Assets&#8221; means the total assets of the Fund (other than assets attributable to any investments by the Fund in
                      Affiliated Investment Funds), including the assets attributable to the proceeds from any borrowings or other forms of financial leverage, minus liabilities, other than liabilities related to any financial leverage. &#8220;Affiliated
                      Investment Funds&#8221; means investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles, advised or managed by the Fund&#8217;s investment Sub-Adviser or any of its
                      affiliates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A discussion regarding the basis for the most recent approval of the Advisory Agreement by the Board of Trustees is available in the Fund&#8217;s annual report to shareholders for the period
                      ending May 31, 2020.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition to the fees of the Investment Adviser, the Fund pays all other costs and expenses of its operations, including compensation of its Trustees (other than those affiliated
                      with the Investment Adviser), custodial expenses, transfer agency and dividend disbursing expenses, legal fees, expenses of the Fund&#8217;s independent registered public accounting firm, expenses of repurchasing shares, listing expenses,
                      expenses of preparing, printing and distributing prospectuses, stockholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">The Sub-Adviser</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Partners Investment Management, LLC, a wholly-owned subsidiary of Guggenheim Partners, acts as the Fund&#8217;s Sub-Adviser pursuant to a sub-advisory agreement among the Fund,
                      the Investment Adviser and the Sub-Adviser (the &#8220;Sub-Advisory Agreement&#8221;). The Sub-Adviser is a Delaware limited liability company, with its principal offices located at 100 Wilshire Boulevard, Santa Monica, California 90401.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to the Sub-Advisory Agreement, the Sub-Adviser, under the supervision of the Fund&#8217;s Board of Trustees, is responsible for the management of the Fund&#8217;s portfolio of securities
                      and provides certain facilities and personnel related to such management. As compensation for the Sub-Adviser&#8217;s services, the Investment Adviser pays the Sub-Adviser a fee, payable monthly in arrears at an annual rate equal to 0.50%
                      of the Fund&#8217;s average daily Managed Assets, less 0.50% of the Fund&#8217;s average daily assets attributable to any investments by the Fund in Affiliated Investment Funds.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A discussion regarding the basis for the most recent approval of the Sub-Advisory Agreement by the Board of Trustees is available in the Fund&#8217;s annual report to shareholders for the
                      period ending May 31, 2020.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Portfolio Management</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser&#8217;s investment process is a collaborative effort between various groups including: (i) economic research, which focus on key economic themes and trends, regional and
                      country-specific analysis, and assessments of event-risk and policy impacts on asset prices, (ii) the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling tools to determine allocation of
                      assets among a variety of sectors, (iii) its Sector Specialists, who are responsible for identifying investment opportunities in particular securities within these sectors, including the structuring of certain securities directly with
                      the issuers or with investment banks and dealers involved in the origination of such securities, and (iv) portfolio managers, who determine which securities best fit the Fund based on the Fund&#8217;s investment objective and top-down
                      sector allocations.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser&#8217;s personnel with responsibility for the day-to-day management of the Fund&#8217;s portfolio are:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">B. Scott Minerd, Chairman, Global Chief Investment Officer, Managing Partner and Portfolio Manager of the Sub-Adviser</font>. Mr. Minerd joined
                      Guggenheim Partners (or its affiliate or predecessor) in May 1998. Mr. Minerd leads Guggenheim Partners&#8217; research on global macroeconomics and guides the firm&#8217;s investment strategies. Previously, Mr. Minerd was a Managing Director
                      with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. He was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt,
                      derivatives securities, structured debt and interest rate swaps trading business units. Mr. Minerd is a member of the Federal Reserve Bank of New York&#8217;s Investor Advisory Committee on Financial Markets, helping advise the NY Fed
                      President about financial market developments, risks to the financial system and steps that can be taken to understand and mitigate these risks. He is an advisor to the Organization for Economic Cooperation and Development (OECD) on
                      long-term investments and is a contributing member of the World Economic Forum (WEF) and their Global Agenda Council on the Arctic.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Anne B. Walsh, Chief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager of the Sub-Adviser.</font> Ms. Walsh joined
                      Guggenheim Partners (or its affiliate or predecessor) in 2007 is also the head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed-income investments including Agencies, Credit,
                      Municipals, and Structured Securities. She is responsible for portfolio design, strategy, sector allocation and risk management, as well as conveying Guggenheim Partners&#8217; macroeconomic outlook to Portfolio Managers and fixed income
                      Sector Specialists. Ms. Walsh specializes in liability-driven portfolio management. Prior to joining Guggenheim Partners, she served as Chief Investment Officer at Reinsurance Group of America, and also held roles at Zurich Scudder
                      Investments, Lincoln Investment Management and American Bankers.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman', serif; font-size: 1pt; font-style: italic;">&#160;</font><font style="font-style: italic;">Steven H. Brown, Senior Managing Director and
                        Portfolio Manager of the Sub-Adviser</font>. Mr. Brown joined Guggenheim Partners (or its affiliate or predecessor) in 2010 and is a Portfolio Manager for Guggenheim Partners&#8217; Active Fixed Income and Total Return mandates. He works
                      with the Chief Investment Officers and other members of the Portfolio Management team to develop and execute portfolio strategy. Additionally, he works closely with the Sector Teams and Portfolio Construction Group. Prior to joining
                      Portfolio Management in 2012, Brown worked in Guggenheim Partners&#8217; Asset Backed Securities group. His responsibilities on that team included trading and evaluating investment opportunities and monitoring credit performance. Prior to
                      joining Guggenheim Partners in 2010, Mr. Brown held roles within structured products at ABN AMRO and Bank of America in Chicago and London. Mr. Brown earned a BS in Finance from Indiana University&#8217;s Kelley School of Business. He has
                      earned the right to use the Chartered Financial Analyst&#174; designation and is a member of the CFA Institute.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Adam J. Bloch, Managing Director and Portfolio Manager of the Sub-Adviser</font>. Mr. Bloch joined Guggenheim Partners in 2012 and is a Portfolio
                      Manager for the firm&#8217;s Active Fixed Income and Total Return mandates. Mr. Bloch works with the Chief Investment Officers and other Portfolio Managers to develop portfolio strategy that is in line with the firm&#8217;s views. He oversees
                      strategy implementation, working with research analysts and traders to generate trade ideas, hedge portfolios, and manage day-to-day risk. Prior to joining Guggenheim Partners, he worked in Leveraged Finance at Bank of America Merrill
                      Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancings across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">&#160;&#160;&#160;&#160;&#160;The SAI provides additional information about the portfolio managers&#8217; compensation, other accounts managed by the portfolio managers and the portfolio managers&#8217; ownership of
                      securities of the Fund.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">NET ASSET VALUE</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The net asset value of the Common Shares is calculated by subtracting the Fund&#8217;s total liabilities (including from Borrowings) and the liquidation preference of any outstanding
                      Preferred Shares from total assets (the market value of the securities the Fund holds plus cash and other assets). The per share net asset value is calculated by dividing its net asset value by the number of Common Shares outstanding
                      and rounding the result to the nearest full cent. The Fund generally calculates its net asset value once each day on which there is a regular trading session on the New York Stock Exchange (&#8220;NYSE&#8221;) as of the scheduled close of normal
                      trading on the &#8220;NYSE&#8221; (normally 4:00 p.m., Eastern time). The NYSE is open Monday through Friday, except on observation of the following holidays: New Year&#8217;s Day, Martin Luther King, Jr. Day, President&#8217;s Day, Good Friday, Memorial
                      Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. If the NYSE has an earlier closing time </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">97</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">(scheduled or unscheduled), such as on days in advance of holidays generally observed by the NYSE, the Fund may calculate its net asset value as of the earlier closing time or calculate its net asset
                      value as of the normally scheduled close of regular trading on the NYSE for that day, so long as the Sub-Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations. The Fund generally
                      does not calculate its net asset value on any day that the NYSE is not open for business. However, if the NYSE is closed for any other reason on a day it would normally be open for business, the Fund may calculate its net asset value
                      as of the normally scheduled close of regular trading on the NYSE for that day, so long as the Sub-Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations. The Fund discloses its
                      net asset value on a daily basis. Information that becomes known to the Fund or its agent after the Fund&#8217;s net asset value has been calculated on a particular day will not be used to retroactively adjust the price of a security or the
                      Fund&#8217;s previously determined net asset value.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board of Trustees has adopted policies and procedures for the valuation of the Fund&#8217;s investments (the &#8220;Valuation Procedures&#8221;). Pursuant to the Valuation Procedures, the Board has
                      delegated to a valuation committee, consisting of representatives from investment management, fund administration, legal and compliance departments (the &#8220;Valuation Committee&#8221;), the day-to-day responsibility for implementing the
                      Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund&#8217;s securities and/or other assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In general, portfolio securities and assets of the Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio
                      securities and assets of the Fund for which market quotations are not readily available or are deemed not reliable, the Fund will fair value those securities and assets in good faith using methods approved by the Board of Trustees.
                      The Valuation Procedures permit the Fund to use a variety of valuation methodologies in connection with valuing the Fund&#8217;s investments. The methodology used for a specific type of investment may vary based on the market data available
                      or other considerations. As a general matter, valuing securities and assets accurately is difficult and can be based on inputs and assumptions which may not always be correct.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund values equity securities at the last reported sale price on the principal exchange or in the principal OTC market in which such securities are traded or listed, as of the
                      close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, on the basis of broker quotations. Securities traded primarily on the National Association of Securities Dealers Automated
                      Quotations (&#8220;NASDAQ&#8221;) National Market System are normally valued by the Fund at the NASDAQ Official Closing Price (&#8220;NOCP&#8221;) provided by NASDAQ each business day, which may not necessarily represent the last sale price. The NOCP is the
                      most recently reported price as of 4:00 p.m., Eastern time, unless that price is outside the range of the &#8220;inside&#8221; bid and ask prices (i.e., the bid and ask prices that dealers quote to each other when trading for their own accounts);
                      in that case, NASDAQ will adjust the price to equal the inside bid or ask price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund values exchange-traded options and other exchange-traded derivative contracts at the mean of the bid and ask prices at the close on the principal exchange on which they are
                      traded. OTC options are valued using a price provided by a pricing service.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s securities that are traded primarily in foreign markets may be traded in such markets on days that the NYSE is closed. Generally, trading in foreign securities markets is
                      substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in
                      foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. As a result, the net asset value of the Fund may be significantly affected on days
                      when Common Shareholders have no ability to trade the Common Shares on the NYSE. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such
                      foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading,
                      closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and the Sub-Adviser
                      are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may utilize independent third party pricing services or bid quotations provided by dealers to value certain of its securities at their market value appointed pursuant to the
                      processes set forth in the Valuation</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">98</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> Procedures. The Fund typically uses independent third party pricing services to value credit securities, including CLOs and certain other structured finance securities, held by the Fund at their market
                      value. The Fund periodically verifies valuations provided by independent pricing services. The Fund&#8217;s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation
                      Procedures, regularly review procedures used and valuations provided by the pricing services. Valuations provided by pricing services are generally based on methods that the Valuation Committee believes are reasonably designed to
                      approximate the amount that the Fund would receive upon the sale of the portfolio security or asset. Pricing services face the same challenges as the Fund in valuing securities and assets and may rely on limited available information.
                      If independent pricing services or dealer quotations are not available for a given security, such security will be valued in accordance with the Valuation Procedures that the Board of Trustees believes are designed to accurately
                      reflect the fair value of securities valued in accordance with such guidelines. For certain credit securities, including CLOs and certain other structured finance securities, fair valuations may include input from the Sub-Adviser
                      utilizing a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity, rating, indications of value from security dealers, evaluations of anticipated cash flows or
                      collateral, spread over U.S. Treasury obligations, and other information and analysis. The Fund may also use third party service providers to model certain securities, including CLOs and certain other structured finance securities,
                      using cash flow models to determine fair market value. While the Fund&#8217;s use of fair valuation is intended to result in calculation of net asset value that fairly reflects values of the Fund&#8217;s portfolio securities as of the time of
                      pricing, the Fund cannot guarantee that any fair valuation will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may also fair value securities and assets when a significant event is deemed to have occurred after the time of a market quotation including for securities and assets traded
                      on foreign markets and securities and assets for which market quotations are provided by pricing services as of a time that is prior to the time when the Fund determine its net asset value. There can be no assurance in each case that
                      significant events will be identified.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Proportions of the Fund&#8217;s investments that are fair valued vary from time to time and the Fund may fair value a significant amount of its portfolio securities and assets. The Fund&#8217;s
                      shareholder report contain more information about the Fund&#8217;s holdings that are fair valued. Investors should consult these reports for additional information.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of
                      subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund&#8217;s valuation
                      procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund&#8217;s valuation procedures are designed to value a portfolio security or asset at the price the
                      Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would receive upon the sale of
                      the portfolio security or asset or the price at which the portfolio security or asset would trade if a reliable market quotation were readily available.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing
                      services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt
                      securities with remaining maturities of less than 60 days at acquisition may be valued at amortized cost, provided such amount approximates market value.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Investments for which market quotations are not readily available are fair valued as determined in good faith by the Sub-Adviser, subject to review and approval by the Valuation
                      Committee, pursuant to methods established or ratified by the Board. The Valuation Committee convenes regularly to review the valuation of all portfolio securities and assets which have been fair valued for reasonableness. Valuations
                      in accordance with these methods are intended to reflect each security&#8217;s (or asset&#8217;s or liability&#8217;s) &#8220;fair value.&#8221; Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing
                      context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and
                      characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. The Fund values derivatives transactions in accordance with the Valuation
                      Procedures. In connection with futures contracts and other derivative investments, such factors may include obtaining information </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">99</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative
                      investments trade in the cash market. Accrued payments to the Fund under such transactions will be assets of the Fund and accrued payments by the Fund will be liabilities of the Fund.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">DISTRIBUTIONS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund intends to pay substantially all of its net investment income, if any, to Common Shareholders through monthly distributions. In addition, the Fund intends to distribute any
                      net long-term capital gains to Common Shareholders as long-term capital gain dividends at least annually. The Fund expects that distributions paid on the Common Shares will consist of (i) investment company taxable income taxed as
                      ordinary income, which includes, among other things, ordinary income, short-term capital gain and income from certain hedging and interest rate transactions, (ii) qualified dividend income and (iii) long-term capital gain (gain from
                      the sale of a capital asset held longer than one year). Distributions may be paid by the Fund from any permitted source and, from time to time, all or a portion of a distribution may be a return of capital. To the extent the Fund
                      receives dividends with respect to its investments in Common Equity Securities that consist of qualified dividend income (income from domestic and certain foreign corporations), a portion of the Fund&#8217;s distributions to its Common
                      Shareholders may consist of qualified dividend income. Qualified dividend income and long-term capital gains of certain non-corporate U.S. Common Shareholders (including individuals) will be taxable at reduced maximum rates. The Fund
                      cannot assure you, however, as to what percentage of the dividends paid on the Common Shares, if any, will consist of qualified dividend income or long-term capital gains.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to the requirements of the 1940 Act, in the event the Fund makes distributions from sources other than income, a notice will accompany each monthly distribution with respect
                      to the estimated source of the distribution made. Such notices will describe the portion, if any, of the monthly dividend which, in the Fund&#8217;s good faith judgment, constitutes long-term capital gain, short-term capital gain,
                      investment company taxable income or a return of capital. The actual character of such dividend distributions for U.S. federal income tax purposes, however, will only be determined finally by the Fund at the close of its fiscal year,
                      based on the Fund&#8217;s full year performance and its actual net investment company taxable income and net capital gains for the year, which may result in a recharacterization of amounts distributed during such fiscal year from the
                      characterization in the monthly estimates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund expects that over time it will distribute all of its investment company taxable income. The investment company taxable income of the Fund will consist of all dividend and
                      interest income accrued on portfolio assets, short-term capital gain and income from certain hedging and interest rate transactions, less all expenses of the Fund. Expenses of the Fund will be accrued each day.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To permit the Fund to maintain more stable monthly distributions, the Fund may distribute more or less than the entire amount of the net investment income earned in a particular
                      period. As a result, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of net investment income actually earned by the Fund during the period, and the Fund may have to sell a
                      portion of its investment portfolio to make a distribution at a time when independent investment judgment might not dictate such action. Any undistributed net investment income may be available to supplement future distributions.
                      Undistributed net investment income is included in the Common Shares&#8217; net asset value, and, correspondingly, distributions from net investment income will reduce the Common Shares&#8217; net asset value. In certain circumstances, the Fund
                      may elect to retain income or capital gain and pay income or excise tax on such undistributed amount, to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the best interest of
                      shareholders to do so.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Alternatively, the distributions paid by the Fund for any particular month may be more than the amount of net investment income from that monthly period. As a result, all or a portion
                      of a distribution may be a return of capital. If the Fund&#8217;s total distributions in any year exceed the amount of its investment company taxable income and net capital gain for the year, any such excess would generally be characterized
                      as a return of capital for U.S. federal income tax purposes, to the extent such amounts exceed the Fund&#8217;s current and accumulated earnings and profits. The amount by which the Fund&#8217;s total distributions exceed investment company
                      taxable income and net capital gain would generally be treated as a return of capital up to the amount of the Common Shareholder&#8217;s tax basis in their Common Shares, which would reduce such tax basis, with any amounts exceeding such
                      basis treated as a gain from the sale of their Common Shares. Consequently, although a return of capital may not be taxable, it will generally increase the Common Shareholder&#8217;s potential gain, or reduce the Common Shareholder&#8217;s
                      potential loss, on any subsequent sale or other disposition of Common Shares. A return of capital distribution is in effect a partial return of the amount a Common Shareholder invested in the Fund. Shareholders who periodically
                      receive the</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">100</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> payment of a distribution consisting of a return of capital may be under the impression that they are receiving net income or profits when they are not. Shareholders should not assume that the source of
                      a distribution from the Fund is net income or profit.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If you hold your Common Shares in your own name or if you hold your Common Shares with a brokerage firm that participates in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), unless
                      you elect to receive cash, all dividends and distributions that are declared by the Fund will be automatically reinvested in additional Common Shares of the Fund pursuant to the Plan. If you hold your Common Shares with a brokerage
                      firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial adviser for more
                      information. See &#8220;Dividend Reinvestment Plan.&#8221;</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">DIVIDEND REINVESTMENT PLAN</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under the Fund&#8217;s Dividend Reinvestment Plan, a shareholder whose Common Shares are registered in his or her own name will have all distributions reinvested automatically by
                      Computershare Trust Company, N.A., which is agent under the Plan (the &#8220;Plan Agent&#8221;), unless the shareholder elects to receive cash. Distributions with respect to Common Shares registered in the name of a broker-dealer or other nominee
                      (that is, in &#8220;street name&#8221;) will be reinvested by the broker or nominee in additional Common Shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in
                      cash. Investors who own Common Shares registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the Plan will be paid by check mailed
                      directly to the record holder by Computershare Inc. as dividend disbursing agent.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under the Plan, whenever the market price of the Common Shares is equal to or exceeds net asset value at the time Common Shares are valued for purposes of determining the number of
                      Common Shares equivalent to the cash dividend or capital gains distribution, participants in the Plan are issued new Common Shares from the Fund, valued at the greater of (i) the net asset value as most recently determined or (ii) 95%
                      of the then-current market price of the Common Shares. The valuation date is the dividend or distribution payment date or, if that date is not a NYSE trading day, the next preceding trading day. If the net asset value of the Common
                      Shares at the time of valuation exceeds the market price of the Common Shares, the Plan Agent will buy the Common Shares for such Plan in the open market, on the NYSE or elsewhere, for the participants&#8217; accounts, except that the Plan
                      Agent will endeavor to terminate purchases in the open market and cause the Fund to issue Common Shares at the greater of net asset value or 95% of market value if, following the commencement of such purchases, the market value of the
                      Common Shares exceeds net asset value. If the Fund should declare a distribution or capital gains distribution payable only in cash, the Plan Agent will buy the Common Shares for such Plan in the open market, on the NYSE or elsewhere,
                      for the participants&#8217; accounts. There is no charge from the Fund for reinvestment of dividends or distributions in Common Shares pursuant to the Plan; however, all participants will pay a pro rata share of brokerage commissions
                      incurred by the Plan Agent when it makes open-market purchases.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in the account, including information needed by shareholders for
                      personal and tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent in noncertificated form in the name of the participant.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the case of shareholders such as banks, brokers or nominees, which hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis
                      of the number of Common Shares certified from time to time by the shareholder as representing the total amount registered in the shareholder&#8217;s name and held for the account of beneficial owners who participate in the Plan.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The automatic reinvestment of dividends and other distributions will not relieve participants of an income tax that may be payable or required to be withheld on such dividends or
                      distributions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate its Plan as applied to any voluntary cash payments
                      made and any dividend or distribution paid subsequent to written notice of the change sent to the members of such Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or
                      terminated by the Plan Agent on at least 90 days written notice to the participants in such Plan. All correspondence concerning the Plan should be directed to Computershare Trust Company N.A., P.O. Box 30170, College Station, TX
                      77842-3170, Attention: Shareholder</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">101</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> Services Department. Participants may also contact Computershare Trust Company, N.A. online at www.computershare.com/investor or by telephone at: (866) 488-3559.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">DESCRIPTION OF CAPITAL STRUCTURE</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following is a brief description of the terms of the Common Shares, Borrowings and Preferred Shares which may be issued by the Fund. This description does not purport to be
                      complete and is qualified by reference to the Fund&#8217;s Governing Documents.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Common Shares</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of November 13, 2006. Pursuant to the Fund&#8217;s Agreement
                      and Declaration of Trust, dated as of November 13, 2006, and as amended through the date hereof, the Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share. Each Common
                      Share, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable, except that the Board of Trustees shall have the power to cause shareholders to pay expenses of the Fund by setting
                      off charges due from shareholders from declared but unpaid dividends or distributions owed the shareholders and/or by reducing the number of Common Shares owned by each respective shareholder. All Common Shares are equal as to
                      dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. The Fund will send annual and semi-annual reports, including financial statements, to all holders of its shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Listing and Symbol. </font>The Fund&#8217;s Common Shares are listed on the NYSE under the symbol &#8220;GOF.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Voting Rights. </font>Until any Preferred Shares are issued, holders of the Common Shares will vote as a single class to elect the Fund&#8217;s Board of
                      Trustees and on additional matters with respect to which the 1940 Act mandates a vote by the Fund&#8217;s shareholders. If Preferred Shares are issued, holders of Preferred Shares will have a right to elect two of the Fund&#8217;s Trustees, and
                      will have certain other voting rights. See &#8220;Anti-Takeover Provisions in the Fund&#8217;s Governing Documents.&#8221;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Issuance of Additional Common Shares. </font>The provisions of the 1940 Act generally require that the public offering price (less underwriting
                      commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#8217;s common shares (calculated within 48 hours of the pricing of such offering), unless such
                      sale is made with the consent of a majority of its common shareholders. The Fund may, from time to time, seek the consent of Common Shareholders to permit the issuance and sale by the Fund of Common Shares at a price below the Fund&#8217;s
                      then-current net asset value, subject to certain conditions. If such consent is obtained, the Fund may, contemporaneous with and in no event more than one year following the receipt of such consent, sell Common Shares at price below
                      net asset value in accordance with any conditions adopted in connection with the giving of such consent. Additional information regarding any consent of Common Shareholders obtained by the Fund and the applicable conditions imposed on
                      the issuance and sale by the Fund of Common Shares at a price below net asset value will be disclosed in the Prospectus Supplement relating to any such offering of Common Shares at a price below net asset value. Until such consent of
                      Common Shareholders, if any, is obtained, the Fund may not sell Common Shares at a price below net asset value. Because the Fund&#8217;s advisory fee and sub-advisory fee are based upon average Managed Assets, the Investment Adviser&#8217;s and
                      the Sub-Adviser&#8217;s interests in recommending the issuance and sale of Common Shares at a price below net asset value may conflict with the interests of the Fund and its Common Shareholders.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Borrowings</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is permitted, without prior approval of the Common Shareholders, to borrow money. The Fund may issue notes or other evidence of indebtedness (including bank borrowings or
                      commercial paper) and may secure any such Borrowings by mortgaging, pledging or otherwise subjecting the Fund&#8217;s assets as security. In connection with such Borrowings, the Fund may be required to maintain minimum average balances with
                      the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of borrowing over the stated interest rate.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Limitations. </font>Borrowings by the Fund are subject to certain limitations under the 1940 Act, including the amount of asset coverage required. In
                      addition, agreements related to the Borrowings may also impose certain requirements, which may be more stringent than those imposed by the 1940 Act. See &#8220;Use of Financial Leverage&#8221; and &#8220;Risks&#8212;Financial Leverage Risk.&#8221;</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">102</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Distribution Preference. </font>The rights of lenders to the Fund to receive interest on, and repayment of, principal of any such Borrowings will be
                      senior to those of the Common Shareholders, and the terms of any such Borrowings may contain provisions which limit certain activities of the Fund, including the payment of dividends to Common Shareholders in certain circumstances.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Voting Rights. </font>The 1940 Act does (in certain circumstances) grant to the lenders to the Fund certain voting rights in the event of default in
                      the payment of interest on, or repayment of, principal. Any Borrowings will likely be ranked senior or equal to all other existing and future borrowings of the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Preferred Shares</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s Governing Documents provide that the Board of Trustees may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of
                      Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Under the 1940 Act, the Fund may not issue Preferred Shares if,
                      immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of Preferred Shares outstanding, the Fund is required to have at least two dollars of assets). Any
                      preferred shares issued by the Fund would have special voting rights and a liquidation preference over the Common Shares. If the Fund issues and has preferred shares outstanding, the Common Shareholders will not be entitled to receive
                      any distributions from the Fund unless all accrued dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the
                      distributions and unless certain other requirements imposed by any rating agencies rating the preferred shares have been met. Issuance of preferred shares would constitute financial leverage and would entail special risks to the
                      Common Shareholders. The Fund has no present intention to issue preferred shares.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Capitalization</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table provides information about the outstanding securities of the Fund as of May 31, 2020:</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zbaffc8a6f0174607a16a7c2e6d47a7f4" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 36.54%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Title of Class</div>
                          </td>
                          <td style="width: 19.24%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Amount<br>
                              Authorized</div>
                          </td>
                          <td style="width: 24.24%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Amount Held by the<br>
                              Fund or for its Account</div>
                          </td>
                          <td style="width: 19.98%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Amount Outstanding</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 36.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>Common shares of beneficial interest, par value $0.01 per share</div>
                          </td>
                          <td style="width: 19.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">Unlimited</div>
                          </td>
                          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">&#8212;</div>
                          </td>
                          <td style="width: 19.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div style="text-align: center;">42,426,020</div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE FUND&#8217;S GOVERNING DOCUMENTS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund presently has provisions in its Governing Documents which could have the effect of limiting, in each case, (i) the ability of other entities or persons to acquire control of
                      the Fund, (ii) the Fund&#8217;s freedom to engage in certain transactions or (iii) the ability of the Fund&#8217;s Trustees or shareholders to amend the Governing Documents or effectuate changes in the Fund&#8217;s management. These provisions of the
                      Governing Documents of the Fund may be regarded as &#8220;anti-takeover&#8221; provisions. The Board of Trustees is divided into two classes, with the terms of one class expiring at each annual meeting of shareholders. At each annual meeting, one
                      class of Trustees is elected to a two-year term. This provision could delay for up to one year the replacement of a majority of the Board of Trustees. A Trustee may be removed from office by the action of a majority of the remaining
                      Trustees followed by a vote of the holders of at least 75% of the shares then entitled to vote for the election of the respective Trustee.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition, the Fund&#8217;s Agreement and Declaration of Trust requires the favorable vote of a majority of the Fund&#8217;s Board of Trustees followed by the favorable vote of the holders of at
                      least 75% of the outstanding shares of each affected class or series of the Fund, voting separately as a class or series, to approve, adopt or authorize certain transactions with 5% or greater holders of a class or series of shares
                      and their associates, unless the transaction has been approved by at least 80% of the Trustees, in which case &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required. For purposes
                      of these provisions, a 5% or greater holder of a class or series of shares (a &#8220;Principal Shareholder&#8221;) refers to any person who, whether directly or indirectly and whether alone or together with its affiliates and associates,
                      beneficially owns 5% or more of the outstanding shares of any class or series of shares of beneficial interest of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The 5% holder transactions subject to these special approval requirements are:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zdbbff83097f54cdb95ada5674518ba5d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal Shareholder;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <div>
                        <div><br>
                        </div>
                        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">103</font></div>
                          <div style="page-break-after: always;" id="DSPFPageBreak">
                            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                        </div>
                        <br>
                      </div>
                      <table cellspacing="0" cellpadding="0" id="zc327e5e54d1a4cebbcd07884100dc9c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the issuance of any securities of the Fund to any Principal Shareholder for cash (other than pursuant of any automatic dividend reinvestment plan);</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z825cc7ea4dee4b24a2e8a9576b3dc8ec" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the sale, lease or exchange of all or any substantial part of the assets of the Fund to any Principal Shareholder, except assets having an aggregate fair market value of less than $1,000,000,
                                aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period; or</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z143da5d5ff9849a2858504979005c7b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the sale, lease or exchange to the Fund or any subsidiary of the Fund, in exchange for securities of the Fund, of any assets of any Principal Shareholder, except assets having an aggregate fair
                                market value of less than $1,000,000, aggregating for purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">To convert the Fund to an open-end investment company, the Fund&#8217;s Agreement and Declaration of Trust requires the favorable vote of a majority of the Board of the
                      Trustees followed by the favorable vote of the holders of at least 75% of the outstanding shares of each affected class or series of shares of the Fund, voting separately as a class or series, unless such amendment has been approved
                      by at least 80% of the Trustees, in which case &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required. The foregoing vote would satisfy a separate requirement in the 1940 Act that
                      any conversion of the Fund to an open-end investment company be approved by the shareholders. If approved in the foregoing manner, conversion of the Fund to an open-end investment company could not occur until 90 days after the
                      shareholders&#8217; meeting at which such conversion was approved and would also require at least 30 days&#8217; prior notice to all shareholders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To liquidate the Fund, the Fund&#8217;s Agreement and Declaration of Trust requires the favorable vote of a majority of the Board of Trustees followed by the favorable vote of the holders of
                      at least 75% of the outstanding shares of each affected class or series of the Fund, voting separately as a class or series, unless such liquidation has been approved by at least 80% of Trustees, in which case &#8220;a majority of the
                      outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">For the purposes of calculating &#8220;a majority of the outstanding voting securities&#8221; under the Fund&#8217;s Agreement and Declaration of Trust, each class and series of the Fund shall vote
                      together as a single class, except to the extent required by the 1940 Act or the Fund&#8217;s Agreement and Declaration of Trust with respect to any class or series of shares. If a separate vote is required, the applicable proportion of
                      shares of the class or series, voting as a separate class or series, also will be required.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board of Trustees has determined that provisions with respect to the Board of Trustees and the shareholder voting requirements described above, which voting requirements are
                      greater than the minimum requirements under Delaware law or the 1940 Act, are in the best interest of shareholders generally. Reference should be made to the Fund&#8217;s Agreement and Declaration of Trust on file with the SEC for the full
                      text of these provisions. See &#8220;Additional Information.&#8221;</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">CLOSED-END FUND STRUCTURE</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a
                      securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at net asset value at the option of the shareholder and typically engage in a continuous
                      offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with the
                      closed-end fund&#8217;s investment objective and policies. In addition, in comparison to open-end funds, closed-end funds have greater flexibility in their ability to make certain types of investments, including investments in illiquid
                      securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">However, shares of closed-end investment companies listed for trading on a securities exchange frequently trade at a discount from net asset value, but in some cases trade at a
                      premium. The market price may be affected by trading volume of the shares, general market and economic conditions and other factors beyond the control of the closed-end fund. The foregoing factors may result in the market price of the
                      Common Shares being greater than, less than or equal to net asset value.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund reserves the right to merge or reorganize with another fund, liquidate or convert into an open-end fund, in each case subject to applicable approvals by shareholders and the
                      Fund&#8217;s Board as required by law and the </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">104</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">Fund&#8217;s governing documents. The Board of Trustees has reviewed the structure of the Fund in light of its investment objective and policies and has determined that the closed-end structure is in the best
                      interests of the shareholders. Investors should assume that it is unlikely that the Board would vote to convert the Fund to an open-end investment company.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">REPURCHASE OF COMMON SHARES; CONVERSION TO OPEN-END FUND</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Repurchase of Common Shares</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board of Trustees will review periodically the trading range and activity of the Fund&#8217;s shares with respect to its net asset value and the Board may take certain actions to seek to
                      reduce or eliminate any such discount. Such actions may include open market repurchases or tender offers for the Common Shares at net asset value. There can be no assurance that the Board will decide to undertake any of these actions
                      or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to net asset value per Common Share.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Conversion to Open-End Fund</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To convert the Fund to an open-end investment company, the Declaration of Trust requires the favorable vote of a majority of the Board of Trustees followed by the favorable vote of the
                      holders of at least 75% of the outstanding shares of each affected class or series of shares of the Fund, voting separately as a class or series, unless such amendment has been approved by at least 80% of the Trustees, in which case
                      &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required. The foregoing vote would satisfy a separate requirement in the 1940 Act that any conversion of the Fund to an open-end
                      investment company be approved by the shareholders. If approved in the foregoing manner, conversion of the Fund to an open-end investment company could not occur until 90 days after the shareholders&#8217; meeting at which such conversion
                      was approved and would also require at least 30 days&#8217; prior notice to all shareholders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market system. The Board of Trustees believes, however, that
                      the closed-end structure is desirable, given the Fund&#8217;s investment objectives and policies. Investors should assume, therefore, that it is unlikely that the Board of Trustees would vote to convert the Fund to an open-end investment
                      company. Shareholders of an open-end investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption
                      charge, if any, as might be in effect at the time of a redemption. The Fund would expect to pay all such redemption requests in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities.
                      If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Fund were converted to an open-end fund, it is likely that new Common Shares would be sold at net asset
                      value plus a sales load.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and the ownership and disposition of the Fund&#8217;s Common Shares. A more
                      complete discussion of the tax rules applicable to the Fund and its Common Shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are a
                      taxable U.S. person and that you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investments). This discussion is based upon current provisions of the Internal Revenue Code of
                      1986, as amended (the &#8220;Code&#8221;), the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service (the
                      &#8220;IRS&#8221;), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal tax concerns affecting the Fund and its Common Shareholders (including Common Shareholders subject to special treatment
                      under U.S. federal income tax law). No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their own tax advisers to determine the specific U.S.
                      federal, state, local and foreign tax consequences to them of investing in the Fund.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">105</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Taxation of the Fund</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has elected and intends to continue to be treated and to qualify annually as a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Code. Accordingly, the Fund
                      must, among other things, meet certain income, asset diversification and distribution requirements.</div>
                    <table cellspacing="0" cellpadding="0" id="z67a814f6edf043409c7deb64fcb39f33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(i)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Fund must derive in each taxable year at least 90% of its gross income from the following sources: (a) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains
                              from the sale or other disposition of stock, securities or foreign currencies, or other income (including gain from options, futures and forward contracts) derived with respect to its business of investing in such stock,
                              securities or foreign currencies; and (b) interests in &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code). Generally, a qualified publicly traded partnership includes a partnership the interests of which are
                              traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof).</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z67474a05ee4b42aaa56ced13a56e0594" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(ii)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Fund must diversify its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the market value of the Fund&#8217;s total assets is represented by cash and cash items, U.S. government
                              securities, the securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% of
                              the outstanding voting securities of such issuer and (b) not more than 25% of the market value of the Fund&#8217;s total assets is invested in the securities (other than U.S. government securities and the securities of other RICs)
                              of (I) any one issuer, (II) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more &#8220;qualified publicly
                              traded partnerships&#8221; (as defined in the Code).</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z83fe6439a0804b38a983108953299ceb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(iii)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Fund must distribute in each taxable year at least 90% of its investment company taxable income (generally, its ordinary income and the excess of any net short-term capital gain over net long-term capital loss).</div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As long as the Fund qualifies as a RIC, the Fund generally will not be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and
                      net realized capital gains. The Fund intends to distribute substantially all of its investment company taxable income each year. The Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it
                      does not distribute to its Common Shareholders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will either distribute or retain for reinvestment all or part of its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term
                      capital loss). If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund expects to designate the retained amount as undistributed capital gain in a notice to its
                      Common Shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such
                      undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and
                      (iii) will increase its basis in its Common Shares by the amount of undistributed capital gain included in such Common Shareholder&#8217;s gross income net of the tax deemed paid by the shareholder under clause (ii).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income
                      (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of
                      the calendar year. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the
                      previous year. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable
                      income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution
                      requirement.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit
                      the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains or &#8220;qualified dividend income&#8221; into higher taxed short-</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">106</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain
                      without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and
                      (vii) produce income that will not be &#8220;qualified&#8221; income for purposes of the 90% gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character of
                      distributions to Common Shareholders. The Fund intends to structure and monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent
                      disqualification of the Fund as a RIC (which may adversely affect the net after-tax return to the Fund).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If for any taxable year the Fund does not qualify as a RIC, all of its taxable income (including its net capital gain) will be subject to tax at regular corporate rates without any
                      deduction for distributions to Common Shareholders, and such distributions will be taxable to the Common Shareholders as ordinary dividends to the extent of the Fund&#8217;s current or accumulated earnings and profits. Provided that certain
                      holding period and other requirements are met, such dividends, however, would generally be eligible (i) to be treated as qualified dividend income in the case of certain non-corporate U.S. Common Shareholders (including individuals)
                      and (ii) for the dividends-received deduction in the case of U.S. Common Shareholders taxed as corporations. The Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to
                      interest charges) before requalifying for taxation as a RIC.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Taxation of Common Shareholders</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Distributions. </font>Distributions paid to you by the Fund from its net capital gain, which is the excess of net long-term capital gain over net
                      short-term capital loss, if any, that the Fund properly reports as capital gains dividends (&#8220;capital gain dividends&#8221;) are taxable as long-term capital gains, regardless of how long you have held your Common Shares. All other dividends
                      paid to you by the Fund (including dividends from short-term capital gains) from its current or accumulated earnings and profits (&#8220;ordinary income dividends&#8221;) are generally subject to tax as ordinary income.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the case of corporate shareholders, properly reported ordinary income dividends paid by the Fund generally will be eligible for the dividends received deduction to the extent that
                      the Fund&#8217;s income consists of dividend income from U.S. corporations and certain holding period requirements are satisfied. If you are a non-corporate shareholder (including a shareholder who is an individual), any such ordinary
                      income dividend that you receive from the Fund generally will be eligible for taxation at reduced maximum rates to the extent that (i) the ordinary income dividend is attributable to &#8220;qualified dividend income&#8221; (i.e., generally
                      dividends paid by U.S. corporations and certain foreign corporations) received by the Fund, (ii) the Fund satisfies certain holding period and other requirements with respect to the stock on which such qualified dividend income was
                      paid and (iii) you satisfy certain holding period and other requirements with respect to your Common Shares. Qualified dividend income eligible for these special rules is not actually treated as capital gains, however, and thus will
                      not be included in the computation of your net capital gain and generally cannot be used to offset any capital losses. In general, you may include as qualified dividend income only that portion of the dividends that may be and are so
                      reported by the Fund as qualified dividend income. Dividend income from passive foreign investment companies and, in general, dividend income from REITs is not eligible for the reduced rate for qualified dividend income and is taxed
                      as ordinary income. There can be no assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified dividend income.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Any distributions you receive that are in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of your
                      adjusted tax basis in your Common Shares, and thereafter as capital gain from the sale of Common Shares. The amount of any Fund distribution that is treated as a tax-free return of capital will reduce your adjusted tax basis in your
                      Common Shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Dividends and other taxable distributions are taxable to you even if they are reinvested in additional Common Shares of the Fund. Dividends and other distributions paid by the Fund are
                      generally treated as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or December and you were the Common
                      Shareholder of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December 31 of the year in which the dividend
                      was declared.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">107</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Sale of Common Shares. </font>The sale or other disposition of Common Shares of the Fund will generally result in capital gain or loss to you and
                      will be long-term capital gain or loss if you have held such Common Shares for more than one year. Any loss upon the sale or other disposition of Common Shares held for six months or less will be treated as long-term capital loss to
                      the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain) by you with respect to such Common Shares. Any loss you recognize on a sale or other disposition of Common Shares will be
                      disallowed if you acquire other Common Shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the Common Shares.
                      In such case, your tax basis in the Common Shares acquired will be adjusted to reflect the disallowed loss.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term
                      capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at reduced maximum rates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Backup Withholding. </font>The Fund may be required to withhold, for U.S. federal backup withholding tax purposes, a portion of the dividends,
                      distributions and redemption proceeds payable to non-corporate Common Shareholders who fail to provide the Fund (or its agent) with their correct taxpayer identification number (in the case of individuals, generally, their social
                      security number) or to make required certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income
                      tax liability, if any, provided that you furnish the required information to the IRS.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the
                      Fund and its Common Shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. A more complete discussion of the tax rules applicable to the Fund and its
                      Common Shareholders can be found in the Statement of Additional Information that is incorporated by reference into this Prospectus. Common Shareholders are urged to consult their tax advisers regarding specific questions as to U.S.
                      federal, state, local and foreign income or other taxes.</div>
                    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                      <div id="DSPFPageFooter"> </div>
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">108</font></div>
                      <div id="DSPFPageBreak" style="page-break-after:always;">
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                    </div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may sell up to $350,000,000 in aggregate initial offering price of Common Shares from time to time under this Prospectus and any related Prospectus Supplement (1) directly to
                      one or more purchases; (2) through agents; (3) through underwriters; (4) through dealers; or (5) pursuant to the Plan. As of September 10, 2020, the Fund had sold 6,986,379 Common Shares in an at-the-market offering at an aggregate
                      offering price of $18.07. As a result, up to $223,756,131 aggregate offering price of Common Shares remained available for subsequent offerings under this Prospectus. Each Prospectus Supplement relating to an offering of Common Shares
                      will state the terms of the offering, including:</div>
                    <div>
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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the names of any agents, underwriters or dealers;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zc562af6d26824c958568bad40db252f3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">any sales loads or other items constituting underwriters&#8217; compensation;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z08538109dd33482983444e3b749528d0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">any discounts, commissions, or fees allowed or paid to dealers or agents;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zb0f37ee4cd96446892972eceddd38a7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">the public offering or purchase price of the offered Common Shares and the net proceeds the Fund will receive from the sale; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd45a3fe81b484dd29eed6019b6f0d5b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">any securities exchange on which the offered Common Shares may be listed.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Direct Sales</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may sell Common Shares directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any
                      resales of the securities. In this case, no underwriters or agents would be involved. The Fund may use electronic media, including the Internet, to sell offered securities directly. The Fund will describe the terms of any of those
                      sales in a Prospectus Supplement.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">By Agents</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may offer Common Shares through agents that the Fund may designate. The Fund will name any agent involved in the offer and sale and describe any commissions payable by the
                      Fund in the Prospectus Supplement. Unless otherwise indicated in the Prospectus Supplement, the agents will be acting on a best efforts basis for the period of their appointment.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">By Underwriters</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may offer and sell Common Shares from time to time to one or more underwriters who would purchase the Common Shares as principal for resale to the public, either on a firm
                      commitment or best efforts basis. If the Fund sells Common Shares to underwriters, the Fund will execute an underwriting agreement with them at the time of the sale and will name them in the Prospectus Supplement. In connection with
                      these sales, the underwriters may be deemed to have received compensation from the Fund in the form of underwriting discounts and commissions. The underwriters also may receive commissions from purchasers of Common Shares for whom
                      they may act as agent. Unless otherwise stated in the Prospectus Supplement, the underwriters will not be obligated to purchase the Common Shares unless the conditions set forth in the underwriting agreement are satisfied, and if the
                      underwriters purchase any of the Common Shares, they will be required to purchase all of the offered Common Shares. The underwriters may sell the offered Common Shares to or through dealers, and those dealers may receive discounts,
                      concessions or commissions from the underwriters as well as from the purchasers for whom they may act as agent. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from
                      time to time.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If a Prospectus Supplement so indicates, the Fund may grant the underwriters an option to purchase additional Common Shares at the public offering price, less the underwriting
                      discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any overallotments.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">By Dealers</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may offer and sell Common Shares from time to time to one or more dealers who would purchase the securities as principal. The dealers then may resell the offered Common Shares
                      to the public at fixed or varying prices to be determined by those dealers at the time of resale. The Fund will set forth the names of the dealers and the terms of the transaction in the Prospectus Supplement.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">109</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">General Information</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Agents, underwriters, or dealers participating in an offering of Common Shares may be deemed to be underwriters, and any discounts and commission received by them and any profit
                      realized by them on resale of the offered Common Shares for whom they act as agent, may be deemed to be underwriting discounts and commissions under the Securities Act.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may offer to sell securities either at a fixed price or at prices that may vary, at market prices prevailing at the time of sale, at prices related to prevailing market prices
                      or at negotiated prices.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To facilitate an offering of Common Shares in an underwritten transaction and in accordance with industry practice, the underwriters may engage in transactions that stabilize,
                      maintain, or otherwise affect the market price of the Common Shares or any other security. Those transactions may include overallotment, entering stabilizing bids, effecting syndicate covering transactions, and reclaiming selling
                      concessions allowed to an underwriter or a dealer.</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z27aea147b27f4a9ab8147d6b629e4fe1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">An overallotment in connection with an offering creates a short position in the common stock for the underwriter&#8217;s own account.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zfe2e893a9d14434083061f90742fb2de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">An underwriter may place a stabilizing bid to purchase the Common Shares for the purpose of pegging, fixing, or maintaining the price of the Common Shares.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z8021f51e8c3d496bb172e25c65f7f5e5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Underwriters may engage in syndicate covering transactions to cover overallotments or to stabilize the price of the Common Shares by bidding for, and purchasing, the Common Shares or any other
                                securities in the open market in order to reduce a short position created in connection with the offering.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z70f64bc924c3412daa5bfd7afe66149e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 18pt; vertical-align: top; align: right;">
                              <div style="margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The managing underwriter may impose a penalty bid on a syndicate member to reclaim a selling concession in connection with an offering when the Common Shares originally sold by the syndicate
                                member is purchased in syndicate covering transactions or otherwise.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Any of these activities may stabilize or maintain the market price of the Common Shares above independent market levels. The underwriters are not required to engage in these
                      activities, and may end any of these activities at any time.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Any underwriters to whom the offered Common Shares are sold for offering and sale may make a market in the offered Common Shares, but the underwriters will not be obligated to do so
                      and may discontinue any market-making at any time without notice. There can be no assurance that there will be a liquid trading market for the offered Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under agreements entered into with the Fund, underwriters and agents may be entitled to indemnification by us against certain civil liabilities, including liabilities under the
                      Securities Act, or to contribution for payments the underwriters or agents may be required to make.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The underwriters, agents, and their affiliates may engage in financial or other business transactions with the Fund in the ordinary course of business.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to a requirement of the Financial Industry Regulatory Authority, Inc., or FINRA, the maximum compensation to be received by any FINRA member or independent broker-dealer may
                      not be greater than eight percent (8%) of the gross proceeds received by the Fund for the sale of any securities being registered pursuant to SEC Rule 415 under the Securities Act.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The aggregate offering price specified on the cover of this Prospectus relates to the offering of the Common Shares not yet issued as of the date of this Prospectus.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To the extent permitted under the 1940 Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as a broker or dealer and receive fees in
                      connection with the execution of portfolio transactions on behalf of the Fund after the underwriters have ceased to be underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A Prospectus and accompanying Prospectus Supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number
                      of Common Shares for sale to their online brokerage account holders. Such allocations of Common Shares for internet distributions will be made on the same basis as other allocations. In addition, Common Shares may be sold by the
                      underwriters to securities dealers who resell Common Shares to online brokerage account holders.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">110</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Dividend Reinvestment Plan</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may issue and sell Common Shares pursuant to the Plan.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">CUSTODIAN, ADMINISTRATOR, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Bank of New York Mellon serves as the custodian of the Fund&#8217;s assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Fund&#8217;s assets in
                      compliance with the 1940 Act. For its services, the custodian will receive a monthly fee based upon, among other things, the average value of the total assets of the Fund, plus certain charges for securities transactions. The Bank of
                      New York Mellon is located at 101 Barclay Street, New York, New York 10286.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Computershare Inc. serves as the Fund&#8217;s dividend disbursing agent, transfer agent and registrar for the Common Shares of the Fund. Computershare Inc. is located at 250 Royall Street,
                      Canton, MA 02021. Computershare Trust Company, N.A. serves as Plan Agent under the Fund&#8217;s Dividend Reinvestment Plan.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">MUFG Investor Services (US) LLC (formerly Rydex Fund Services, LLC) (&#8220;MUFG&#8221;), serves as administrator to the Fund. Pursuant to an administration agreement, MUFG is responsible for
                      providing administrative services to the Fund. For the services, the Fund pays MUFG a fee, accrued daily and paid monthly, at the annual rate equal to 0.0275% of the first $200 million in average daily Managed Assets, 0.0200% of the
                      next $300 million in average daily Managed Assets, $0.0150% of the next $500 million in average daily Managed Assets, and 0.0100% of average daily Managed Assets above $1 billion.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">MUFG also serves as fund accounting agent to the Fund. Pursuant to a fund accounting agreement, MUFG performs certain accounting services. For the services, the Fund pays MUFG a fee,
                      accrued daily and paid monthly, at the annual rate equal to 0.0300% of the first $200 million in average daily Managed Assets, 0.0150% of the next $300 million in average daily Managed Assets, 0.0100% of the next $500 million in
                      average daily Managed Assets, and 0.0075% of average daily Managed Assets above $1 billion, subject to a minimum fee of $50,000 per year, and reimburses MUFG for certain out-of-pocket expenses.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">LEGAL MATTERS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain legal matters will be passed on by Dechert LLP as counsel to the Fund in connection with the offering of the Common Shares. If certain legal matters in connection with an
                      offering of Common Shares are passed upon by counsel for the underwriters of such offering, that counsel will be named in the Prospectus Supplement related to that offering.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Ernst &amp; Young LLP, 1775 Tysons Blvd, Tysons, Virginia 22102, has been engaged as the Fund&#8217;s Independent Registered Public Accounting Firm.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">ADDITIONAL INFORMATION</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">This Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under the Securities Act, and the 1940 Act. This Prospectus omits certain of the information
                      contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained
                      herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC.
                      Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC web
                      site (http://www.sec.gov).</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">PRIVACY PRINCIPLES OF THE FUND</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is committed to maintaining the privacy of its shareholders and to safeguarding their non-public personal information. The following information is provided to help you
                      understand what personal information the Fund collects, how the Fund protects that information and why, in certain cases, the Fund may share information with select other parties.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Generally, the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders may become
                      available to the Fund. The Fund </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">111</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">does not disclose any non-public personal information about its 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).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund restricts access to non-public personal information about its shareholders to employees of the Fund&#8217;s Investment Adviser and its delegates and affiliates with a legitimate
                      business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information of its shareholders.</div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">INCORPORATION BY REFERENCE</div>
                    <div style="text-indent: 36pt;">As noted above, this Prospectus is part of a Registration Statement that has been filed with the SEC. Pursuant to the final rule and form amendments adopted by the SEC on April 8, 2020 to implement
                      certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Fund may &#8220;incorporate by reference&#8221; the information that it files with the SEC, which means that the Fund can disclose important
                      information by referring to those documents. The information incorporated by reference is considered to be part of this Prospectus, and later information that the Fund files with the SEC will automatically update and supersede this
                      information.</div>
                    <div><br>
                    </div>
                    <div style="text-indent: 36pt;">The Fund incorporates by reference any future filings (including those made after the date of the filing of the Registration Statement of which this Prospectus is a part) it will make with the SEC under
                      Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934 or pursuant to Rule 30b2-1 under the 1940 Act until the termination of the offering of the securities covered by this Prospectus. To obtain copies of these
                      filings, see &#8220;Additional Information.&#8221;</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
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                    <!--PROfilePageNumberReset%Num%1%S-%%-->
                    <div style="text-align: center; text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;"><font style="font-size: 18pt;">Guggenheim Strategic Opportunities Fund</font><br>
                      __________________________<br>
                      Statement of Additional Information</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company. The Fund&#8217;s investment objective is to maximize total return through a
                      combination of current income and capital appreciation. Under normal market conditions, the Fund will attempt to achieve its investment objective by investing in a wide range of fixed-income and other debt and senior equity securities
                      selected from a variety of sectors and credit qualities, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and agency securities, mezzanine and preferred
                      securities and convertible securities, and in common stocks, limited liability company interests, trust certificates and other equity investments that the Sub-Adviser believes offer attractive yield and/or capital appreciation
                      potential, including employing a strategy of writing (selling) covered call and put options on such equities. There can be no assurance that the Fund&#8217;s investment objective will be achieved.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">This Statement of Additional Information (&#8220;SAI&#8221;) is not a prospectus, but should be read in conjunction with the prospectus for the Fund dated September 30, 2020 (the &#8220;Prospectus&#8221;),
                      and any related supplement to the Prospectus (each a &#8220;Prospectus Supplement&#8221;). Investors should obtain and read the Prospectus and any related Prospectus Supplement prior to purchasing Common Shares. A copy of the Prospectus and any
                      related Prospectus Supplement may be obtained without charge, by calling the Fund at (800) 345-7999.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Prospectus and this SAI omit certain of the information contained in the registration statement filed with the Securities and Exchange Commission (&#8220;SEC&#8221;), Washington, D.C. The
                      registration statement may be obtained from the SEC upon payment of the fee prescribed, or inspected via its website (www.sec.gov) at no charge. Capitalized terms used but not defined herein have the meanings ascribed to them in the
                      prospectus.</div>
                    <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
                    <div style="text-align: center; font-weight: bold;"> <br>
                    </div>
                    <div style="text-align: center; font-weight: bold;">
                      <table cellspacing="0" cellpadding="0" border="0" id="zd3a826e1de1f4defbab4107bdce8a83b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 90%; vertical-align: top;">&#160;</td>
                            <td style="width: 10%; vertical-align: top;">
                              <div style="text-align: right; font-weight: bold;">Page</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>The Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">S-2</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Investment Objective and Policies</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">S-2</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Investment Restrictions</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">S-16</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Management of the Fund</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">S-17</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Portfolio Transactions</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">S-37</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>U.S. Federal Income Tax Considerations</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">S-38</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>General Information</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">S-44</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Financial Statements</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">S-45</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div>Appendix A Description of Securities Ratings</div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                              <div style="text-align: right;">A-1</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div>Appendix B Guggenheim Partners Investment Management, LLC Proxy Voting Policy and Procedures<br>
                              </div>
                            </td>
                            <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
                              <div style="text-align: right;">B-1</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <br>
                    <div><br>
                    </div>
                    <div style="text-align: center;">Statement of Additional Information dated September 30, 2020.</div>
                  </div>
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                  <div><br>
                    <div><br>
                    </div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">THE FUND</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is a diversified, closed-end management investment company organized under the laws of the State of Delaware. The Fund&#8217;s currently outstanding common shares of beneficial
                      interest, par value $0.01 (the &#8220;Common Shares&#8221;), are, and the Common Shares offered in the Prospectus will be, listed on the New York Stock Exchange (the &#8220;NYSE&#8221;), under the symbol &#8220;GOF.&#8221; Guggenheim Funds Investment Advisors, LLC (the
                      &#8220;Investment Adviser&#8221;) serves as the Fund&#8217;s investment adviser and is responsible for the management of the Fund. Guggenheim Partners Investment Management, LLC (the &#8220;Sub-Adviser&#8221;) serves as the Trust&#8217;s investment Sub-Adviser and is
                      responsible for the management of the Fund&#8217;s portfolio of securities. The Investment Adviser and the Sub-Adviser are referred to herein collectively as the &#8220;Adviser.&#8221;</div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INVESTMENT OBJECTIVE AND POLICIES</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Additional Investment Policies</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following information supplements the discussion of the Fund&#8217;s investment objective, policies and techniques that are described in the Prospectus. The Fund may make the following
                      investments, among others, some of which are part of its principal investment strategies and some of which are not. The principal risks of the Fund&#8217;s principal investment strategies are discussed in the Prospectus. The Fund may not
                      buy all of the types of securities or use all of the investment techniques that are described.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Mortgage-Related Securities. </font>Mortgage-related securities include structured debt obligations collateralized by pools of commercial or
                      residential mortgages. Pools of mortgage loans and mortgage-related loans such as mezzanine loans are assembled as securities for sale to investors by various governmental, government-related and private organizations.
                      Mortgage-related securities include complex instruments such as collateralized mortgage obligations (&#8220;CMOs&#8221;), stripped mortgage-backed securities, mortgage pass-through securities, interests in real estate mortgage investment conduits
                      (&#8220;REMICs&#8221;), real estate investment trusts (&#8220;REITs&#8221;), including debt and preferred stock issued by REITs, as well as other real estate-related securities. The mortgage-related securities in which the Fund may invest include those with
                      fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified index of interest rates and those with interest rates that change inversely to changes in interest rates,
                      as well as those that do not bear interest. The Fund may invest in residential mortgage-backed securities (&#8220;RMBS&#8221;) and commercial mortgage-backed securities (&#8220;CMBS&#8221;), including residual interests, issued by governmental entities and
                      private issuers, including subordinated mortgage-related securities. The Fund may invest in sub-prime mortgages or mortgage-related securities that are backed by sub-prime mortgages. Certain mortgage-related securities that the Fund
                      may invest in are described below.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Residential Mortgage-Backed Securities</u>. RMBS are securities the payments on which depend (except for rights or other assets designed to assure the servicing or timely
                      distribution of proceeds to holders of such securities) primarily on the cash flow from residential mortgage loans made to borrowers that are secured (on a first priority basis or second priority basis, subject to permitted liens,
                      easements and other encumbrances) by residential real estate (one- to four-family properties) the proceeds of which are used to purchase real estate and purchase or construct dwellings thereon (or to refinance indebtedness previously
                      so used). Residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property
                      is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair borrowers&#8217; abilities to repay their loans.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Commercial Mortgage-Backed Securities</u>. CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS
                      generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities
                      (&#8220;Subordinated CMBS&#8221;) take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds,
                      additional Subordinated CMBS, cross-collateralization and over-collateralization.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may invest in Subordinated CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other
                      non-governmental issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior mortgage-related securities arising out of the
                      same pool of</div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-2</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">mortgages. The holders of Subordinated CMBS typically are compensated with a higher stated yield than are the holders of more senior mortgage-related securities. On the other hand, Subordinated CMBS
                      typically subject the holder to greater risk than senior CMBS and tend to be rated in a lower rating category, and frequently a substantially lower rating category, than the senior CMBS issued in respect of the same mortgage pool.
                      Subordinated CMBS generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional income securities and senior
                      mortgage-related securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Government Agency Securities</u>. Mortgage-related securities issued by the Government National Mortgage Association (&#8220;GNMA&#8221;) include GNMA Mortgage Pass-Through Certificates (also
                      known as &#8220;Ginnie Maes&#8221;) which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA is a wholly owned U.S. Government corporation
                      within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Government-Related Securities</u>. Mortgage-related securities issued by the Federal National Mortgage Association (&#8220;FNMA&#8221;) include FNMA Guaranteed Mortgage Pass-Through
                      Certificates (also known as &#8220;Fannie Maes&#8221;) which are solely the obligations of FNMA and are not backed by or entitled to the full faith and credit of the United States. FNMA is a privately owned government-sponsored organization.
                      Fannie Maes are guaranteed as to timely payment of principal and interest by FNMA. Mortgage-related securities issued by the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;) include FHLMC Mortgage Participation Certificates (also
                      known as &#8220;Freddie Macs&#8221; or &#8220;PCs&#8221;). FHLMC is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended. Freddie Macs are not guaranteed by the United States or by any
                      Federal Home Loan Bank and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by FHLMC. FHLMC guarantees
                      either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate
                      payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable. On September 7, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;), an independent regulatory
                      agency, placed FNMA and FHLMC into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. At the same time, the U.S. Treasury agreed
                      to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality. Under these Senior Preferred Stock Purchase Agreements (&#8220;SPAs&#8221;), the U.S. Treasury
                      has pledged to provide up to $100 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. In May 2009, the U.S. Treasury increased
                      its maximum commitment to each instrumentality under the SPAs to $200 billion per instrumentality. In December 2009, the U.S. Treasury further amended the SPAs to allow the cap on the U.S. Treasury&#8217;s funding commitment to increase as
                      necessary to accommodate any cumulative reduction in Fannie Mae&#8217;s and Freddie Mac&#8217;s net worth through the end of 2012. At the start of 2013, the unlimited support the U.S. Treasury extended to the two companies expired-Fannie Mae&#8217;s
                      bailout is capped at $125 billion and Freddie Mac has a limit of $149 billion. On August&#160;17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each
                      pay a 10% dividend annually on all amounts received under the funding commitment. Instead, they will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount of $3
                      billion.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Also in December 2009, the U.S. Treasury amended the SPAs to provide Fannie Mae and Freddie Mac with some additional flexibility to meet the requirement to reduce their mortgage
                      portfolios. The actions of the U.S. Treasury are intended to ensure that Fannie Mae and Freddie Mac maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. No assurance can
                      be given that the U.S. Treasury initiatives will be successful. Other U.S. government securities the Fund may invest in include (but are not limited to) securities issued or guaranteed by the Federal Housing Administration, Farmers
                      Home Loan Administration, Export-Import Bank of the U.S., Small Business Administration, General Services Administration, Central Bank for Cooperatives, Federal Farm Credit Banks, Federal Intermediate Credit Banks, Federal Land Banks,
                      Maritime Administration, Tennessee Valley Authority, District of Columbia Armory Board and Student Loan Marketing Association. Because the U.S. government is not obligated by law to provide support to an instrumentality it sponsors,
                      the Fund will invest in obligations issued by such an instrumentality only if the </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-3</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">Investment Adviser determines that the credit risk with respect to the instrumentality does not make its securities unsuitable for investment by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">No assurance can be given as to whether the U.S. government will continue to support Fannie Mae and Freddie Mac.&#160;In addition, the future for Fannie Mae and Freddie Mac remains
                      uncertain. Congress has recently considered proposals to reduce the U.S. government&#8217;s role in the mortgage market of both Fannie Mae and Freddie Mac, including proposals as to whether&#160;Fannie Mae and Freddie Mac should be nationalized,
                      privatized, restructured or eliminated altogether. Should the federal government adopt any such proposal, the value of the Fund&#8217;s investments in securities issued&#160;by Fannie Mae or Freddie Mac would be impacted. Fannie Mae and Freddie
                      Mac are also the subject of continuing legal actions and investigations which may have an adverse effect on these entities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under the direction of the FHFA, Fannie Mae and Freddie Mac developed a common securitization platform that in June 2019 began issuing a uniform mortgage-backed security (&#8220;UMBS&#8221;) (the
                      &#8220;Single Security Initiative&#8221;) that aligned the characteristics of Fannie Mae and Freddie Mac certificates. UMBS are eligible for delivery into the TBA market. The effects that the Single Security Initiative may have on the market for
                      mortgage-backed securities are uncertain.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The FHFA has announced plans to consider taking Fannie Mae and Freddie Mac out of conservatorship.&#160; Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear
                      whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the SPAs.&#160; It also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what
                      effects, if any, the privatization of the enterprises will have on their creditworthiness and guarantees of certain MBS.&#160; Accordingly, should the FHFA take the enterprises out of conservatorship, there could be an adverse impact on
                      the value of their securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Private Entity Securities</u>. These mortgage-related securities are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance
                      companies and other non-governmental issuers. Timely payment of principal and interest on mortgage-related securities backed by pools created by nongovernmental issuers often is supported partially by various forms of insurance or
                      guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or
                      mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations the holders of the security could sustain a loss. No insurance or guarantee covers the Fund or the price of the Fund&#8217;s
                      shares. Mortgage-related securities issued by non-governmental issuers generally offer a higher rate of interest than government-agency and government-related securities because there are no direct or indirect government guarantees of
                      payment.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Collateralized Mortgage Obligations</u>. A CMO is a multi-class bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (a)
                      Ginnie Mae, Fannie Mae or Freddie Mac pass-through certificates, (b) unsecuritized mortgage loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans&#8217; Affairs, (c) unsecuritized conventional
                      mortgages, (d) other mortgage-related securities or (e) any combination thereof. Each class of CMOs, often referred to as a &#8220;tranche,&#8221; is issued at a specific coupon rate and has a stated maturity or final distribution date. Principal
                      prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than the stated maturities or final distribution dates. The principal and interest on the underlying mortgages may be allocated among the
                      several classes of a series of a CMO in many ways. One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index, such as the London Interbank Offered Rate (&#8220;LIBOR&#8221;)&#160; or a
                      replacement rate (or sometimes more than one index). These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon. The Fund also may invest in inverse floating rate CMOs. Inverse floating rate CMOs
                      constitute a tranche of a CMO with a coupon rate that moves in the reverse direction to an applicable index such as LIBOR. Accordingly, the coupon rate thereon will increase as interest rates decrease. Inverse floating rate CMOs are
                      typically more volatile than fixed or floating rate tranches of CMOs. Many inverse floating rate CMOs have coupons that move inversely to a multiple of the applicable indexes. The effect of the coupon varying inversely to a multiple
                      of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of
                      yield and loss of principal. The markets for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin. The Fund&#8217;s ability to dispose of its positions in such securities will depend on the degree of
                      liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity.</div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-4</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Stripped Mortgage-Backed Securities</u>. Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage securities to
                      create two or more new securities, each with a specified percentage of the underlying security&#8217;s principal or interest payments. Mortgage securities may be partially stripped so that each investor class receives some interest and some
                      principal. When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security (&#8220;IO&#8221;), and all of the principal is distributed to holders of
                      another type of security known as a principal-only security (&#8220;PO&#8221;). Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments
                      (including prepayments) on the related underlying mortgage assets. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs.
                      Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Sub-Prime Mortgages</u>. Sub-prime mortgages are mortgages rated below &#8220;A&#8221; by S&amp;P, Moody&#8217;s or Fitch. Historically, sub-prime mortgage loans have been made to borrowers with
                      blemished (or non-existent) credit records, and the borrower is charged a higher interest rate to compensate for the greater risk of delinquency and the higher costs of loan servicing and collection. Sub-prime mortgages are subject to
                      both state and federal anti-predatory lending statutes that carry potential liability to secondary market purchasers such as the Fund. Sub-prime mortgages have certain characteristics and associated risks similar to below investment
                      grade securities, including a higher degree of credit risk, and certain characteristics and associated risks similar to mortgage-backed securities, including prepayment risk.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Mortgage REITs</u>. Mortgage REITs are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily
                      from interest payments thereon. Mortgage REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the applicable requirements of the Code. The Fund will indirectly bear its proportionate
                      share of any management and other expenses paid by mortgage REITs in which it invests. Investing in mortgage REITs involves certain risks related to investing in real property mortgages. Mortgage REITs are subject to interest rate
                      risk and the risk of default on payment obligations by borrowers. Mortgage REITs whose underlying assets are mortgages on real properties used by a particular industry or concentrated in a particular geographic region are subject to
                      risks associated with such industry or region. Real property mortgages may be relatively illiquid, limiting the ability of mortgage REITs to vary their portfolios promptly in response to changes in economic or other conditions.
                      Mortgage REITs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based
                      companies.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Other Mortgage-Related Securities</u>. Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation
                      in, or are secured by and payable from, mortgage loans on real property, including CMO residuals. Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by
                      private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Loans. </font>The Fund may invest a portion of its assets in loans directly, loan participations and other direct claims against a borrower. The
                      Sub-Adviser believes corporate loans to be high-yield debt instruments if the issuer has outstanding debt securities rated below-investment grade or has no rated securities. The corporate loans in which the Fund invests primarily
                      consist of direct obligations of a borrower and may include debtor in possession financings pursuant to Chapter 11 of the U.S. Bankruptcy Code, obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11
                      of the U.S. Bankruptcy Code, leveraged buy-out loans, leveraged recapitalization loans, receivables purchase facilities, and privately placed notes. The Fund may invest in a corporate loan at origination as a co-lender or by acquiring
                      in the secondary market participations in, assignments of or novations of a corporate loan. By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a corporate
                      or government borrower. The participations typically will result in the Fund having a contractual relationship only with the lender, not the borrower. The Fund will have the right to receive payments of principal, interest and any
                      fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many such loans are secured, although some may be unsecured. Such loans may be in
                      default at the time of purchase. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of
                      collateral from a secured loan would satisfy the corporate borrower&#8217;s obligation, or that the collateral can be liquidated. Direct debt instruments may involve a risk </div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">of loss in case of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of
                      insolvency of the lending bank or other financial intermediary. The markets in loans are not regulated by federal securities laws or the SEC. As in the case of other high-yield investments, such corporate loans may be rated in the
                      lower rating categories of the established rating services (such as &#8220;Ba&#8221; or lower by Moody&#8217;s or &#8220;BB&#8221; or lower by S&amp;P), or may be unrated investments determined to be of comparable quality by the Sub-Adviser. As in the case of
                      other high-yield investments, such corporate loans can be expected to provide higher yields than lower yielding, higher rated fixed-income securities, but may be subject to greater risk of loss of principal and income. There are,
                      however, some significant differences between corporate loans and high-yield bonds. Corporate loan obligations are frequently secured by pledges of liens and security interests in the assets of the borrower, and the holders of
                      corporate loans are frequently the beneficiaries of debt service subordination provisions imposed on the borrower&#8217;s bondholders. These arrangements are designed to give corporate loan investors preferential treatment over high-yield
                      investors in the event of deterioration in the credit quality of the issuer. Even when these arrangements exist, however, there can be no assurance that the borrowers of the corporate loans will repay principal and/or pay interest in
                      full. Corporate loans generally bear interest at rates set at a margin above a generally recognized base lending rate that may fluctuate on a day-to-day basis, in the case of the prime rate of a U.S. bank, or which may be adjusted on
                      set dates, typically 30 days but generally not more than one year, in the case of the LIBOR. Consequently, the value of corporate loans held by the Fund may be expected to fluctuate significantly less than the value of other fixed
                      rate high-yield instruments as a result of changes in the interest rate environment; however, the secondary dealer market for certain corporate loans may not be as well developed as the secondary dealer market for high-yield bonds
                      and, therefore, presents increased market risk relating to liquidity and pricing concerns.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Mezzanine Investments. </font>The Fund may invest in certain lower grade securities known as &#8220;Mezzanine Investments,&#8221; which are subordinated debt
                      securities that are generally issued in private placements in connection with an equity security (e.g., with attached warrants) or may be convertible into equity securities. Mezzanine Investments may be issued with or without
                      registration rights. Similar to other lower grade securities, maturities of Mezzanine Investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine Investments
                      are usually unsecured and subordinated to other obligations of the issuer.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In connection with its purchase of Mezzanine Investments, the Fund may participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling
                      the owners to subscribe and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short life span to expiration. The purchase of rights or
                      warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the rights&#8217; and warrants&#8217; expiration. Also, the purchase of rights
                      and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security&#8217;s market price such as when there is
                      no movement in the level of the underlying security.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Short Sales. </font>The Fund is authorized to make short sales of securities. A short sale is a transaction in which the Fund sells a security it
                      does not own in anticipation that the market price of that security will decline. To the extent the Fund engages in short sales, the Fund will not make a short sale, if, after giving effect to such sale, the market value of all
                      securities sold short exceeds 25% of the value of its total assets. Also, the market value of the securities sold short of any one issuer will not exceed either 10% of the Fund&#8217;s total assets or 5% of such issuer&#8217;s voting securities.
                      The Fund may also make short sales &#8220;against the box&#8221; without respect to such limitations. In this type of short sale, at the time of the sale, the Fund owns, or has the immediate and unconditional right to acquire at no additional
                      cost, the identical security. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines,
                      the Fund will realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually
                      cash and liquid securities) and the maintenance of collateral with its custodian. Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the view of the SEC, a short sale involves the creation of a &#8220;senior security&#8221; as such term is defined in the 1940 Act unless the sale is &#8220;against the box&#8221; and the securities sold
                      short (or securities convertible into or exchangeable for such securities) are segregated or unless the Fund&#8217;s obligation to deliver the securities sold short is &#8220;covered&#8221; by earmarking or segregating cash, U.S. government securities
                      or other liquid assets in an amount equal to the difference between the market value of the securities sold short and any collateral required to be deposited </div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">with a broker in connection with the sale (not including the proceeds from the short sale), which difference is adjusted daily for changes in the value of the securities sold short. The total value of
                      the short sale proceeds, cash, U.S. government securities or other liquid assets deposited with the broker and earmarked or segregated on its books or with the Fund&#8217;s custodian may not at any time be less than the market value of the
                      securities sold short. The Fund will comply with these requirements.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Securities Subject To Reorganization. </font>The Fund may invest in securities of companies for which a tender or exchange offer has been made or
                      announced and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of high total return
                      significantly greater than the brokerage and other transaction expenses involved. In general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately prior to the
                      announcement of the offer or may also discount what the stated or appraised value of the security would be if the contemplated transaction were approved or consummated. Such investments may be advantageous when the discount
                      significantly overstates the risk of the contingencies involved; significantly undervalues the securities, assets or cash to be received by shareholders of the prospective portfolio company as a result of the contemplated transaction;
                      or fails adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of such contingencies requires unusually broad knowledge and experience
                      on the part of the Sub-Adviser which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received as a result of the contemplated transaction but also the financial
                      resources and business motivation of the offer and/or the dynamics and business climate when the offer or proposal is in process. Since such investments are ordinarily short-term in nature, they will tend to increase the turnover
                      ratio of the Fund, thereby increasing its brokerage and other transaction expenses. The Sub-Adviser intends to select investments of the type described which, in its view, have a reasonable prospect of capital appreciation which is
                      significant in relation to both the risk involved and the potential of available alternative investments.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Special Purpose Acquisition Companies. </font>The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies
                      (&#8220;SPACs&#8221;) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring an existing company. Until an acquisition is completed, a SPAC generally invests its assets
                      in U.S. government securities, money market securities and cash. If an acquisition that meets the requirements of the SPAC is not completed within a pre-established period of time, the funds invested in the SPAC are returned to its
                      shareholders. Because SPACs and similar entities do not have an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC&#8217;s management to
                      identify and complete a profitable acquisition. Some SPACs pursue acquisitions only within certain industries or regions, which can increase the volatility of their prices. Interests in SPACs are typically traded in the OTC market and
                      may be illiquid and/or be subject to restrictions on resale.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Warrants and Rights. </font>The Fund may invest in warrants or rights (including those acquired in units or attached to other securities) that
                      entitle the holder to buy equity securities at a specific price for a specific period of time but will do so only if such equity securities are deemed appropriate by the Sub-Adviser for inclusion in the Fund&#8217;s portfolio.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Derivative Instruments</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Swaps. </font>Swap contracts may be purchased or sold to obtain investment exposure and/or to hedge against fluctuations in securities prices,
                      currencies, interest rates or market conditions, to change the duration of the overall portfolio or to mitigate default risk. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of
                      return) on different currencies, securities, baskets of currencies or securities, indices or other instruments, which returns are calculated with respect to a &#8220;notional value,&#8221; (i.e<font style="font-style: italic;">., </font>the
                      designated reference amount of exposure to the underlying instruments). The Fund intends to enter into swaps primarily on a net basis (i.e<font style="font-style: italic;">., </font>the two payment streams are netted out), with the
                      Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund may use swaps for risk management purposes and as a speculative investment.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The net amount of the excess, if any, of the Fund&#8217;s swap obligations over its entitlements will be maintained in a segregated account by the Fund&#8217;s custodian. The Sub-Adviser generally
                      requires counterparties to have a minimum credit rating of A from Moody&#8217;s Investors Service (or comparable rating from another rating agency) and monitors such rating on an on-going basis. If the other party to a swap contract
                      defaults, the Fund&#8217;s risk of loss will consist of the net amount of payments that the Fund is contractually entitled to receive. Under such </div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">circumstances, the Fund will have contractual remedies pursuant to the agreements related to the transaction. The Fund may enter in to cleared and exchange-traded swaps (where applicable) and
                      bilaterally-traded, OTC swaps.</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Interest rate swaps</u>. Interest rate swaps involve the exchange by the Fund with another party of respective commitments to pay or receive interest (e.g<font style="font-style: italic;">.</font>, an exchange of fixed rate payments for floating rate payments).</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Total return swaps</u>. Total return swaps are contracts in which one party agrees to make payments of the total return from the designated underlying asset(s), which may include
                      securities, baskets of securities, or securities indices, during the specified period, in return for receiving payments equal to a fixed or floating rate of interest or the total return from the other designated underlying asset(s).</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Currency swaps</u>. Currency swaps involve the exchange of the two parties&#8217; respective commitments to pay or receive fluctuations with respect to a notional amount of two different
                      currencies (e.g., an exchange of payments with respect to fluctuations in the value of the U.S. dollar relative to the Japanese yen).</div>
                    <div style="margin-left: 36pt; margin-bottom: 6pt;"><u>Credit default swaps</u>. The Fund may be either the buyer or seller in a credit default swap transaction. The &#8220;buyer&#8221; in a credit default contract is obligated to pay the &#8220;seller&#8221;
                      a periodic stream of payments over the term of the contract provided that no specified credit event with respect to a reference issuer has occurred. When the Fund acts as a seller of a credit default swap agreement with respect to a
                      debt security, it is subject to the risk that an adverse credit event may occur with respect to the issuer of the debt security and the Fund may be required to pay the buyer the full notional value of the debt security under the swap
                      net of any amounts owed to the Fund by the buyer under the swap (such as the buyer&#8217;s obligation to deliver the debt security to the Fund). As a result, the Fund bears the entire risk of loss due to a decline in value of a referenced
                      debt security on a credit default swap it has sold if there is a credit event with respect to the issuer of the security. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund may recover nothing if the
                      swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the
                      reference entity whose value may have significantly decreased.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is required to cover its swaps positions in a manner consistent with the 1940 Act or the rules and SEC interpretations thereunder in order to limit the risk associated with
                      the use of leverage and other related risks. The Fund&#8217;s obligations under a swap agreement settled in cash or on a net basis (other than a credit default swaps for which the Fund is the seller) would be accrued daily (offset against
                      any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty would be covered by segregating assets determined to be liquid. Obligations under swap agreements so covered would not be viewed as
                      raising &#8220;senior securities&#8221; issues for purposes of the Fund&#8217;s investment restriction concerning senior securities and, accordingly, would not treat them as subject to the Fund&#8217;s borrowing restrictions. For swaps that are not settled
                      in cash or on a net basis, the Fund will earmark or segregate cash or liquid assets with a value at least equal to the full notional amount of the swaps (minus any amounts owed to the Fund) or enter into offsetting transactions. For
                      swaps that are settled in cash on a net basis (other than a credit default swaps for which the Fund is the seller), the Fund may designate or segregate on its records cash or liquid assets equal to the Fund&#8217;s next daily
                      marked-to-market net obligations under the swaps, if any, rather than the full notional amount. Such segregation will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit
                      any potential leveraging of the Fund&#8217;s portfolio. By earmarking or designating assets equal to only its net obligation under cash-settled swaps, the Fund will have the ability to employ leverage to a greater extent than if the Fund
                      were required to earmark or segregate assets equal to the full notional amount of such swaps. As described below, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered
                      investment companies that would, if adopted, for the most part rescind the SEC&#8217;s asset segregation and coverage rules and guidance.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The use of interest rate, total return, currency, credit default and other swaps is a highly specialized activity which involves investment techniques and risks different from those
                      associated with ordinary portfolio securities transactions. If the Sub-Adviser is incorrect in its forecasts of market values, interest rates and other applicable factors, the investment performance of the Fund would be unfavorably
                      affected.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Credit-Linked Notes. </font>The Fund may invest in credit-linked notes (&#8220;CLN&#8221;) for risk management purposes, including diversification. A CLN may be
                      viewed as a derivative instrument. It is a synthetic obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-8</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">reference obligation). In addition to the credit risk of the reference obligations and interest rate risk, the buyer/seller of the CLN is subject to counterparty risk.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Futures and Options on Futures. </font>The Fund may purchase and sell various kinds of financial futures contracts and options thereon to obtain
                      investment exposure and/or to seek to hedge against changes in interest rates or for other risk management purposes. Futures contracts may be based on various securities and securities indices. Such transactions involve a risk of loss
                      or depreciation due to adverse changes in prices of the reference securities or indices, and such losses may exceed the Fund&#8217;s initial investment in these contracts. The Fund will only purchase or sell futures contracts or related
                      options in compliance with the rules of the Commodity Futures Trading Commission. Transactions in financial futures and options on futures involve certain costs. There can be no assurance that the Fund&#8217;s use of futures contracts will
                      be advantageous. Financial covenants related to future Fund borrowings may limit use of these transactions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Options. </font>The Fund may purchase or sell (i.e<font style="font-style: italic;">.</font>, write) options on securities and securities indices or
                      on currencies, which options are listed on a national securities exchange or in the OTC market, as a means of achieving additional return or of hedging the value of the Fund&#8217;s portfolio.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may purchase or write (sell) exchange traded and OTC options. Writing call options involves giving third parties the right to buy securities from the Fund for a fixed price at
                      a future date and writing put options involves giving third parties the right to sell securities to the Fund for a fixed price at a future date. Buying an options contract gives the Fund the right to purchase securities from third
                      parties or gives the Fund the right to sell securities to third parties for a fixed price at a future date. The number of call options the Fund can write is limited by the amount of Fund assets that can cover such options, and further
                      limited by the fact that call options normally represent 100 share lots of the underlying common stock. In addition to options on individual securities, the Fund may buy and sell put and call options on currencies, baskets of
                      securities or currencies, indices and other instruments. Options bought or sold by the Fund may be &#8220;cash settled,&#8221; meaning that the purchaser of the option has the right to receive a cash payment from the writer of the option to the
                      extent that the value of the underlying position rises above (in the case of a call) or falls below (in the case of a put) the exercise price of the option. There can be no assurance that the Fund&#8217;s use of options will be successful.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the case of a call option on a common stock or other security, the option is &#8220;covered&#8221; if the Fund owns the security underlying the call or has an absolute and immediate right to
                      acquire that security without additional cash consideration (or, if additional cash consideration is required, cash or other assets determined to be liquid by the Investment Adviser (in accordance with procedures established by the
                      board of trustees of the Fund (the &#8220;Board of Trustees&#8221; or the &#8220;Board&#8221;)) in such amount are segregated by the Fund&#8217;s custodian) upon conversion or exchange of other securities held by the Fund. A call option is also covered if the Fund
                      holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the exercise price of the call written, provided
                      the difference is maintained by the Fund in segregated assets determined to be liquid by the Investment Adviser as described above. A put option on a security is &#8220;covered&#8221; if the Fund segregates assets determined to be liquid by the
                      Investment Adviser as described above equal to the exercise price. A put option is also covered if the Fund holds a put on the same security as the put written where the exercise price of the put held is (i) equal to or greater than
                      the exercise price of the put written, or (ii) less than the exercise price of the put written, provided the difference is maintained by the Fund in segregated assets determined to be liquid by the Investment Adviser as described
                      above.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the
                      option previously written. However, once the Fund has been assigned an exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly, if the Fund is the holder of an option it may liquidate its position
                      by effecting a closing sale transaction. This is accomplished by selling an option of the same series as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction can be effected
                      when the Fund so desires.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To the extent that the Fund writes covered call options, the Fund forgoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security
                      covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when
                      it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and
                      must deliver the underlying security at the exercise price. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-9</font></div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will not write &#8220;naked&#8221; or uncovered call options. Furthermore, the Fund&#8217;s options transactions will be subject to limitations established by each of the exchanges, boards of
                      trade or other trading facilities on which such options are traded. These limitations govern the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert,
                      regardless of whether the options are written or purchased on the same or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one or more brokers. Thus, the number
                      of options which the Fund may write or purchase may be affected by options written or purchased by other investment advisory clients of the Investment Adviser. An exchange, board of trade or other trading facility may order the
                      liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To the extent that the Fund writes covered put options, the Fund will bear the risk of loss if the value of the underlying stock declines below the exercise price. If the option is
                      exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise. While the Fund&#8217;s potential gain in writing a
                      covered put option is limited to the interest earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire value of the stock.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the option or is more than the premium paid to
                      purchase the option; the Fund will realize a loss from a closing transaction if the price of the transaction is more than the premium received from writing the option or is less than the premium paid to purchase the option. Since call
                      option prices generally reflect increases in the price of the underlying security or currency, any loss resulting from the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying
                      security or currency. Other principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price and price volatility of the underlying security or currency and the
                      time remaining until the expiration date. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of options cannot serve as a
                      complete hedge since the price movement of securities underlying the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could
                      result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a
                      well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. Reasons for the absence of a liquid secondary market on an exchange
                      include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or
                      other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options
                      Clearing Corporation (the &#8220;OCC&#8221;) may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the
                      trading of options (or a particular class or series of options). If trading were discontinued, the secondary market on that exchange (or in that class or series of options) would cease to exist. However, outstanding options on that
                      exchange that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms. The Fund&#8217;s ability to terminate OTC options is more limited than with exchange-traded
                      options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. If the Fund were unable to close out a covered call option that it had written on a security, it would not be
                      able to sell the underlying security unless the option expired without exercise.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the
                      underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. Call options are marked-to-market daily and their value will be affected by changes
                      in the value of and dividend rates of </div>
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                      the underlying common stocks, an increase in interest rates, changes in the actual or perceived volatility of the stock market and the underlying common stocks and the remaining time to the options&#8217; expiration. Additionally, the
                      exercise price of an option may be adjusted downward before the option&#8217;s expiration as a result of the occurrence of certain corporate events affecting the underlying equity security, such as extraordinary dividends, stock splits,
                      merger or other extraordinary distributions or events. A reduction in the exercise price of an option would reduce the Fund&#8217;s capital appreciation potential on the underlying security.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">To the extent that the Fund purchases options, the Fund will be subject to the following additional risks. If a put or call option purchased by the Fund is not sold when it has
                      remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise price (in the case of a call), the Fund will
                      lose its entire investment in the option. Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than
                      the price of the related security. If restrictions on exercise were imposed, the Fund might be unable to exercise an option it had purchased. If the Fund were unable to close out an option that it had purchased on a security, it would
                      have to exercise the option in order to realize any profit or the option may expire worthless.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">An option position may be closed out only on an exchange that provides a secondary market for an option of the same series or in a private transaction. Although the Fund will generally
                      purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option. In such event it might not be
                      possible to effect closing transactions in particular options, so that the Fund would have to exercise its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the
                      subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the
                      underlying security until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Options on Securities Indices. </font>The Fund may purchase and sell options on securities indices. One effect of such transactions may be to hedge
                      all or part of the Fund&#8217;s securities holdings against a general decline in the securities market or a segment of the securities market. Options on securities indices are similar to options on stocks except that, rather than the right
                      to take or make delivery of stock at a specified price, an option on a securities index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the securities index upon which the
                      option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. All options written on securities indices must be covered. Often, when the Fund writes an option on a
                      securities index, it will earmark or segregate cash or liquid securities in an amount at least equal to the market value of the option and will maintain the account while the option is open or will otherwise cover the transaction.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s successful use of options on indices depends upon its ability to predict the direction of the market and is subject to various additional risks. The correlation between
                      movements in the index and the price of the securities being hedged against is imperfect and the risk from imperfect correlation increases as the composition of the Fund diverges from the composition of the relevant index.
                      Accordingly, a decrease in the value of the securities being hedged against may not be wholly offset by a gain on the exercise or sale of a securities index put option held by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Futures Contracts and Options on Futures. </font>The Fund may, without limit, enter into futures contracts or options on futures contracts. It is
                      anticipated that these investments, if any, will be made by the Fund primarily for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Such investments
                      will only be made if they are economically appropriate to the reduction of risks involved in the management of the Fund. In this regard, the Fund may enter into futures contracts or options on futures for the purchase or sale of
                      securities indices or other financial instruments including but not limited to U.S. government securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A &#8220;sale&#8221; of a futures contract (or a &#8220;short&#8221; futures position) means the assumption of a contractual obligation to deliver the instrument underlying the contract at a specified price
                      at a specified future time. A &#8220;purchase&#8221; of a futures contract (or a &#8220;long&#8221; futures position) means the assumption of a contractual obligation to acquire the instrument underlying the contract at a specified price at a specified
                      future time. Certain futures contracts, including stock and bond index futures, are settled on a net cash payment basis rather than by the sale and delivery of the instrument underlying the futures contracts.</div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">No consideration will be paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the broker an amount of cash
                      or cash equivalents equal to approximately 1% to 10% of the contract amount (this amount is subject to change by the exchange or board of trade on which the contract is traded and brokers or members of such board of trade may charge a
                      higher amount). This amount is known as the &#8220;initial margin&#8221; and is in the nature of a performance bond or good faith deposit on the contract. Subsequent payments, known as &#8220;variation margin,&#8221; to and from the broker will be made daily
                      as the price of the instrument underlying the futures contract fluctuates. At any time prior to the expiration of the futures contract, the Fund may elect to close the position by taking an opposite position, which will operate to
                      terminate its existing position in the contract.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at a specified
                      time or times prior to the expiration of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance
                      in the writer&#8217;s futures margin account attributable to that contract, which represents the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise
                      price of the option on the futures contract. The potential loss related to the purchase of an option on futures contracts is limited to the premium paid for the option (plus transaction costs). Because the value of the option
                      purchased is fixed at the point of sale, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be
                      reflected in the net assets of the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Futures and options on futures contracts entail certain risks, including but not limited to the following: no assurance that futures contracts or options on futures contracts can be
                      offset at favorable prices, possible reduction of the yield of the Fund due to the use of hedging, possible reduction in value of both the securities hedged and the hedging instrument, possible lack of liquidity due to daily limits on
                      price fluctuations, imperfect correlation between the contracts and the securities being hedged, losses from investing in futures transactions that are potentially unlimited and the segregation requirements described below.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the event the Fund sells a put option on a futures contract or enters into long futures contracts, under current interpretations of the 1940 Act, an amount of cash or liquid
                      securities equal to the market value of the contract must be deposited and maintained in a segregated account with the custodian of the Fund to collateralize the positions, in order for the Fund to avoid being treated as having issued
                      a senior security in the amount of its obligations. For short positions in futures contracts and sales of call options on futures contract, the Fund may establish a segregated account (not with a futures commission merchant or broker)
                      with cash or liquid securities that, when added to amounts deposited with a futures commission merchant or a broker as margin, equal the market value of the instruments underlying the futures contracts or call options on futures
                      contracts, respectively (but are no less than the price of the call option or the market price at which the short positions were established).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The purchase of a call option on a futures contract is similar in some respects to the purchase of a call option on an individual security. Depending on the pricing of the option
                      compared to either the price of the futures contract upon which it is based or the price of the underlying instrument, it may or may not be less risky than ownership of the futures contract or underlying instrument. As with the
                      purchase of futures contracts, when the Fund is not fully invested it may purchase a call option on a futures contract to hedge against a market advance due to declining interest rates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The purchase of a put option on a futures contract is similar to the purchase of protective put options on portfolio securities. The Fund may purchase a put option on a futures
                      contract to hedge the Fund&#8217;s portfolio against the risk of rising interest rates and consequent reduction in the value of portfolio securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund&#8217;s ability to establish and close out positions in futures contracts and options thereon will be subject to the development and maintenance of liquid markets. Although the Fund
                      generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market, there is no assurance that a liquid market on an exchange will exist for any particular futures contract
                      or option thereon at any particular time. In the event no liquid market exists for a particular futures contract or option thereon in which the Fund maintains a position, it will not be possible to effect a closing transaction in that
                      contract or to do so at a satisfactory price, and the Fund would either have to make or take delivery under the futures contract or, in the case of a written option, wait to sell the underlying securities until the option expires or
                      is exercised or, in the case of a purchased option, exercise the option. In the case of a futures contract or an option thereon that the Fund has written and that </div>
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                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-12</font></div>
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                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">the Fund is unable to close, the Fund would be required to maintain margin deposits on the futures contract or option thereon and to make variation margin payments until the contract is closed.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">When the Fund purchases or sells a futures contract, or sells an option thereon, the Fund is required to &#8220;cover&#8221; its position in order to limit the risk associated with the use of
                      leverage and other related risks. To cover its position, the Fund may earmark or segregate cash or liquid securities that, when added to any amounts deposited with a futures commission merchant as initial margin, are equal to the
                      market value of the futures contract or otherwise &#8220;cover&#8221; its position in a manner consistent with the 1940 Act or the rules and SEC interpretations thereunder. If the Fund continues to engage in the described securities trading
                      practices and properly earmarks or segregates assets, the assets will function as a practical limit on the amount of leverage which the Fund may undertake and on the potential increase in the speculative character of the Fund. Such
                      practices are intended to assure the availability of adequate funds to meet the obligations of the Fund arising from such investment activities, although there is no guarantee that they will function as intended.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">With respect to futures contracts that are not contractually required to &#8220;cash-settle,&#8221; the Fund usually must cover its open positions by earmarking or segregating on its records cash
                      or liquid assets equal to the contract&#8217;s notional value. For futures contracts that are &#8220;cash-settled,&#8221; however, the Fund is permitted to earmark or segregate cash or liquid assets in an amount equal to the Fund&#8217;s next daily
                      marked-to-market (net) obligation, if any (i.e., the Fund&#8217;s daily net liability) rather than the notional value. By earmarking or designating assets equal to only its net obligation under cash-settled futures, the Fund will have the
                      ability to employ leverage to a greater extent than if the Fund were required to earmark or segregate assets equal to the full notional value of such contracts.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Among other ways, the Fund may also cover its long position in a futures contract by purchasing a put option on the same futures contract with a strike price (i.e., an exercise price)
                      as high as or higher than the price of the futures contract. In the alternative, if the strike price of the put is less than the price of the futures contract, the Fund will also earmark or segregate cash or liquid securities equal in
                      value to the difference between the strike price of the put and the price of the futures contract and that can be exercised on any date or that has the same exercise date as the expiration date of the futures contract. The Fund may
                      also cover its long position in a futures contract by taking a short position in the instruments underlying the futures contract (or, in the case of an index futures contract, a portfolio with a volatility substantially similar to
                      that of the index on which the futures contract is based). The Fund may cover its short position in a futures contract by taking a long position in the instruments underlying the futures contract. Among other ways, the Fund may cover
                      its sale of a call option on a futures contract by taking a long position in the underlying futures contract at a price less than or equal to the strike price of the call option. In the alternative, if the long position in the
                      underlying futures contract is established at a price greater than the strike price of the written (sold) call, the Fund will earmark or segregate cash or liquid securities equal in value to the difference between the strike price of
                      the call and the price of the futures contract. The Fund may cover its sale of a put option on a futures contract by taking a short position in the underlying futures contract at a price greater than or equal to the strike price of
                      the put option, or, if the short position in the underlying futures contract is established at a price less than the strike price of the written put, the Fund will earmark or segregate cash or liquid securities equal in value to the
                      difference between the strike price of the put and the price of the futures contract.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Successful use of futures contracts and options thereon by the Fund is subject to the ability of the Investment Adviser to predict correctly movements in the direction of interest
                      rates. If the Investment Adviser&#8217;s expectations are not met, the Fund will be in a worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged against the possibility of an increase in interest
                      rates that would adversely affect the price of securities in its portfolio and the price of such securities increases instead, the Fund will lose part or all of the benefit of the increased value of its securities because it will have
                      offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash to meet daily variation margin requirements, it may have to sell securities to meet the requirements. These sales may be,
                      but will not necessarily be, at increased prices which reflect the rising market. The Fund may have to sell securities at a time when it is disadvantageous to do so.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Interest Rate Futures Contracts and Options Thereon. </font>The Fund may purchase or sell interest rate futures contracts to take advantage of or to
                      protect the Fund against fluctuations in interest rates affecting the value of securities that the Fund holds or intends to acquire. For example, if interest rates are expected to increase, the Fund might sell futures contracts on
                      securities, the values of which historically have a high degree of positive correlation to the values of the Fund&#8217;s portfolio securities. Such a sale would have an effect similar to selling an equivalent value of the Fund&#8217;s portfolio
                      securities. If interest rates increase, the value of the Fund&#8217;s portfolio securities will decline, but the value of the futures contracts to the Fund will increase at approximately an equivalent rate thereby </div>
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                    <div style="margin-bottom: 6pt;"><br>
                      keeping the net asset value of the Fund from declining as much as it otherwise would have. The Fund could accomplish similar results by selling securities with longer maturities and investing in securities with shorter maturities when
                      interest rates are expected to increase. However, since the futures market may be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to maintain a defensive position without
                      having to sell its portfolio securities.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Similarly, the Fund may purchase interest rate futures contracts when it is expected that interest rates may decline. The purchase of futures contracts for this purpose constitutes a
                      hedge against increases in the price of securities (caused by declining interest rates) that the Fund intends to acquire. Since fluctuations in the value of appropriately selected futures contracts should approximate that of the
                      securities that will be purchased, the Fund can take advantage of the anticipated rise in the cost of the securities without actually buying them. Subsequently, the Fund can make its intended purchase of the securities in the cash
                      market and currently liquidate its futures position.&#8217;&#8217;</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Securities Index Futures Contracts and Options Thereon. </font>Purchases or sales of securities index futures contracts are used for hedging purposes
                      to attempt to protect the Fund&#8217;s current or intended investments from broad fluctuations in stock or bond prices. For example, the Fund may sell securities index futures contracts in anticipation of or during a market decline to
                      attempt to offset the decrease in market value of the Fund&#8217;s securities portfolio that might otherwise result. If such decline occurs, the loss in value of portfolio securities may be offset, in whole or part, by gains on the futures
                      position. When the Fund is not fully invested in the securities market and anticipates a significant market advance, it may purchase securities index futures contracts in order to gain rapid market exposure that may, in part or
                      entirely, offset increases in the cost of securities that the Fund intends to purchase. As such purchases are made, the corresponding positions in securities index futures contracts will be closed out. The Fund may write put and call
                      options on securities index futures contracts for hedging purposes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Additional Risks of Foreign Options, Futures Contracts and Options on Futures Contracts and Forward Contracts. </font>Options, futures contracts and
                      options thereon and forward contracts on securities may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and
                      related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
                      legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the Fund&#8217;s ability to act upon economic events occurring in the foreign markets during
                      non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) lesser trading volume.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Exchanges on which options, futures and options on futures are traded may impose limits on the positions that the Fund may take in certain circumstances.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Legislation and Regulation Risk Related to Derivative Instruments. </font>The laws and regulations that apply to derivatives (e.g., swaps, futures,
                      etc.) and persons who use them (including the Fund, Adviser and others) are rapidly changing in the U.S. and abroad. As a result, restrictions and additional regulations may be imposed on these parties, trading restrictions may be
                      adopted and additional trading costs are possible. The impact of these changes on the Fund and its investment strategies is not yet fully ascertainable.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), was signed into law in July 2010. Title VII of the Dodd-Frank Act sets forth a new
                      legislative framework for &#8220;OTC&#8221; derivatives, including financial instruments, such as swaps, in which the Fund may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant new
                      authority to the &#8220;CFTC&#8221;, the SEC and other regulators, to regulate OTC derivatives (&#8220;swaps&#8221; and &#8220;security-based swaps&#8221;) and market participants, and requires clearing and exchange trading of many OTC derivatives transactions. At
                      present, most interest rate swaps and credit default index swaps are subject to mandatory clearing in the U.S. Additionally, the Funds are typically required to post, and collect, variation margin on OTC derivatives subject to
                      uncleared margin regulations under the Title VII regime.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Provisions in the Dodd-Frank Act also include new capital and margin requirements and the mandatory use of clearinghouse mechanisms for any exchange trading of many OTC derivative
                      transactions. The CFTC, SEC and other federal regulators have been tasked with developing the rules and regulations enacting the provisions of the Dodd-Frank Act. Because there is a prescribed phase-in period during which most of the
                      mandated rulemaking and regulations are being implemented, it is not possible at this time to gauge the final nature and scope of the impact of </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">the Dodd-Frank Act on the Fund. However, swap dealers, major market participants and swap counterparties are experiencing additional regulations, requirements, compliance burdens and associated costs,
                      certain of which may be passed on to counterparties, such as the Fund. The Fund may also be required to comply indirectly with equivalent European regulation, the European Market Infrastructure Regulation (&#8220;EMIR&#8221;), to the extent that
                      it executes derivative transactions with counterparties subject to such regulation. EMIR establishes certain requirements for OTC derivatives contracts, including mandatory clearing obligations, bilateral risk management requirements
                      and reporting requirements. Although it is not yet possible to predict the final impact, if any, of EMIR on the Fund and its investment strategies the Fund may experience additional expense passed on by counterparties.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">These, and other, regulatory changes may negatively impact the Fund&#8217;s ability to meet its investment objective either through limits or requirements imposed on it or upon its
                      counterparties.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Financial CHOICE Act, which was passed by the U.S. House of Representatives in June 2017, would, if enacted, roll back parts of the Dodd-Frank Act. There can be no assurance that
                      such legislation or regulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to utilize certain derivatives transactions or achieve its investment objective.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Amended &#8220;CFTC&#8221; Rule 4.5 permits investment advisers to registered investment companies to claim an exclusion from the definition of &#8220;commodity pool operator&#8221; under the Commodity
                      Exchange Act (&#8220;CEA&#8221;) with respect to a fund, provided certain requirements are met. In order to permit the Investment Adviser to claim this exclusion with respect to the Fund, the Fund will limit its transactions in futures, options
                      on futures and swaps (excluding transactions entered into for &#8220;bona fide hedging purposes,&#8221; as defined under CFTC regulations) such that either: (i) the aggregate initial margin and premiums required to establish its futures, options
                      on futures and swaps do not exceed 5% of the liquidation value of the Fund&#8217;s portfolio, after taking into account unrealized profits and losses on such positions; or (ii) the aggregate net notional value of its futures, options on
                      futures and swaps does not exceed 100% of the liquidation value of the Fund&#8217;s portfolio, after taking into account unrealized profits and losses on such positions. Accordingly, the Fund is not subject to regulation under the CEA or
                      otherwise regulated by the CFTC. If the Adviser was unable to claim the exclusion with respect to the Fund, the Adviser would become subject to registration and regulation as a commodity pool operator, which would subject the Adviser
                      and the Fund to additional registration and regulatory requirements and increased operating expenses.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Regulatory requirements, even if not directly applicable to the Fund, including capital requirements, changes to the CFTC speculative position limits regime and mandatory clearing,
                      exchange trading and margin requirements may increase the cost of the Fund&#8217;s investments and cost of doing business, which could adversely affect investors.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Loans of Portfolio Securities</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Consistent with applicable regulatory requirements and the Fund&#8217;s investment restrictions, the Fund may lend its portfolio securities to securities broker-dealers or financial
                      institutions, provided that such loans are callable at any time by the Fund (subject to notice provisions described below), and are at all times secured by cash or cash equivalents, which are maintained in a segregated account
                      pursuant to applicable regulations and that are at least equal to the market value, determined daily, of the loaned securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities
                      while at the same time earns interest on the cash amounts deposited as collateral, which will be invested in short-term obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or
                      regulations of any state in which its shares are qualified for sale. The Fund&#8217;s loans of portfolio securities will be collateralized in accordance with applicable regulatory requirements and no loan will cause the value of all loaned
                      securities to exceed 33% of the value of the Fund&#8217;s total assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A loan may generally be terminated by the borrower on one business day notice, or by the Fund on five business days&#8217; notice. If the borrower fails to deliver the loaned securities
                      within five days after receipt of notice, the Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. As with any extensions of credit, there are
                      risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower of the securities fail financially. However, these loans of portfolio securities will only be made to firms deemed by the Fund&#8217;s
                      management to be creditworthy and when the income that can be earned from such loans justifies the attendant risks. The Board of Trustees will oversee the creditworthiness of the contracting parties on an ongoing basis. Upon
                      termination of the loan, the borrower is required to return the securities to the Fund. Any gain or loss in the market price during the loan period would inure </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-15</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">to the Fund. The risks associated with loans of portfolio securities are substantially similar to those associated with repurchase agreements. Thus, if the counterparty to the loan petitions for
                      bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the Fund&#8217;s ability to sell the
                      collateral, and the Fund would suffer a loss. When voting or consent rights that accompany loaned securities pass to the borrower, the Fund will follow the policy of calling the loaned securities, to be delivered within one day after
                      notice, to permit the exercise of such rights if the matters involved would have a material effect on the Fund&#8217;s investment in such loaned securities. The Fund will pay reasonable finder&#8217;s, administrative and custodial fees in
                      connection with a loan of its securities.</div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">INVESTMENT RESTRICTIONS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund operates under the following restrictions that constitute fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders
                      of a majority of the outstanding voting securities of the Fund voting together as a single class, which is defined by the 1940 Act as the lesser of (i) 67% or more of the Fund&#8217;s voting securities present at a meeting, if the holders
                      of more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the Fund&#8217;s outstanding voting securities. Except as otherwise noted, all percentage limitations set forth below
                      apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action. These restrictions provide that the Fund shall not:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">1. Issue senior securities nor borrow money, except the Fund may issue senior securities or borrow money to the extent permitted by applicable law.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">2. Act as an underwriter of securities issued by others, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter
                      under applicable securities laws.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">3. Invest in any security if, as a result, 25% or more of the value of the Fund&#8217;s total assets, taken at market value at the time of each investment, are in the securities of issuers
                      in any particular industry, except that this policy shall not apply to securities issued or guaranteed by the U.S. government and its agencies and instrumentalities or tax-exempt securities of state and municipal governments or their
                      political subdivisions.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">4. Purchase or sell real estate except that the Fund may: (a) acquire or lease office space for its own use, (b) invest in securities of issuers that invest in real estate or interests
                      therein or that are engaged in or operate in the real estate industry, (c) invest in securities that are secured by real estate or interests therein, (d) purchase and sell mortgage-related securities, (e) hold and sell real estate
                      acquired by the Fund as a result of the ownership of securities and (f) as otherwise permitted by applicable law.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">5. Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments; provided that this restriction shall not prohibit the Fund from
                      purchasing or selling options, futures contracts and related options thereon, forward contracts, swaps, caps, floors, collars and any other financial instruments or from investing in securities or other instruments backed by physical
                      commodities or as otherwise permitted by applicable law.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">6. Make loans of money or property to any person, except (a) to the extent that securities or interests in which the Fund may invest are considered to be loans, (b) through the loan of
                      portfolio securities in an amount up to 33% of the Fund&#8217;s total assets, (c) by engaging in repurchase agreements or (d) as may otherwise be permitted by applicable law.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund is a diversified, closed-end management investment company and will not invest in a manner inconsistent with its classification as a &#8220;diversified company&#8221; as provided by the
                      1940 Act, the rules and regulations promulgated by the SEC under the 1940 Act or an exemption or other relief applicable to the Fund from provisions of the 1940 Act. Under the 1940 Act, a &#8220;diversified company&#8221; may not with respect to
                      75% of its total assets, invest more than 5% of the value of its total assets in the securities of any single issuer or purchase more than 10% of the outstanding securities of any one issuer. The Fund&#8217;s classification as a diversified
                      management investment company cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund voting together as a single class.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">For purposes of applying the limitation set forth in subparagraph (3) above to securities that have a security interest or other collateral claim on specified underlying collateral
                      (such as asset-backed securities, mortgage-backed securities and collateralized debt and loan obligations) the Fund will determine the industry classifications of such </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-16</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">investments based on the Sub-Adviser&#8217;s evaluation of the risks associated with the collateral underlying such investments.</div>
                    <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">MANAGEMENT OF THE FUND</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Board of Trustees</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Overall responsibility for management and supervision of the Fund rests with its Board of Trustees. The Board of Trustees approves all significant agreements between the Fund and the
                      companies that furnish the Fund with services, including agreements with the Investment Adviser and the Sub-Adviser.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Trustees are divided into two classes. Trustees serve until their successors have been duly elected. The following is a list of the names, business addresses, dates of birth,
                      present positions with the Fund, length of time served with the Fund, principal occupations during the past five years and other directorships held by each Trustee.</div>
                    <table cellspacing="0" cellpadding="0" id="z89d6ab9aabb84f5291c872916f5fe692" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.55%; vertical-align: middle;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: middle;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: middle;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Term of</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Number of</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Position(s)</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Office&#160;and</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Principal</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Portfolios</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Name,</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Held</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Length of</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Occupation(s)</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">in Fund</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Business Address</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">with the</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Time</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">During Past Five</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Complex</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other Directorships</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold;">and Year of Birth*</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Fund</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Served**</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Years</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Overseen</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; font-weight: bold;">Held by Trustees***</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z28c1b767b1324c06a592b09b2f7751fb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="vertical-align: bottom;" colspan="6">
                            <div style="font-weight: bold;">INDEPENDENT TRUSTEES:</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>&#160;</div>
                            <div>Randall C. Barnes</div>
                            <div>(1951)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;" rowspan="2">
                            <div>&#160;</div>
                            <div>Trustee and</div>
                            <div>Chair of the Valuation Oversight Committee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;" rowspan="2">
                            <div>&#160;</div>
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1.05pt;">2007</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: bottom;" colspan="1">
                            <div> <br>
                            </div>
                            <div>Current: Private Investor</div>
                            <div>(2001-present).</div>
                            <div>Former: Senior Vice President</div>
                            <div>and Treasurer, PepsiCo, Inc.</div>
                            <div>(1993-1997); President, Pizza</div>
                            <div>Hut International (1991-1993);</div>
                            <div>Senior Vice President,</div>
                            <div>Strategic Planning and New</div>
                            <div>Business Development,</div>
                            <div>PepsiCo, Inc. (1987-1990).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top; text-align: center;">
                            <div>157</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;" colspan="1">
                            <div>Current: Purpose</div>
                            <div>Investments Funds</div>
                            <div>(2013-present).</div>
                            &#160;
                            <div>Former: Managed Duration</div>
                            <div>Investment Grade</div>
                            <div>Municipal Fund</div>
                            <div>(2003-2016).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Angela Brock-Kyle</div>
                            <div>(1959)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div>Since</div>
                            <div>2019</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Found and Chief Executive Officer, B.O.A.R.D.S. (2013-present).</div>
                            <div>&#160;</div>
                            <div>Former: Senior Leader TIAA (1987-2012).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Current: Hunt Companies, Inc. (2019-present).</div>
                            <div>&#160;</div>
                            <div>Former: Infinity Property &amp; Casualty Corp. (2014-2018).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Donald A. Chubb, Jr.</div>
                            <div>&#160;</div>
                            <div>(1946)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee</div>
                            <div>&#160;</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1pt;">2014</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Retired.</div>
                            <div>&#160;</div>
                            <div>Former: Business broker and manager of commercial real&#160;estate, Griffith &amp; Blair, Inc. (1997-2017).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;" colspan="1">
                            <div>Current: Midland Care,</div>
                            <div>Inc. (2011-2016).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 11.34%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 13.4%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 10.37%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Jerry B. Farley</div>
                            <div>&#160;</div>
                            <div>(1946)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1pt;">2014</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;" colspan="1">
                            <div>Current: President, Washburn</div>
                            <div>University (1997-present).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Current: CoreFirst Bank &amp; Trust (2000-present).</div>
                            <div>&#160;</div>
                            <div>Former Westar Energy,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: top;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: top;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;">&#160;</td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-17</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z10968945609f4a52bf1a3b8752079d78" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: top;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: top;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Inc. (2004-2018).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 10.37%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Roman Friedrich</div>
                            <div>III</div>
                            <div>&#160;</div>
                            <div>(1946)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee</div>
                            <div>&#160;</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1pt;">2010</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Founder and</div>
                            <div>Managing Partner, Roman</div>
                            <div>Friedrich &amp; Company</div>
                            <div>(1998-present).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Former: Zincore Metals,</div>
                            <div>Inc. (2009-2019).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 11.34%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 13.4%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 10.37%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;" rowspan="1">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Thomas F. Lydon, Jr.</div>
                            <div> <br>
                            </div>
                            <div>(1960)<br>
                            </div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee and Chair of the Contracts Review Committee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1pt;">2019</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Current: US Global Investors, Inc. (GROW) (1995-present).</div>
                            <div>&#160;</div>
                            <div>Former: Harvest Volatility Edge Trust (3) (2017-2019).</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z89d6ab9aabb84f5291c872916f5fe692" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 17.55%; vertical-align: middle;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: middle;">&#160;</td>
                            <td style="width: 13.4%; vertical-align: middle;">&#160;</td>
                            <td style="width: 24.74%; vertical-align: middle;">&#160;</td>
                            <td style="width: 10.37%; vertical-align: middle;">&#160;</td>
                            <td style="width: 22.6%; vertical-align: middle;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Term of</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Number of</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Position(s)</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Office&#160;and</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Principal</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Portfolios</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">
                              <div style="font-weight: bold;">Name,</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Held</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Length of</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Occupation(s)</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">in Fund</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">
                              <div style="font-weight: bold;">Business Address</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">with the</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Time</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">During Past Five</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Complex</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Other Directorships</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="font-weight: bold;">and Year of Birth*</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Fund</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Served**</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                              <div style="text-align: center; font-weight: bold;">Years</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Overseen</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Held by Trustees***</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z3821fddd46124de3a8a842fa11cf7679" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Ronald A. Nyberg</div>
                            <div>&#160;</div>
                            <div>(1953)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee and</div>
                            <div>Chair&#160;of the</div>
                            <div>Nominating</div>
                            <div>And&#160;Governance</div>
                            <div>Committee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-align: center; text-indent: 1pt;">Since</div>
                            <div style="text-align: center; text-indent: 1pt;">2007</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Partner, Momkus</div>
                            <div>LLC (2016-present).</div>
                            <div>Former: Partner, Nyberg &amp;</div>
                            <div>Cassioppi, LLC (2000-2016);</div>
                            <div>Executive Vice President,</div>
                            <div>General Counsel, and</div>
                            <div>Corporate Secretary, Van</div>
                            <div>Kampen Investments</div>
                            <div>(1982-1999)</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">157</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: bottom;">
                            <div>Current: PPM Funds (9)</div>
                            <div>(2018-present);</div>
                            <div>Edward-Elmhurst</div>
                            <div>Healthcare System (2012-</div>
                            <div>present).</div>
                            <div>&#160;</div>
                            <div>Former: Western Asset</div>
                            <div>Inflation-Linked</div>
                            <div>Opportunities Fund (2004-April 2020); Western Asset</div>
                            <div>Inflation-Linked Income</div>
                            <div>Fund (2003-April 2020).</div>
                            <div>Former: Managed Duration</div>
                            <div>Investment Grade</div>
                            <div>Municipal Fund</div>
                            <div>(2003-2016).</div>
                            <div>&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Sandra G. Sponem</div>
                            <div>(1958)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee and Chair of the Audit Committee</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-align: center; text-indent: 1pt;">Since 2019</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Retired.</div>
                            <div>&#160;</div>
                            <div>Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Current: SPDR Series Trust (78) 2018-present); SPDR Index Shares Funds (31) (2018-present); SSGA Active Trust (12) (2018-present); and SSGA Master Trust (1) (2018-present).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 11.34%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 13.4%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 10.37%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;" rowspan="1">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>Ronald E. Toupin Jr.</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">
                            <div>Trustee,</div>
                            <div><br>
                            </div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top;">
                            <div style="text-align: center;">Since</div>
                            <div style="text-align: center; text-indent: 1pt;">2007</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Current: Portfolio Consultant&#160;(2010-present); <br>
                            </div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top;">
                            <div style="text-align: center;">156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Former: Western Asset</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-18</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z7722161a65944a7b9bb431f2d9930a5b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.55%; vertical-align: top;">
                            <div>(1958)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top;">Chair&#160;of the Board and Chair of the Executive Committee</td>
                          <td style="width: 13.4%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;">
                            <div>Member,&#160;Governing Council,&#160;Independent Directors&#160;Council (2013-present);&#160;Governor, Board of Governors,&#160;Investment Company Institute&#160;(2018-present).</div>
                            <div>&#160;</div>
                            <div>Former: Member, Executive</div>
                            <div>Committee, Independent</div>
                            <div>Directors Council (2016-2018);&#160;Vice President, Manager and&#160;Portfolio Manager, Nuveen Asset</div>
                            <div>Management (1998-1999);&#160;Vice President, Nuveen</div>
                            <div>Investment Advisory Corp.</div>
                            <div>(1992-1999); Vice President</div>
                            <div>and Manager, Nuveen Unit</div>
                            <div>Investment Trusts (1991-1999);&#160;and Assistant Vice President&#160;and Portfolio Manager, Nuveen</div>
                            <div>Unit Investment Trusts</div>
                            <div>(1988-1999), each of John</div>
                            <div>Nuveen &amp; Co., Inc. (1982-1999).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: top;">
                            <div>Inflation-Linked&#160;Opportunities &amp; Income Fund )(2004-April 2020); Western Asset&#160;Inflation-Linked Income&#160;Fund (2003-April 2020);</div>
                            <div>Managed Duration&#160;Investment Grade&#160;Municipal Fund (2003-2016).</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <br>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z89d6ab9aabb84f5291c872916f5fe692" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 17.55%; vertical-align: middle;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: middle;">&#160;</td>
                            <td style="width: 13.4%; vertical-align: middle;">&#160;</td>
                            <td style="width: 24.74%; vertical-align: middle;">&#160;</td>
                            <td style="width: 10.37%; vertical-align: middle;">&#160;</td>
                            <td style="width: 22.6%; vertical-align: middle;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Term of</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Number of</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Position(s)</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Office&#160;and</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Principal</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Portfolios</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">
                              <div style="font-weight: bold;">Name,</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Held</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Length of</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Occupation(s)</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">in Fund</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom;">
                              <div style="font-weight: bold;">Business Address</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">with the</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Time</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">During Past Five</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Complex</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom;">
                              <div style="text-align: center; font-weight: bold;">Other Directorships</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 17.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="font-weight: bold;">and Year of Birth*</div>
                            </td>
                            <td style="width: 11.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Fund</div>
                            </td>
                            <td style="width: 13.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Served**</div>
                            </td>
                            <td style="width: 24.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                              <div style="text-align: center; font-weight: bold;">Years</div>
                            </td>
                            <td style="width: 10.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Overseen</div>
                            </td>
                            <td style="width: 22.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                              <div style="text-align: center; font-weight: bold;">Held by Trustees***</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z1fd6f344cf6240da8eec74f8b5b79887" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                            <div>Amy J. Lee****</div>
                            <div>&#160;</div>
                            <div>(1961)</div>
                          </td>
                          <td style="width: 11.34%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                            <div>Trustee, Vice</div>
                            <div>President and</div>
                            <div>Chief Legal</div>
                            <div>Officer</div>
                          </td>
                          <td style="width: 13.4%; vertical-align: top; border-top: #000000 2px solid;">
                            <div style="text-indent: 1pt;">Since</div>
                            <div style="text-indent: 1pt;">2018</div>
                            <div style="text-indent: 1pt;">(Trustee)</div>
                            <div style="text-indent: 1pt;">Since 2014 (Chief Legal Officer)</div>
                            <div style="text-indent: 1pt;">Since 2012 (Vice President)</div>
                          </td>
                          <td style="width: 24.74%; vertical-align: top; border-top: #000000 2px solid;">
                            <div>Current: Interested Trustee,</div>
                            <div>certain other funds in the</div>
                            <div style="text-indent: 0.05pt;">Fund Complex (2018-</div>
                            <div>present); Chief Legal Officer, certain</div>
                            <div>other funds in the Fund</div>
                            <div>Complex (2014-present);</div>
                            <div>Vice</div>
                            <div>President, certain other funds&#160;in the Fund Complex (2007-present); Senior Managing&#160;Director, Guggenheim&#160;Investments (2012-present).</div>
                            <div> <br>
                            </div>
                            <div>
                              <div>Former: President and Chief</div>
                              <div>Executive Officer,</div>
                              <div>certain other funds in the&#160;Fund Complex (2017-2019);&#160;Vice President, Associate</div>
                            </div>
                          </td>
                          <td style="width: 10.37%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                            <div>156</div>
                          </td>
                          <td style="width: 22.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                            <div>None.</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-19</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zdd4c5186e3b3404da6f845ff6fc05ac0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 42.29%; vertical-align: middle;" colspan="3">&#160;</td>
                          <td style="width: 24.86%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 32.85%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.4%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;" colspan="1">
                            <div>General Counsel and Assistant</div>
                            <div>Secretary, Security Benefit</div>
                            <div>Life Insurance Company and&#160;Security Benefit Corporation&#160;(2004-2012).</div>
                          </td>
                          <td style="width: 10.37%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.6%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.55%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 11.34%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 13.4%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 24.74%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
                          <td style="width: 10.37%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 22.6%; vertical-align: bottom;" rowspan="1">&#160;</td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z2d88a6be4a344cf69d83a4bc32ed742c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 36pt; vertical-align: top;">*</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z7632a8e27963449cbfc850e49090dbce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 36pt; vertical-align: top;">**</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Each Trustee serves an indefinite term, until his or her successor is duly elected and qualified, subject to the Fund&#8217;s Independent Trustees Retirement Policy.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt; text-indent: 0pt; margin-left: 40pt;">&#8226; Messrs. Barnes, Chubb, Jr.+ and Friedrich+ and Ms. Lee and Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for re-election at the Fund&#8217;s
                      annual meeting of shareholders for the fiscal year ending May 31, 2023.</div>
                    <div>
                      <div style="text-indent: 0pt; margin-left: 40pt;">&#8226; Messrs. Farley+, Nyberg, Lydon, Jr, Toupin, Jr. and Ms. Sponem are Class II Trustees. Class II Trustees are expected to stand for re-election at the Fund&#8217;s annual meeting of
                        shareholders for the fiscal year ending May 31, 2021.</div>
                      <div> <br>
                      </div>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zd7172ca71f434544b79a002af69a983b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 36pt; vertical-align: top;">***</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Each Trustee also serves on the boards of trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal
                              Managed Duration Trust, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy &amp; Income Fund, Guggenheim Credit Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Funds and Transparent Value Trust.
                              Messrs. Barnes and Nyberg also serve on the board of trustees of Advent Convertible &amp; Income Fund. Together with the Fund, these funds are referred to as the &#8220;Fund Complex.&#8221; Figures provided in parentheses after the name
                              of a fund complex indicate the number of funds overseen in that complex.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z4c4c1aa9127e4b1eab4ea5033922c76e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 36pt; vertical-align: top; align: right;">****</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>This Trustee is deemed to be an &#8220;interested person&#8221; of the Funds under the 1940 Act by reason of her position with the Funds&#8217; Investment Adviser and/or the parent of the Investment Adviser.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt;">
                      <div>
                        <table cellspacing="0" cellpadding="0" id="z4c4c1aa9127e4b1eab4ea5033922c76e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                            <tr>
                              <td style="width: 36pt; vertical-align: top; align: right;">+<br>
                              </td>
                              <td style="width: auto; vertical-align: top;">
                                <div>Under the Fund&#8217;s Independent Trustees Retirement Policy, Messrs. Chubb, Farley and Friedrich are expected to retire in 2021 and are not expected to stand for re-election.</div>
                              </td>
                            </tr>

                        </table>
                      </div>
                      <div><br>
                        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Trustee Qualifications</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this SAI, that each Trustee should
                      serve as a Trustee in light of the Fund&#8217;s 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 1933 Act
                      or the rules and regulations of the SEC.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Randall C. Barnes. </font>Mr. Barnes has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee of the
                      Fund and a trustee of other funds in the Fund Complex, his service as Chair of the Valuation Oversight Committee, his service on other registered investment company boards, prior 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Angela Brock-Kyle. </font>Ms. Brock-Kyle has served as a trustee of certain funds in the Fund Complex since 2016. Through her service as a trustee of
                      other funds in the Fund Complex, prior employment experience, including at TIAA where she spent 25 years in leadership roles, and her experience serving on the boards of public, private and non-profit organizations, including service
                      as Audit Committee Chair and as a member of governance and nominating committees, Ms. Brock-Kyle is experienced in financial, accounting, governance and investment matters.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Donald A. Chubb, Jr. </font>Mr. Chubb has served as a trustee of certain funds in the Fund Complex since 1994. Through his service as a Trustee of
                      the Fund and a trustee of other funds in the Fund Complex, his prior experience</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-20</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> in the commercial brokerage and commercial real estate market, and service as a director of a bank, Mr. Chubb is experienced in financial, regulatory and investment matters.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Dr. Jerry B. Farley. </font>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 educational institutions have included all aspects of financial management and reporting. Through his service as a Trustee of the Fund and trustee of other funds in the
                      Fund Complex, 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.<br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Roman Friedrich III. </font>Mr. Friedrich has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee
                      of the Fund and a trustee of other funds in the Fund Complex, his prior 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Amy J. Lee. </font>Ms. Lee has served as a trustee of certain funds in the Fund Complex since 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 prior 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Thomas F. Lydon, Jr. </font>Mr. Lydon has served as a trustee of certain funds in the Fund Complex since 2005. Through his service as a trustee of
                      other funds in the Fund Complex, his service as Chair of the Contracts Review Committee, his experience as President of Global Trends Investments, a registered investment adviser, his service on the board of U.S. Global Investors,
                      Inc. (GROW), an investment adviser and transfer agent, as well as his prior service on another registered investment company board and his authorship and editorial experience regarding exchange-traded funds, Mr. Lydon is experienced
                      in financial, investment and governance matters.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Ronald A. Nyberg. </font>Mr. Nyberg has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the
                      Fund and a trustee of other funds in the Fund Complex, as well as Chair of the Nominating &amp; Governance Committee, his service on other registered investment company boards, his professional training and experience as an attorney
                      and partner of a law firm, Momkus LLC, and his prior employment experience, including as an attorney and partner of a law firm, Nyberg &amp; Cassioppi, LLC and Executive Vice President and General Counsel of Van Kampen Investments, an
                      asset management firm, Mr. Nyberg is experienced in financial, regulatory and governance matters.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Sandra G. Sponem. </font>Ms. Sponem has served as a trustee of certain funds in the Fund Complex since 2016. Through her service as a trustee of
                      other funds in the Fund Complex, her service as Chair of the Audit Committee, her service on other registered investment company boards, her prior employment experience, including as Chief Financial Officer of Piper Jaffray Companies,
                      Inc. and its predecessor, U.S. Bancorp Piper Jaffray, Inc., (now Piper Sandler Companies) and as Senior Vice President and Chief Financial Officer of M.A. Mortenson Company, a construction and real estate development company, her
                      Certified Public Accountant designation and previously held securities licenses and extensive knowledge of accounting and finance and the financial services industry, Ms. Sponem is experienced in accounting, financial, governance and
                      investment matters. The Board has determined that Ms. Sponem is an &#8220;audit committee financial expert&#8221; as defined by the SEC.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Ronald E. Toupin, Jr. </font>Mr. Toupin has served as a trustee of certain funds in the Fund Complex since 2003. Mr. Toupin currently serves on the
                      Governing Council of the Independent Directors Council (IDC) of the Investment Company Institute (ICI) and on the Board of Governors of the ICI. Through his service as a Trustee and a trustee of other funds in the Fund Complex, as
                      well as the Independent Chair of the Board, his prior service on other registered investment company 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Each Trustee also has considerable familiarity with the Funds, the Funds&#8217; investment advisers and other service providers, and their operations, as well as the special regulatory
                      requirements governing registered</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-21</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> investment companies and the special responsibilities of investment company trustees as a result of his/her substantial prior service as a Trustee of the funds in the Fund Complex.<br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Executive Officers</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following information relates to the executive officers of the Fund who are not Trustees. The Fund&#8217;s officers receive no compensation from the Fund but may also be officers or
                      employees of the Investment Adviser, the Sub-Adviser or affiliates of the Investment Adviser or the Sub-Adviser and may receive compensation in such capacities.</div>
                    <table cellspacing="0" cellpadding="0" id="z7cd919561c274d4296fd823bc076a673" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.36%; vertical-align: middle;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: middle;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: middle;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Name, Business</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Term of Office<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;and</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Address<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;and</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Position(s) held</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Length of Time</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Principal Occupation</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Year of Birth</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">with the Trust</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Served</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">During the Past Five Years</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>Brian E. Binder</div>
                            <div>Year of Birth: 1972</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;" colspan="1">
                            <div>President and</div>
                            <div>Chief Executive</div>
                            <div>Officer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2018</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC
                              (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief
                              Administrative Officer, Guggenheim Investments (2018-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco
                              Ltd. (2010-2012). </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">
                            <div>Bryan Stone<br>
                              Year of Birth: 1979</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Vice President</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2014</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">
                            <div>Joanna M. Catalucci<br>
                              Year of Birth: 1966</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Chief Compliance Officer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2012</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Anti-Money Laundering Compliance Officer, certain funds in the Fund Complex (2016-2020); Chief Compliance Officer and Secretary, certain <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-22</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z2782c85c1d7f4507871eb36de7edc16c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 21.42%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 22.76%; vertical-align: bottom;" rowspan="1">&#160;</td>
                          <td style="width: 38.46%; vertical-align: bottom;" rowspan="1">other funds in the Fund Complex (2008-2012); Senior Vice President &amp; Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief
                            Compliance Officer and Senior Vice President, Rydex Advisers, LLC and certain affiliates (2010-2011).</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>John L. Sullivan</div>
                            <div>Year of birth: 1955</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;" colspan="1">
                            <div>Chief Financial</div>
                            <div>Officer, Chief</div>
                            <div>Accounting Officer</div>
                            <div>and Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2010</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;" colspan="1">
                            <div>Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).</div>
                            <div>&#160;</div>
                            <div>Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management
                              (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z6cdda2a4fbd44d6e8433bf43226565e5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.36%; vertical-align: middle;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: middle;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: middle;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Name, Business</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Term of Office<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;and</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Address<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;and</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Position(s) held</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Length of Time</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Principal Occupation</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold;">Year of Birth</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold;">with the Trust</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold;">Served</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="font-weight: bold;">During the Past Five Years</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>Mark E. Mathiasen</div>
                            <div>Year of birth: 1978</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Secretary</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2007</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>Michael P. Megaris</div>
                            <div>Year of Birth: 1984</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div style="text-indent: 0.05pt;">Assistant Secretary</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2014</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Assistant Secretary, certain other funds in the Fund Complex (2014- present); Associate, Guggenheim Investments (2012-present).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>James M. Howley</div>
                            <div>Year of birth: 1972</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Assistant Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2007</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;" colspan="1">
                            <div>Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Manager of Mutual Fund Administration, Van Kampen Investments, Inc. (1996-2004).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="vertical-align: top;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" colspan="1">
                            <div>Kimberly J. Scott</div>
                            <div>Year of birth: 1974</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Assistant Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2012</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;" colspan="1">
                            <div>Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).</div>
                            &#160;
                            <div>Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley <br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-23</font></div>
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                    </div>
                    <div><br>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="zd72350a348244001a58650004387ad0e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 17.36%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 21.42%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 22.76%; vertical-align: top;" rowspan="1">&#160;</td>
                          <td style="width: 38.46%; vertical-align: top;" rowspan="1">Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: top;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">
                            <div>William Rehder</div>
                            <div>Year of Birth: 1969</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Assistant Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2019</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Managing Director, Guggenheim Investments (2002-present).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: top;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">
                            <div>Glen McWhinnie<br>
                              Year of Birth: 1969</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Assistant Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2016</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Tax Compliance Manager, Ernst &amp; Young LLP (1996-2009).</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">&#160;</td>
                          <td style="width: 21.42%; vertical-align: top;">&#160;</td>
                          <td style="width: 22.76%; vertical-align: top;">&#160;</td>
                          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 17.36%; vertical-align: top;">
                            <div>Jon Szafran</div>
                            <div>Year of birth: 1989</div>
                          </td>
                          <td style="width: 21.42%; vertical-align: top;">
                            <div>Assistant Treasurer</div>
                          </td>
                          <td style="width: 22.76%; vertical-align: top;">
                            <div>Since 2017</div>
                          </td>
                          <td style="width: 38.46%; vertical-align: top;">
                            <div>Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).</div>
                            <div> <br>
                            </div>
                            <div>Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (&#8220;HGINA&#8221;) (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017);
                              Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).</div>
                          </td>
                        </tr>

                    </table>
                    <div> <br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="ze7ac9b0728264acdb235500bac89e155" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">&#160;(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z490b17093317409e9f437cf5636d7124" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(2)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Each officer serves at the pleasure of the Board and until his or her successor is appointed and qualified or until his or her resignation or removal.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Board Leadership Structure</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The&#160;primary responsibility of the Board is to represent the interests of the Fund and to provide oversight of the management of the Fund. The Fund&#8217;s day-to-day operations are managed
                      by the Adviser and other service providers who have been approved by the Board. The Board is currently comprised of ten Trustees, nine 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">&#160;&#160;&#160;&#160;&#160;The Board has appointed an Independent Chair, 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 Chair acts as a liaison with officers, counsel and
                      other Trustees between meetings of the Board. The Independent Chair may also perform such other functions as may be delegated by the Board from time to time. The Board has established five 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 Fund&#8217;s activities, including
                      through the review of the Fund&#8217;s contractual arrangements with service providers and the Fund&#8217;s financial statements, compliance with regulatory requirements, and 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 </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-24</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">respect to certain specified matters. The Independent Trustees are advised 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 Chair, a supermajority of Independent Trustees and committee membership limited to
                      Independent Trustees, is appropriate in light of the characteristics and circumstances of the Fund because it allocates responsibilities among the Committees and the Board in a manner that further enhances effective oversight. The
                      Board considered, among other things: the number of portfolios that comprise the trusts in the Guggenheim Family of Funds overseen by members of the Board; the variety of asset classes those portfolios include; the net assets of each
                      Fund and the Guggenheim Family of Funds; and the management, distribution and other service arrangements of each Fund and the Guggenheim Family of Funds. The Board may at any time and in its discretion change this leadership
                      structure.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Board Committees</div>
                    <div style="text-indent: 18pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-style: italic;">Executive Committee. </font>The Board has an Executive Committee, which is composed of Sandra G. Sponem and Ronald E. Toupin, Jr.,
                      each an Independent Trustee. In between meetings of the full Board, the Executive Committee generally may exercise all the powers of the full Board in the management of the business of the Funds. However, the Executive Committee
                      cannot, among other things, authorize dividends or distributions on shares, amend the bylaws or recommend to the shareholders any action which requires shareholder approval.</div>
                    <div style="text-indent: 18pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-style: italic;">Nominating and Governance Committee. </font>The Board has a Nominating and Governance Committee, which is composed of Randall C.
                      Barnes, Angela Brock-Kyle, Donald A. Chubb, Jr., Jerry B. Farley, Roman Friedrich III, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, 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 Chair of the Nominating and Governance Committee.</div>
                    <div style="text-indent: 18pt; margin-top: 10pt; margin-bottom: 10pt;">&#160;&#160;&#160;&#160;&#160;The Nominating and Governance Committee is governed by a written charter (the &#8220;Nominating and Governance Committee Charter&#8221;).</div>
                    <div style="text-indent: 18pt; margin-top: 10pt; margin-bottom: 10pt;">&#160;&#160;&#160;&#160;&#160;The purpose of the Nominating and Governance Committee is to review matters pertaining to the composition, committees, and operations of the Board. The
                      Nominating and Governance Committee is responsible for recommending qualified candidates to the Board in the event that a position is vacated or created. The Nominating and Governance Committee would consider recommendations by
                      shareholders if a vacancy were to exist and shall assess shareholder recommendations in the same manner as it reviews its own candidates. The Board does not have a standing compensation committee.</div>
                    <div style="text-indent: 18pt; margin-right: 10.8pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-style: italic;">Audit Committee. </font>The Board has an Audit Committee, which is composed of Randall C. Barnes, Angela
                      Brock-Kyle, Donald A. Chubb, Jr., Jerry B. Farley, Roman Friedrich III, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr., each of whom is an Independent Trustee and is &#8220;independent&#8221; as defined by
                      NYSE listing standards. As of June 30, 2020, Ms. Sponem serves as Chair of the Audit Committee.</div>
                    <div style="text-indent: 18pt; margin-right: 10.8pt; margin-top: 10pt; margin-bottom: 10pt;">The Audit Committee is generally responsible for certain oversight matters, such as reviewing the Fund&#8217;s systems for accounting, financial
                      reporting and internal controls and, as appropriate, the internal controls of certain service providers, overseeing the integrity of the Fund&#8217;s financial statements (and the audit thereof), as well as the qualifications, independence
                      and performance of the Fund&#8217;s independent registered public accounting firm. The Audit Committee is also responsible for recommending to the Board the appointment, retention and termination of the Fund&#8217;s independent registered public
                      accounting firm and acting as a liaison between the Board and the Fund&#8217;s independent registered public accounting firm.</div>
                    <div style="text-indent: 18pt; margin-right: 3.6pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-style: italic;">Contracts Review Committee. </font>The Board has a Contracts Review Committee, which is composed of Randall
                      C. Barnes, Angela Brock-Kyle, Donald A. Chubb, Jr., Jerry B. Farley, Roman Friedrich III, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr., each of whom is an Independent Trustee. As of June 30,
                      2020, Mr. Lydon serves as Chair of the Contracts Review Committee. The purpose of the Contracts Review Committee is to assist the Board in overseeing the evaluation of certain contracts to which the Fund is or is proposed to be a
                      party to ensure that the interests of the Fund and its shareholders are served by the terms of these contracts. The Committee&#8217;s primary function is to oversee the process of evaluating existing investment advisory and subadvisory
                      agreements, administration agreements and distribution agreements. In addition, at its discretion or </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-25</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 18pt; margin-right: 3.6pt; margin-top: 10pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;">at the request of the Board, the Committee reviews and makes recommendations to the Board with respect to any contract to which the Fund is or is proposed to be a party.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Valuation Oversight Committee. </font>The Board has a Valuation Oversight Committee, which is composed of Randall C. Barnes, Angela Brock-Kyle,
                      Donald A. Chubb, Jr., Roman Friedrich III, and Sandra G. Sponem, each of whom is an Independent Trustee. As of June 30, 2020, Mr. Barnes serves as Chair of the Valuation Oversight Committee. The Valuation Oversight Committee assists
                      the Board in overseeing the activities of Guggenheim&#8217;s Valuation Committee and the valuation of securities and other assets held by the Fund. Duties of the Valuation Oversight Committee include reviewing the Fund&#8217;s valuation
                      procedures, evaluating pricing services that are being used for the Funds, and receiving reports relating to actions taken by Guggenheim&#8217;s Valuation Committee.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Board and Committee Meetings. </font>During the Fund&#8217;s fiscal year ended May 31, 2020, the Board held 4 meetings, the Fund&#8217;s Audit Committee held 6
                      meetings, the Fund&#8217;s Nominating and Governance Committee held 3 meetings, the Fund&#8217;s Contracts Review Committee held 2 meetings and the Valuation Oversight Committee held 4 meetings.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Board&#8217;s Role in Risk Oversight</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The day-to-day business of the Fund, including the day-to-day management and administration of the Fund and of the risks that arise from the Fund&#8217;s investments and operations, is
                      performed by third-party service providers, primarily the Adviser or its affiliates. Consistent with its responsibility for oversight of the Fund, the Board is responsible for overseeing the service providers and thus, has oversight
                      responsibility with respect to the risk management functions performed by those service providers. Risks to the Fund include, among others, investment risk, credit risk, valuation risk, compliance risk and operational risk, as well as
                      the overall business risk relating to the Fund. Risk management seeks to identify and mitigate the potential effects of risks, i.e., events or circumstances that could have material adverse effects on the business, operations,
                      investment performance or reputation of the Fund. Under the oversight of the Board, the service providers to the Fund employ a variety of processes, procedures and controls to seek to identify risks relevant to the operations of the
                      Fund and to lessen the probability of the occurrence of such risks and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Fund&#8217;s
                      business and consequently, for managing risks associated with that activity. Each of the Adviser and other service providers has its own independent interest in risk management, and its policies and methods of carrying out risk
                      management functions will depend, in part, on its analysis of the risks, functions and business models. Accordingly, Board oversight of different types of risks may be handled in different ways. As part of the Board&#8217;s periodic review
                      of each Fund&#8217;s 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.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board oversees risk management for the Fund 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 Fund faces. For instance, the Audit Committee receives reports
                      from the Fund&#8217;s independent registered public accounting firm on internal control and financial reporting matters. In addition, the Board has established an Executive Committee to act on the Board&#8217;s behalf, to the extent permitted and
                      as necessary, in between meetings of the Board. Each committee reports its activities to the Board on a regular basis. The Board also oversees the risk management of the Fund&#8217;s operations by requesting periodic reports from and
                      otherwise communicating with various personnel of the Fund and its service providers, including, in particular, the Fund&#8217;s Chief Compliance Officer, their independent registered public accounting firm and Guggenheim Investments&#8217; Chief
                      Risk Officer and internal auditors for the Adviser or its affiliates, as applicable. In this connection, the Board requires officers of the Fund to report a variety of matters at regular and special meetings of the Board and its
                      committees, as applicable, including matters relating to risk management. On at least a quarterly basis, the Board meets with the Fund&#8217;s 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 adequacy of the policies and procedures of the Fund and certain service providers and the
                      effectiveness of their implementation. 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 Sub-Adviser, as applicable, on the investments and securities trading of the Fund. With respect to valuation, the Valuation Oversight Committee oversees a pricing committee comprised of Fund officers and personnel of the
                      Adviser. The Board has approved valuation procedures applicable to valuing the Fund&#8217;s securities and other assets, which the Valuation Oversight Committee and the Audit Committee periodically review. The Board also requires each
                      Adviser and Sub-</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-26</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">Adviser, as applicable, to report to the Board on other matters relating to risk management on a regular and as-needed basis.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Board recognizes that not all risks that may affect the Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may
                      be necessary to bear certain risks (such as investment-related risks) to seek to achieve the Fund&#8217;s investment objectives, and that the processes, procedures and controls employed to address certain risks may be limited in their
                      effectiveness. As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel. Moreover, despite the
                      periodic reports the Board receives, it may not be made aware of all of the relevant information of a particular risk. Most of the Fund&#8217;s investment management and business affairs are carried out by or through the Adviser or its
                      affiliates and other service providers, most of whom employ professional personnel who have risk management responsibilities and each of whom has an independent interest in risk management, which interest could differ from or conflict
                      with that of the other funds that are advised by Adviser. The role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Fund and its oversight role does not make the
                      Board a guarantor of the Fund&#8217;s investments, operations or activities. As a result of the foregoing and other factors, the Board&#8217;s risk management oversight is subject to limitations. The Board may at any time and in its discretion
                      change how it administers its risk oversight function.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Remuneration of Trustees and Officers</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Independent Trustees of the Fund receive from the Fund Complex a general annual retainer for service on covered boards. Additional annual retainer fees are paid to: the Independent
                      Chair of the Board; the Chair (and Vice Chair, if any) of each of the Audit Committee, the Contracts Review Committee, and the Nominating and Governance Committee; and each member of the Valuation Oversight Committee. In addition,
                      fees are paid for special Board or Committee meetings, whether telephonic or in-person. No per meeting fee applies to meetings of the Valuation Oversight Committee. The Fund also reimburses each Independent Trustee for reasonable
                      travel and other out-of-pocket expenses incurred in attending in-person meetings, which are not included in the compensation amounts shown below. The Fund pays proportionately its respective share of Independent Trustees&#8217; fees and
                      expenses based on relative net assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 10pt;">The Trustees did not accrue any pension or retirement benefits as part of Fund expenses, nor will they receive any annual benefits upon retirement. The Trustees also did not accrue
                      any deferred compensation nor is any amount of deferred compensation payable by the Fund. The following table sets forth the compensation paid to each Independent Trustee by the Fund during its most recent fiscal year and the total
                      compensation paid to each Independent Trustee by Funds in the Fund Complex during the most recently completed calendar year.</div>
                    <table cellspacing="0" cellpadding="0" id="z58572103900d40fe8c58131c409f60ad" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 23.72%; vertical-align: middle;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: middle;">&#160;</td>
                          <td style="width: 21.65%; vertical-align: middle;">&#160;</td>
                          <td style="width: 17.52%; vertical-align: middle;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Aggregate</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Pension or Retirement</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Total Compensation</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Estimated</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Benefits Accrued</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Estimated Annual</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">from the Fund and</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Compensation</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="font-weight: bold;">as Part of</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Benefits Upon</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Fund Complex</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Name<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">from the Fund</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Fund Expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Retirement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Paid to Trustee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle;" colspan="5">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Independent Trustees:</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 21.65%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 17.52%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 18.56%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Randall C. Barnes</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$14,625</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$338,250</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Angela Brock-Kyle</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$6,684<br>
                            </div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$225,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Donald A. Chubb, Jr.</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$14,625</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$256,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Dr. Jerry B. Farley</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$15,728</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$276,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Roman Friedrich III</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$15,176</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$266,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Thomas Lydon, Jr.</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$6,684<br>
                            </div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$234,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Ronald A. Nyberg</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$14,901</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$341,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Maynard F. Oliverius(4)</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">None<br>
                            </div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$125,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Sandra G. Sponem</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$7,355<br>
                            </div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$279,000</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 23.72%; vertical-align: bottom;">
                            <div>Ronald E. Toupin, Jr.</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 10.65pt;">$18,626</div>
                          </td>
                          <td style="width: 21.65%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 17.52%; vertical-align: bottom;">
                            <div style="text-align: center;">None</div>
                          </td>
                          <td style="width: 18.56%; vertical-align: bottom;">
                            <div style="text-indent: 16.95pt;">$331,000</div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-27</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z4f04c5d076774516afd0f4a791908566" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Trustees not entitled to compensation are not included in the table.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zacfce2285dda48fcaad89fba5837afb4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(2)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>The Fund does not accrue or pay retirement or pension benefits to Trustees as of the date of this SAI.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z495b2c77c400410a9d25c80e2f87de5a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(3)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>As of the date of this SAI, the &#8220;Fund Complex&#8221; consists of seven closed-end funds, including the Fund, and 150 open-end funds. 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.</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zc84a79e67547430d8f021ef18208b835" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">(4)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>Mr. Oliverius retired from the Board of Trustees effective as of April 4, 2019 in accordance with the Independent Trustees Retirement Policy of the Fund.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Trustee Share Ownership</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As of December 31, 2019, the most recently completed calendar year prior to the date of this SAI, each Trustee of the Fund beneficially owned equity securities of the Fund and all of
                      the registered investment companies in the family of investment companies overseen by the Trustee in the dollar range amounts specified below.</div>
                    <table cellspacing="0" cellpadding="0" id="z77b5558cdd5440d0bd82e0560509bbca" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 29.31%; vertical-align: middle;">&#160;</td>
                          <td style="width: 36.36%; vertical-align: middle;">&#160;</td>
                          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 36.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Aggregate Dollar Range of Equity</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 36.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Securities in All Registered Investment</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Dollar Range of</div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Companies Overseen by Trustee in</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Name</div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Equity Securities in the Fund</div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Fund Complex<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle;" colspan="3">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="font-weight: bold;">Independent Trustees:</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 34.34%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Randall C. Barnes</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Angela Brock-Kyle</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">None</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$50,001-$100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Donald A. Chubb, Jr.</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$10,001-$50,000</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Dr. Jerry B. Farley</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">None</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Roman Friedrich III</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$50,001-$100,000</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Thomas Lydon, Jr.</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">None</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Ronald A. Nyberg</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$10,001-$50,000</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Sandra G. Sponem</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">None</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Ronald E. Toupin, Jr.</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">$50,001-$100,000</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="font-weight: bold;">Interested Trustee:</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 34.34%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 29.31%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div>Amy J. Lee</div>
                            </div>
                          </td>
                          <td style="width: 36.36%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">None</div>
                            </div>
                          </td>
                          <td style="width: 34.34%; vertical-align: bottom;">
                            <div style="background-color: #FFFFFF;">
                              <div style="text-align: center;">Over $100,000</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z362dc2a372a4426a864a39bced74e672" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">&#160;(1)</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>As of the date of this SAI, the &#8220;Fund Complex&#8221; consists of seven closed-end funds, including the Fund, and 150<font style="font-weight: bold;">&#160;</font>open-end funds. The Fund Complex consists of U.S. registered investment
                              companies advised or serviced by Guggenheim Funds Investment Advisors, LLC or Guggenheim Funds Distributors, LLC and/or affiliates of such entities.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Indemnification of Officers and Trustees; Limitations on Liability</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The governing documents of the Fund provide that the Fund will indemnify its Trustees and officers and may indemnify its employees or agents against liabilities and expenses incurred
                      in connection with litigation in which they may be involved because of their positions with the Fund, to the fullest extent permitted by law. However, nothing in the governing documents of the Fund protects or indemnifies a trustee,
                      officer, employee or agent of the Fund against any liability to which such person would otherwise be subject in the event of such person&#8217;s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
                      in the conduct of his or her position.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has entered into an Indemnification Agreement with each Independent Trustee, which provides that the Fund shall indemnify and hold harmless such Trustee against any and all
                      expenses actually and reasonably </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-28</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">incurred by the Trustee in any proceeding arising out of or in connection with the Trustee&#8217;s service to the Fund, to the fullest extent permitted by the Declaration of Trust and By-Laws and the laws of
                      the State of Delaware, the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, unless it has been finally adjudicated that (i) the Trustee is subject to such expenses by reason of the Trustee&#8217;s not
                      having acted in good faith in the reasonable belief that his or her action was in the best interests of the Fund or (ii) the Trustee is liable to the Fund or its shareholders by reason of willful misfeasance, bad faith, gross
                      negligence, or reckless disregard of the duties involved in the conduct of his or her office, as defined in Section 17(h) of the Investment Company Act of 1940, as amended.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Portfolio Management</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Adviser&#8217;s personnel with the responsibility for the day-to-day management of the Fund&#8217;s portfolio are B. Scott Minerd, Chief Investment Officer and Chief Executive Officer,
                      Anne Bookwalter Walsh, Assistant Chief Investment Officer and Senior Managing Director, Steve Brown, Managing Director, and Adam Bloch, Director.</div>
                    <div style="text-indent: 26pt; margin-left: 10pt; margin-bottom: 6pt; font-style: italic;">Other Accounts Managed by the Portfolio Managers.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following table sets forth information about funds and accounts (including the Fund) for which the portfolio managers are primarily responsible for the day-to-day portfolio
                      management as of May 31, 2020.</div>
                    <table cellspacing="0" cellpadding="0" id="z2981259083c54157a26c11fcec9d715a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 20.09%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.06%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.68%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 12.68%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39.13%; vertical-align: bottom;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Number of Other Accounts Assets</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 38.78%; vertical-align: bottom;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Number of Other Accounts Managed</div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39.13%; vertical-align: bottom;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">for Which Advisory Fee is</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 38.78%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">and Assets by Account Type</div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39.13%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Performance-Based</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle;" colspan="8">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Registered</div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Pooled</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Registered</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Pooled</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom;">
                            <div style="font-weight: bold;">Name of</div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Investment</div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Investment</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Investment</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Investment</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom;">
                            <div style="text-align: center; font-weight: bold;">Other</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Portfolio Manager</div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Companies</div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Vehicles</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Accounts</div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Companies</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Vehicles</div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Accounts</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>B. Scott Minerd</div>
                            </div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">12</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">63</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">130</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">39</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">13</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$25 billion</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$15.1 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$158 billion</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$10.3 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$4.4 billion</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle;" colspan="8">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>Anne Bookwalter Walsh</div>
                            </div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">16</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">6</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">85</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">2</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">4</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$28.7 billion</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$2.9 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$147.8 billion</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$2 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$270 million</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="8">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div>Steve Brown</div>
                            </div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">13</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">6</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">20</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">3</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">4</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$27.7 billion</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$2.9 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$13.5 billion</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$2 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$270 million</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 100%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="8">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>Adam Bloch</div>
                            </div>
                          </td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">19</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">6</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">20</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">3</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">4</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 20.09%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$27.8 billion</div>
                            </div>
                          </td>
                          <td style="width: 12.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$2.9 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$13.5 billion</div>
                            </div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$2 billion</div>
                            </div>
                          </td>
                          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$270 million</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="text-indent: 26pt; margin-left: 10pt; margin-bottom: 6pt; font-style: italic;">Information Regarding Potential Conflicts of Interest.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Potential Conflicts Related to the Sale of Fund Shares</u>. The Investment Adviser and the Sub-Adviser, (collectively, the &#8220;Advisers&#8221;), their affiliates and their respective
                      employees may have relationships with distributors, consultants and others who recommend, or engage in transactions with or for, the Fund. The Fund and/or an Adviser or its affiliates may compensate such distributors, consultants and
                      other parties in connection with such relationships. As a result of these relationships, distributors, consultants and other parties may have conflicts that create incentives for them to promote the Fund over other funds or financial
                      products.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">To the extent permitted by applicable law, the Advisers and their affiliates and the Fund may make payments to authorized dealers and other financial intermediaries and to
                      salespersons to promote the Fund. These payments may be made out of the assets of an Adviser or its affiliates or amounts payable to an Adviser or its affiliates. These payments may create an incentive for such persons to highlight,
                      feature or recommend the Fund over other funds or financial products.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-29</font></div>
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                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Potential Conflicts Related to Management of the Fund by the Advisers</u>. The following are descriptions of certain conflicts, financial or otherwise, that the Advisers and
                      their employees may have in managing the Fund. The descriptions below are not intended to be a complete enumeration or explanation of all of the conflicts of interests that may arise from the business activities of the Advisers, their
                      affiliates, or their respective clients. To address these and other actual or potential conflicts, the Advisers and the Fund have established various policies and procedures that are reasonably designed to identify and mitigate such
                      conflicts and to ensure that such conflicts are appropriately resolved taking into consideration the best interest of all clients involved, consistent with the Advisers&#8217; fiduciary obligations and in accordance with applicable law.
                      However, there can be no guarantee that these policies and procedures will be successful in every instance. In certain cases, transactions involving potential conflicts of interest described below may be elevated for review by a
                      conflicts review committee, the members of which are senior personnel of the Advisers&#8217; affiliates and are not employees or clients of the Advisers.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Additional information about potential conflicts of interest regarding the Advisers is set forth in each Adviser&#8217;s Form ADV. A copy of Part 1 and Part 2A of each Adviser&#8217;s Form ADV
                      is available on the SEC&#8217;s website at www.adviserinfo.sec.gov.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>The Advisers and Their Affiliates Provide a Broad Array of Services and Have Various Investment Banking, Advisory and Other Relationships</u>. The Advisers are affiliates of
                      Guggenheim Partners, LLC (&#8220;Guggenheim Partners&#8221;), which is a global, full service financial services firm. Guggenheim Partners and its affiliates, including the Advisers (collectively, &#8220;Guggenheim Entities&#8221;), provide their clients
                      with a broad array of investment management, insurance, broker-dealer, investment banking and other similar services (&#8220;Other Business Activities&#8221;). These Other Business Activities create actual and potential conflicts of interest for
                      the Advisers in managing the Fund.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">For example, the Other Business Activities may create conflicts between the interests of a Fund, on the one hand, and the interests of the Advisers, their affiliates and their
                      respective other clients, on the other hand. The Advisers and their affiliates may act as advisers to clients in investment banking, loan arranging and structuring, financial advisory, asset management and other capacities related to
                      securities and instruments that may be purchased, sold or held by a Fund, and the Advisers or an affiliate may issue, or be engaged as underwriter for the issuer of, securities and instruments that a Fund may (in accordance with
                      applicable rules) purchase, sell or hold. At times, these activities may cause the Advisers and their affiliates to give advice to their clients that may cause these clients to take actions in conflict with or adverse to the interest
                      of a Fund. In addition, Guggenheim Entities may take action that differs from, potentially conflicts with or is adverse to advice given or action taken for the Advisers&#8217; clients. The Guggenheim Entities and their respective officers,
                      directors, managing directors, partners, employees and consultants may act in a proprietary capacity with long or short positions in securities and instruments of all types, including those that may be purchased, sold or held by a
                      Fund. Such activities could affect the prices and availability of the securities and instruments that a Fund holds or that an Adviser seeks to buy or sell for a Fund&#8217;s account, which could adversely impact the financial returns of the
                      Fund.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">These Other Business Activities may create other potential conflicts of interests in managing the Fund, may cause the Fund to be subject to additional regulatory limits and, in
                      certain circumstances, may prevent a Fund from participating or limit a Fund&#8217;s participation in an investment opportunity that the Fund&#8217;s portfolio managers view to be favorable. As a result, activities and dealings of the Advisers
                      and their affiliates may affect the Fund in ways that may disadvantage or restrict the Fund or be deemed to benefit an Adviser, its affiliates or other client accounts.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Advisers&#8217; and Their Affiliates&#8217; Activities on Behalf of Other Clients</u>. The Advisers and their affiliates currently manage and expect to continue to manage a variety of other
                      client accounts, including (without limitation) separately managed accounts, open-end registered funds, closed-end registered funds, private funds and other collective investment vehicles, and may serve as asset or collateral manager
                      or in other capacities for certain non-registered structured products (collectively, &#8220;Other Clients&#8221;). Investors in such Other Clients include insurance companies affiliated with or related to the Advisers, as described below. Other
                      Clients invest pursuant to the same or different investment objectives, strategies and philosophies as those employed by the Fund and may seek to make or sell investments in the same securities, instruments, sectors or strategies as
                      the Fund. There are no restrictions on the ability of an Adviser and its affiliates to manage Other Clients following the same, similar or different investment objectives, strategies and philosophies as those employed by the Fund.
                      This &#8220;side-by-side&#8221; management of multiple accounts may create potential conflicts, particularly in circumstances where the availability or liquidity of investment opportunities is limited. Other Clients may also be subject to
                      different legal restrictions or regulatory </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-30</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-bottom: 10pt;">regimes than the Fund. Regardless of the similarity in investment objectives and strategies between the Fund and Other Clients, the Advisers may give advice and recommend investments to Other Clients
                      that may differ from advice given to, or investments bought or sold for, the Fund, and the Fund and Other Clients may vote differently on or take or refrain from taking different actions with respect to the same security or
                      instrument, which may be disadvantageous to the Fund and adversely affect their performance.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The investment policies, fee arrangements and other characteristics of the Fund may also vary from those of Other Clients. In some cases, the Advisers or an affiliate may receive a
                      potentially larger financial benefit from managing one or more such Other Clients as compared to the Fund (for example, some Other Clients are charged performance or incentive fees constituting a percentage of profits or gains), which
                      may provide an incentive to favor such Other Clients over the Fund or to recommend favorable investments to Other Clients who pay higher fees or who have the potential to generate greater fees over the Fund. The Advisers on behalf of
                      the Fund or Other Clients may, pursuant to one transaction or in a series of transactions over time, invest in different parts of an issuer&#8217;s or borrower&#8217;s capital structure (including but not limited to investments in public versus
                      private securities, investments in debt versus equity, or investments in senior versus subordinated debt or when the same or similar investments have different rights or benefits), depending on the respective client&#8217;s investment
                      objectives and policies. Relevant issuers or borrowers may also include special purpose issuers or borrowers in structured finance, asset backed, collateralized loan obligation, collateralized debt obligation or similar transactions.
                      As a result of the foregoing, the interests of one group of clients could conflict with those of other clients with respect to the same issuer or borrower. In managing such investments, the Advisers will consider the interests of all
                      affected clients in deciding what actions to take with respect to a given issuer or borrower, but at times will pursue or enforce rights on behalf of some clients in a manner that may have an adverse effect on, or result in
                      asymmetrical financial outcomes to, other clients owning a different, including more senior or junior, investment in the same issuer or borrower. In these types of scenarios, the Advisers may occasionally engage and appoint an
                      independent party to provide independent analysis or recommendations with respect to consents, proxy voting, or other similar shareholder or debt holder rights decision (or a series of consents, votes or similar decisions) pertaining
                      to the Fund and other clients. These potential conflicts of interests between the Advisers&#8217; clients may become more pronounced in situations in which an issuer or borrower experiences financial or operational challenges, or as a
                      result of a Fund&#8217;s use of certain investment strategies, including small capitalization, emerging market, distressed or less liquid strategies.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Adviser Activities on Behalf of Affiliated or Related Accounts</u>. To the extent permitted by the 1940 Act and other laws, the Advisers, from time to time, may initiate or
                      recommend transactions in the loans or securities of companies in which the Advisers, their related persons, or their respective affiliates have a controlling or other material direct or indirect interest.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Sammons Enterprises, Inc. (&#8220;Sammons&#8221;), a diversified company with several insurance company subsidiaries, is the largest single equity holder in Guggenheim Capital, LLC (&#8220;Guggenheim
                      Capital&#8221;), the Advisers&#8217; ultimate parent company. Sammons has relationships with the Advisers and various Guggenheim Entities. In addition, Guggenheim Capital wholly owns Guggenheim Life and Annuity Company and Clear Spring Life
                      Insurance Company (together with Sammons, the &#8220;Affiliated Insurance Companies&#8221;). Certain Affiliated Insurance Companies and their subsidiaries are advisory clients of the Advisers and, accordingly, pay the Advisers a substantial
                      amount of annual fees for advisory services. Sammons is the largest individual stakeholder of the Advisers and the largest individual source of annual advisory fees paid to the Advisers.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Furthermore, some officers and directors of Guggenheim Capital and its subsidiaries, including the Advisers (&#8220;Guggenheim Related Persons&#8221;), have economic interests or voting
                      interests in companies, including insurance companies that are advisory clients of the Advisers. Guggenheim Related Persons from time to time enter into transactions, including loans and other financings, with these companies. Some
                      Guggenheim Related Persons also may have economic interests or voting interests in issuers, which may be controlling or otherwise material interests, or may serve as a director on the board of issuers, in which the Advisers have
                      invested or will invest on behalf of their clients or to which the Advisers have provided or will provide financing on behalf of their clients. Additionally, Guggenheim Related Persons may have direct or indirect investments in and/or
                      have financial or other relationships with some of the Advisers&#8217; clients or other investment vehicles that may create potential conflicts of interest. Sammons and certain advisory or other clients in which Guggenheim Related Persons
                      have interests have provided, and from time to time may provide, significant loans and other financing to an Adviser and its affiliates. In addition, Guggenheim Related Persons have direct or indirect proprietary or personal
                      investments in and/or have financial or </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-31</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-bottom: 10pt;">other relationships with financial industry participants or other entities (including trading platforms) that may perform services on behalf of, or in connection with, investments made by the Advisers
                      on behalf of their clients. The Advisers do not expect these transactions to be material.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The relationships described above create potential conflicts of interest for the Advisers in managing the Fund and could create an incentive for an Adviser to favor the interests of
                      these companies over its clients. These incentives are more pronounced where an Adviser has multiple relationships with the client. For example, the Advisers have invested, and may in the future invest, on behalf of its clients in
                      issuers or transactions in which Affiliated Insurance Companies or Guggenheim Related Persons have direct and/or indirect interests, which may include a controlling or significant beneficial interest. In addition, Guggenheim Related
                      Persons and the accounts of Affiliated Insurance Companies and other Adviser clients have invested, and may in the future invest, in securities at different levels of the capital structure of the same issuer, in some cases at the same
                      time and in other cases at different times as the Fund and other clients of the Advisers. The following conflicts may arise in such situations: (i) enforcement of rights or determination not to enforce rights by the Advisers on behalf
                      of the Fund and other clients may have an adverse effect on the interests of its affiliates or related persons, and vice versa, (ii) the Advisers may have an incentive to invest client funds in the issuer or borrower to either
                      facilitate or obtain preferable terms for a proposed investment by an affiliate or related person in such issuer or borrower, or (iii) the Advisers may have an incentive to preserve or protect the value or rights associated with an
                      existing economic interest of an affiliate or related person in the issuer or borrower, which may have an adverse effect on the interests of other clients, including the Fund. In addition, the Advisers may be subject to conflicts of
                      interest with respect to financial industry participants or other entities (including trading platforms) because transactions on or through such platforms may result in compensation directly being paid to these entities that
                      indirectly benefits Guggenheim Related Persons.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The Advisers mitigate potential conflicts of interest in the foregoing and similar situations, including through policies and procedures (i) designed to identify and mitigate
                      conflicts of interest on a transaction-by-transaction basis and (ii) that require investment decisions for all client accounts be made independently from those of other client accounts and be made with specific reference to the
                      individual needs and objectives of each client account, without consideration of the Advisers&#8217; pecuniary or investment interests (or those of their respective employees or affiliates). The Fund and the Advisers also maintain
                      procedures to comply with applicable laws, notably relevant provisions of the 1940 Act that prohibit Fund transactions with affiliates (or exemptive rules thereunder).</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Allocation of Investment Opportunities</u>. As described above, the Advisers and their affiliates currently manage and expect to continue to manage Other Clients that may invest
                      pursuant to the same or different strategies as those employed by the Fund, and such Other Clients could be viewed as being in competition with the Fund for appropriate investment opportunities, particularly where there is limited
                      capacity with respect to such investment opportunities. The investment policies, fee arrangements and other circumstances of the Fund may vary from those of the Other Clients, and the Advisers may face potential conflicts of interest
                      because the Advisers may have an incentive to favor particular client accounts (such as client accounts that pay performance-based fees) over other client accounts that may be less lucrative in the allocation of investment
                      opportunities.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">In order to minimize execution costs for clients, trades in the same security transacted on behalf of more than one client will generally be aggregated (i.e., blocked or bunched) by
                      an Adviser, unless it believes that doing so would conflict or otherwise be inconsistent with its duty to seek best execution for the clients and/or the terms of the respective investment advisory contracts and other agreements and
                      understandings relating to the clients for which trades are being aggregated. When an Adviser believes that it can effectively obtain best execution for the clients by aggregating trades, it will do so for all clients participating in
                      the trade for which aggregated trades are consistent with the respective investment advisory contracts, investment guidelines, and other agreements and understandings relating to the clients.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The Advisers have implemented policies and procedures that govern the allocation of investment opportunities among clients in a fair and equitable manner, taking into account the
                      needs and financial objectives of the clients, their specific objectives and constraints for each account, as well as prevailing market conditions. If an investment opportunity would be appropriate for more than one client, an Adviser
                      may be required to choose among those clients in allocating the opportunity, or to allocate less of the opportunity to a client than it would ideally allocate if it did not have to allocate to multiple clients. In addition, an Adviser
                      may determine that an investment opportunity is appropriate for a particular client account, but not for another.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-32</font></div>
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                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The Advisers allocate transactions on an objective basis and in a manner designed to assure that no participating client is favored over any other participating client over time. If
                      an investment is suitable and desirable for more than one client account, an initial allocation study will be determined based upon demand ascertained from the portfolio managers. With respect to fixed income and private equity
                      assets, this initial allocation study is overseen by a central allocation group and generally reflects a pro rata participation in the investment opportunity among the participating client accounts that expressed demand. Final
                      allocation decisions are made or verified independently by the central allocation group. With respect to public equity securities and public equity-related securities, the allocation generally reflects a pro rata participation in the
                      investment opportunity among participating client accounts. Allocations may be adjusted under specific circumstances, such as situations of scarcity where pro rata allocations would result in de minimis positions or odd lots.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">The application of relevant allocation factors may result in non-pro rata allocations, and particular client accounts (including client accounts in which the Advisers and their
                      affiliates or related persons, or their respective officers, directors or employees, including portfolio managers or senior managers, have an interest) may receive an allocation when other client accounts do not or receive a greater
                      than pro-rata allocation. There can be no assurance that a particular investment opportunity will be allocated in any particular manner, and circumstances may occur in which an allocation could have adverse effects on a Fund with
                      respect to the price or size of securities positions obtainable or saleable. All of the foregoing procedures could in certain circumstances adversely affect the price paid or received by a Fund or the size of the position purchased or
                      sold by a Fund (including prohibiting a Fund from purchasing a position) or may limit the rights that a Fund may exercise with respect to an investment.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Allocation of Limited Time and Attention</u>. The portfolio managers for the Fund may devote as much time to the Fund as the Advisers deem appropriate to perform their duties in
                      accordance with reasonable commercial standards and the Advisers&#8217; duties. However, as described above, these portfolio managers are presently committed to and expect to be committed in the future to providing investment advisory and
                      other services for Other Clients and engage in Other Business Activities in which the Fund may have no interest. As a result of these separate business activities, an Adviser may have conflicts of interest in allocating management
                      time, services and functions among the Fund and Other Business Activities or Other Clients in that the time and effort of the Fund&#8217;s portfolio managers would not be devoted exclusively to the business of the Fund.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Potential Restrictions and Issues Related to Material Non-Public Information</u>. By reason of Other Business Activities as well as services and advice provided to Other Clients,
                      the Advisers and their affiliates may acquire confidential or material non-public information and may be restricted from initiating transactions in certain securities and instruments. The Advisers will not be free to divulge, or to
                      act upon, any such confidential or material non-public information and, due to these restrictions, an Adviser may be unable to initiate a transaction for a Fund&#8217;s account that it otherwise might have initiated. As a result, a Fund may
                      be frozen in an investment position that it otherwise might have liquidated or closed out or may not be able to acquire a position that it might otherwise have acquired.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Valuation of the Fund&#8217;s Investments</u>. Fund assets are valued in accordance with the Fund&#8217;s valuation procedures. The valuation of a security or other asset for the Fund may
                      differ from the value ascribed to the same asset by affiliates of an Adviser (particularly difficult-to-value assets) or Other Clients because, among other things, they may have procedures that differ from the Fund&#8217;s procedures or may
                      have access to different information or pricing vendors or use different models or techniques. The Advisers play a role in the valuation of Fund assets and may face a potential conflict with respect to such valuations.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Investments in Other Guggenheim Funds</u>. To the extent permitted by applicable law, the Fund may invest in other funds sponsored, managed, advised or sub-advised by the
                      Advisers. Investments by a Fund in such funds present potential conflicts of interest, including potential incentives to invest in smaller or newer funds to increase asset levels or provide greater viability and to invest in funds
                      managed by the portfolio manager(s) of the Fund. As disclosed in the Prospectus and this SAI, the Advisers have agreed to waive certain fees associated with these investments. In other circumstances, the Advisers may make investments
                      for clients for various portfolio management purposes in limited partnerships or similar vehicles that are managed or otherwise serviced by affiliates of the Advisers that will be compensated for such services.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Potential Conflicts Associated with the Advisers and Their Affiliates Acting in Multiple Capacities Simultaneously.</u></div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-33</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u> <br>
                      </u></div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Principal and Cross Transactions</u>. The Advisers may, to the extent permitted under applicable law, effect client cross transactions where an Adviser causes a transaction to be
                      effected between a Fund and an Other Client; provided, that conditions set forth in SEC rules under the 1940 Act are followed. Cross transactions present an inherent conflict of interest because an Adviser represents the interests of
                      both the selling account and the buying account in the same transaction, and the Adviser could seek to treat one party to the cross transaction more favorably than the other party. The Advisers have policies and procedures designed to
                      mitigate these conflicts and help ensure that any cross transactions are in the best interests of, and appropriate for, all clients involved and the transactions are consistent with the Advisers&#8217; fiduciary duties and obligation to
                      seek best execution and applicable rules.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"><u>Advisers and Their Affiliates May Act in Multiple Commercial Capacities</u>. Subject to applicable law and subject to the provisions of the 1940 Act and rules thereunder, an
                      Adviser may cause the Fund to invest in securities, bank loans or other obligations of companies or structured product vehicles that result in commissions, initial or ongoing fees, or other remuneration paid to (and retained by) an
                      Adviser or one of its affiliates. Such investments may include (i) investments that an Adviser or one of its affiliates originated, arranged or placed; (ii) investments in which the Advisers&#8217; affiliate provided investment banking,
                      financial advisory or similar services to a party involved in the transaction to which the investment relates (such as acquisition financing in a transaction in which the Advisers&#8217; affiliate represented the buyer or seller); (iii)
                      investments where an Adviser or its affiliates provided other services to a transaction participant or other third party; (iv) investments where an Adviser or one of its affiliates acts as the collateral agent, administrator,
                      originator, manager, or other service provider; and (v) investments that are secured or otherwise backed by collateral that could include assets originated, sold or financed by an Adviser or its affiliates, investment funds or pools
                      managed by an Adviser or its affiliates or assets or obligations managed by an Adviser or its affiliates. Commissions, fees, or other remuneration payable to an Adviser or its affiliates in these transactions may present a potential
                      conflict in that the Adviser may be viewed as having an incentive to purchase such investments to earn, or facilitate its affiliates&#8217; ability to earn, such additional fees or compensation.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">In some circumstances, and also subject to applicable law, the Advisers may cause the Fund to invest in or provide financing to issuers or borrowers, or otherwise participate in
                      transactions, in which the issuer, borrower or another transaction party (such as a placement agent or arranger) is, or is a subsidiary or affiliate of or otherwise related to, (a) an Other Client or (b) a company with which
                      Guggenheim Related Persons, or officers or employees of the Advisers, have investment, financial or other interests or relationships (including but not limited to directorships or equivalent roles). The financial interests of the
                      Advisers&#8217; affiliates or their related persons in issuers or borrowers create potential conflict between the economic interests of these affiliates or related persons and the interests of the Advisers&#8217; clients. In addition, to the
                      extent that a potential issuer or borrower (or one of its affiliates) is an advisory client of an Adviser, or an Adviser&#8217;s advisory client is a lender or financing provider to an Adviser or its affiliates (including a parent), a
                      potential conflict may exist as the Adviser may have an incentive to favor the interests of those clients relative to those of its other clients.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Because of limitations imposed by applicable law, notably by provisions of the 1940 Act and rules thereunder, the involvement or presence of the Advisers&#8217; affiliates in the
                      offerings described above or the financial markets more broadly may restrict a Fund&#8217;s ability to acquire some securities or loans, even if they would otherwise be desirable investments for the Fund, or affect the timing or price of
                      such acquisitions or the sale of an investment, which may adversely affect Fund performance.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Subject to applicable law and regulation, personnel of the Guggenheim Entities may support the overall investment management functions of the Advisers but may be subject to
                      potential conflicts of interest with respect to certain investment opportunities and, as such, may have an incentive to identify investment opportunities for, and allocate investment opportunities to, third-parties. Similarly, to the
                      extent that other Guggenheim Entities sponsor and manage funds that compete with the Fund&#8217;s investment programs, these funds may reduce capacity otherwise available to the Fund.</div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">To the extent permitted by applicable law, the Advisers and their affiliates may create, write, sell, issue, invest in or act as placement agent or distributor of derivative
                      instruments related to the Fund, or with respect to portfolio holdings of the Fund, or which may be otherwise based on or seek to replicate or hedge the performance of the Fund. Such derivative transactions, and any associated hedging
                      activity, may differ from and be adverse to the interests of the Fund.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-34</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="text-indent: 21.6pt; margin-bottom: 10pt;">Present and future activities of the Advisers and their affiliates (and the role and relationships of the Advisers&#8217; personnel with other Guggenheim Entities), in addition to those
                      described in this SAI, may give rise to additional or different conflicts of interest.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><u>Portfolio Manager Compensation</u>. As discussed above, portfolio managers may own Fund shares and a portion of their compensation may include equity in the form of shares of
                      certain funds (other than the Fund) managed by the particular portfolio manager. As a result, a potential conflict of interest may arise to the extent a portfolio manager owns or has an interest in shares of a specific fund that he or
                      she manages. These personal investments may create an incentive for a portfolio manager to favor such fund(s) over other advisory clients, including the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Securities Ownership of the Portfolio Manager. </font>As of May 31, 2020, the dollar range of equity securities of the Fund beneficially owned by the
                      portfolio manager is shown below:</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">B. Scott Minerd: None </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Anne Bookwalter Walsh: Over $100,000</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Steve Brown: None</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Adam Bloch: None </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Adviser</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Funds Investment Advisors, LLC (&#8220;Guggenheim Funds&#8221;), acts as the Fund&#8217;s investment adviser pursuant to an advisory agreement between the Fund and the Investment Adviser (the
                      &#8220;Advisory Agreement&#8221;). The Investment Adviser is a registered investment adviser and acts as investment adviser to a number of closed-end and open-end investment companies. The Investment Adviser is a Delaware limited liability
                      company with principal offices located at 227 West Monroe Street, Chicago, Illinois 60606.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Funds is a wholly-owned subsidiary of Guggenheim Partners, LLC (&#8220;Guggenheim Partners&#8221;). 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, foundation insurance companies and other institutions that have entrusted Guggenheim
                      Partners with the supervision of more than $270 billion of assets as of June 30, 2020. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Advisory Agreement</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under the terms of the Advisory Agreement, the Investment Adviser is responsible for the management of the Fund. The Investment Adviser furnishes office facilities and equipment and
                      clerical, bookkeeping and administrative services on behalf of the Fund and oversees the activities of the Fund&#8217;s Sub-Adviser. The Investment Adviser provides all services through the medium of any directors, officers or employees of
                      the Investment Adviser or its affiliates as the Investment Adviser deems appropriate in order to fulfill its obligations and pays the compensation of all officers and Trustees of the Fund who are its affiliates. For services rendered
                      by the Investment Adviser on behalf of the Fund under the Advisory Agreement, the Fund pays the Investment Adviser a fee, payable monthly in arrears at an annual rate equal to 1.00% of the Fund&#8217;s average daily Managed Assets.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to its terms, the Advisory Agreement continues from year to year if approved annually (i) by a vote of a majority of the Fund&#8217;s Board of Trustees or by a vote of a majority of
                      the outstanding voting securities (as defined in the 1940 Act) of the Fund at the time outstanding and entitled to vote and (ii) by a vote of a majority of the Trustees who are not parties to the Advisory Agreement or &#8220;interested
                      persons&#8221; (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement terminates automatically on its assignment and may be terminated without
                      penalty on 60 days&#8217; written notice at the option of either party thereto. Termination by the Fund shall be directed or approved by a vote of a majority of the Trustees of the Fund in office at the time or by a vote of the holders of a
                      majority of the voting securities (as defined in the 1940 Act) of the Fund at the time outstanding and entitled to vote.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Investment
                      Adviser is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund (or its agents) in connection with the performance of the Advisory Agreement.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-35</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Advisory Fee</div>
                    <table cellspacing="0" cellpadding="0" id="zb80134e1b74e426cb74717a856b7ab05" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Fiscal Year Ended May 31,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2020</div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2019</div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2018</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div>The Investment Adviser received advisory fees of</div>
                            </div>
                          </td>
                          <td style="width: 12.98%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$6,687,147</div>
                            </div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$5,844,005</div>
                            </div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$5,125,186</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Sub-Adviser</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Guggenheim Partners Investment Management, LLC acts as the Fund&#8217;s investment Sub-Adviser pursuant to an investment sub-advisory agreement among the Fund, the Investment Adviser and the
                      Sub-Adviser (the &#8220;Sub-Advisory Agreement&#8221;). The Sub-Adviser is a Delaware limited liability company with principal offices at 100 Wilshire Boulevard, Santa Monica, California 90401. The Sub-Adviser is a registered investment adviser.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Sub-Advisory Agreement</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Under the terms of the Sub-Advisory Agreement, the Sub-Adviser manages the portfolio of the Fund in accordance with its stated investment objective and policies makes investment
                      decisions for the Fund, places orders to purchase and sell securities on behalf of the Fund and manages its other business and affairs, all subject to the supervision and direction of the Fund&#8217;s Board of Trustees and the Investment
                      Adviser. For services rendered by the Sub-Adviser on behalf of the Fund under the Sub-Advisory Agreement, the Investment Adviser pays the Sub-Adviser a fee, payable monthly in arrears at an annual rate equal to 0.50% of the Fund&#8217;s
                      average daily Managed Assets, less 0.50% of the Fund&#8217;s average daily assets attributable to any investments by the Fund in Affiliated Investment Funds.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Advisory Agreement continues from year to year if approved annually (i) by a vote of a majority of the Fund&#8217;s Board of Trustees or by a vote of a majority of the outstanding
                      voting securities (as defined in the 1940 Act) of the Fund at the time outstanding and entitled to vote and (ii) by a vote of a majority of the Trustees who are not parties to the Sub-Advisory Agreement or &#8220;interested persons&#8221; (as
                      defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement terminates automatically on its assignment and may be terminated without penalty on
                      60 days&#8217; written notice at the option of either party thereto. Termination by the Fund shall be directed or approved by a vote of a majority of the Trustees of the Fund in office at the time or by a vote of the holders of a majority
                      of the voting securities (as defined in the 1940 Act) of the Fund at the time outstanding and entitled to vote.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Sub-Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the
                      Sub-Adviser is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund (or its agents) in connection with the performance of the Sub-Advisory Agreement.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to a Trademark Sublicense Agreement, Guggenheim Partners has granted to the Investment Adviser and the Sub-Adviser the right to use the name &#8220;Guggenheim&#8221; in the name of the
                      Fund, and the Investment Adviser and the Sub-Adviser have agreed that the name &#8220;Guggenheim&#8221; is Guggenheim Partners&#8217; property. In the event the Investment Adviser and the Sub-Adviser cease to act in such capacities for the Fund, the
                      Fund will change its name to one not including &#8220;Guggenheim.&#8221;</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Sub-Advisory Fee</div>
                    <table cellspacing="0" cellpadding="0" id="z91170b0df4a04ea4a04900e43417c2e8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.88%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Fiscal Year Ended May 31,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2020</div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2019</div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2018</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div>The Sub-Adviser received sub-advisory fees of</div>
                            </div>
                          </td>
                          <td style="width: 12.98%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$3,343,574</div>
                            </div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$2,922,003</div>
                            </div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$2,562,593</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Other Agreements</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Administration Agreement. </font>MUFG Investor Services (US) LLC (formerly Rydex Fund Services, LLC) (&#8220;MUFG&#8221;), serves as administrator to the Fund.
                      Pursuant to an administration agreement, MUFG is responsible for providing administrative services to the Fund. For the services, the Fund pays MUFG a fee, accrued daily and paid monthly, at the annual rate equal to 0.0275% of the
                      first $200 million in average daily Managed Assets, 0.0200% of the next $300 million in average daily Managed Assets, $0.0150% of the next $500 million in average daily Managed Assets, and 0.0100% of average daily Managed Assets above
                      $1 billion.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-36</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Prior to October 4, 2016, MUFG (formerly Rydex Fund Services, LLC) was an affiliate of the Adviser. On October 4, 2016, Guggenheim 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.</div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt; font-style: italic;">Administration Fee.</div>
                    <table cellspacing="0" cellpadding="0" id="z8c34581980cb47d2bcb9fad62a7bce01" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.88%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Fiscal Year Ended May 31,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2020</div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2019</div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2018</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div>MUFG received administration fees of</div>
                            </div>
                          </td>
                          <td style="width: 12.98%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$140,307</div>
                            </div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$127,660</div>
                            </div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$116,697</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;"><font style="font-style: italic;">Fund Accounting Agreement. </font>MUFG also serves as fund accounting agent to the Fund. Pursuant to a fund accounting agreement,
                      MUFG performs certain accounting services. For the services, the Fund pays MUFG a fee, accrued daily and paid monthly, at the annual rate equal to 0.0300% of the first $200 million in average daily Managed Assets, 0.0150% of the next
                      $300 million in average daily Managed Assets, 0.0100% of the next $500 million in average daily Managed Assets, and 0.0075% of average daily Managed Assets above $1 billion, subject to a minimum fee of $50,000 per year, and reimburses
                      MUFG for certain out-of-pocket expenses.</div>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt; font-style: italic;">Fund Accounting Fee.</div>
                    <table cellspacing="0" cellpadding="0" id="zcbbb776fcf59466187763bbcdead9a56" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: middle;">&#160;</td>
                          <td style="width: 13.15%; vertical-align: middle;">&#160;</td>
                          <td style="width: 12.88%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 39%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
                            <div style="text-align: center; font-weight: bold;">Fiscal Year Ended May 31,</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 12.98%; vertical-align: top; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2020</div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2019</div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">2018</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div>MUFG received fund accounting fees of</div>
                            </div>
                          </td>
                          <td style="width: 12.98%; vertical-align: top;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$140,927</div>
                            </div>
                          </td>
                          <td style="width: 13.15%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$130,309</div>
                            </div>
                          </td>
                          <td style="width: 12.88%; vertical-align: bottom;">
                            <div style="background-color: #CCEEFF;">
                              <div style="text-align: center;">$122,133</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div><br>
                    </div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PORTFOLIO TRANSACTIONS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Subject to policies established by the Board of Trustees of the Fund, the Sub-Adviser is responsible for placing purchase and sale orders and the allocation of brokerage on behalf of
                      the Fund. Transactions in equity securities are in most cases effected on U.S. stock exchanges and involve the payment of negotiated brokerage commissions. In general, there may be no stated commission in the case of securities traded
                      in over-the-counter markets, but the prices of those securities may include undisclosed commissions or mark-ups. Principal transactions are not entered into with affiliates of the Fund. The Fund has no obligations to deal with any
                      broker or group of brokers in executing transactions in portfolio securities. In executing transactions, the Sub-Adviser seeks to obtain the best price and execution for the Fund, taking into account such factors as price, size of
                      order, difficulty of execution and operational facilities of the firm involved and the firm&#8217;s risk in positioning a block of securities. While the Sub-Adviser generally seeks reasonably competitive commission rates, the Fund does not
                      necessarily pay the lowest commission available.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Subject to obtaining the best price and execution, brokers who provide supplemental research, market and statistical information to the Sub-Adviser or its affiliates may receive orders
                      for transactions by the Fund. The term &#8220;research, market and statistical information&#8221; includes advice as to the value of securities, and advisability of investing in, purchasing or selling securities, and the availability of
                      securities or purchasers or sellers of securities, and furnishing analyses and reports concerning issues, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. Information so received
                      will be in addition to and not in lieu of the services required to be performed by the Sub-Adviser under the Sub-Advisory Agreement, and the expenses of the Sub-Adviser will not necessarily be reduced as a result of the receipt of
                      such supplemental information. Such information may be useful to the Sub-Adviser and its affiliates in providing services to clients other than the Fund, and not all such information is used by the Sub-Adviser in connection with the
                      Fund. Conversely, such information provided to the Sub-Adviser and its affiliates by brokers and dealers through whom other clients of the Sub-Adviser and its affiliates effect securities transactions may be useful to the Sub-Adviser
                      in providing services to the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Although investment decisions for the Fund are made independently from those of the other accounts managed by the Sub-Adviser and its affiliates, investments of the kind made by the
                      Fund may also be made by those other accounts. When the same securities are purchased for or sold by the Fund and any of such other accounts, it is the policy of the Sub-Adviser and its affiliates to allocate such purchases and sales
                      in the manner deemed fair and equitable to all of the accounts, including the Fund.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-37</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Commissions Paid. </font>Unless otherwise disclosed below, the Fund paid no commissions to affiliated brokers during the last three fiscal years. The
                      Fund paid approximately the following commissions to brokers during the fiscal years shown:</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <table cellspacing="0" cellpadding="0" id="z9dc7acaeb9194da5ad128fda08a1cb45" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                        <tr>
                          <td style="width: 56.56%; vertical-align: middle;">&#160;</td>
                          <td style="width: 21.22%; vertical-align: middle;">&#160;</td>
                          <td style="width: 22.22%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="font-weight: bold;">Fiscal Year Ended May 31,</div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">All Brokers</div>
                          </td>
                          <td style="width: 22.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                            <div style="text-align: center; font-weight: bold;">Affiliated Brokers</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 25%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>2020<font style="font-weight: bold;"><br>
                                </font></div>
                            </div>
                          </td>
                          <td style="width: 25%; vertical-align: middle; text-align: center; background-color: rgb(204, 238, 255);">$44,886</td>
                          <td style="width: 50%; vertical-align: middle; text-align: center; background-color: rgb(204, 238, 255);">$0</td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div>2019</div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$32,327</div>
                            </div>
                          </td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>2018</div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$47,327</div>
                            </div>
                          </td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div style="text-align: center;">$0</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div>
                                <div style="font-weight: bold;">Fiscal Year Ended May 31, 2020 <br>
                                </div>
                              </div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: bold; text-align: center;">&#160;Percentages:</td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>Percentage of aggregate brokerage commissions paid to</div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-indent: 9pt;">affiliated broker</div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">0%</div>
                            </div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 56.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                            <div>
                              <div>Percentage of aggregate dollar amount of transactions</div>
                            </div>
                          </td>
                          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 77.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                            <div>
                              <div style="text-indent: 9pt;">involving the payment of commissions effected through affiliated broker</div>
                            </div>
                          </td>
                          <td style="width: 22.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                            <div>
                              <div style="text-align: center;">0%</div>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <div style="text-indent: 36pt; margin-top: 6pt; margin-bottom: 6pt;">During the fiscal year ended May 31, 2020, the Fund paid $0 in brokerage commissions on transactions totaling $0 to brokers selected primarily on the basis of research
                      services provided to the Investment Adviser or the Sub-Adviser.</div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and the ownership and disposition of the Fund&#8217;s Common Shares. Except
                      as otherwise noted, this discussion assumes you are a taxable U.S. person and that you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based
                      upon current provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations
                      by the courts or the Internal Revenue Service (the &#8220;IRS&#8221;), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal, state, local and foreign tax concerns affecting the Fund and its
                      Common Shareholders (including Common Shareholders subject to special treatment under U.S. federal income tax law). No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any
                      of the tax aspects set forth below.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">The discussions set forth herein and in the prospectus do not constitute tax advice and potential investors are urged to consult their own tax advisers to determine
                      the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Taxation of the Fund</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has elected and intends to continue to be treated and to qualify each year as a regulated investment company under Subchapter M of the Code. Accordingly, the Fund must, among
                      other things, (i) derive in each taxable year at least 90% of its gross income from (a) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains from the sale or other
                      disposition of stock, securities or foreign currencies, or other income (including gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies and
                      (b) net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code) (the &#8220;Gross Income Test&#8221;); and (ii) diversify its holdings so that, at the end of each quarter of each taxable year (a) at
                      least 50% of the market value of the Fund&#8217;s total assets is represented by cash and cash items, U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities
                      limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the market value of
                      the Fund&#8217;s total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies) of (I) any one issuer, (II) any two or more issuers that the Fund controls and
                      that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more qualified publicly traded partnerships. Generally, a qualified publicly traded partnership includes a
                      partnership the interests of which are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof).</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-38</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As long as the Fund qualifies as a regulated investment company, the Fund generally will not be subject to U.S. federal income tax on income and gains that the Fund distributes to its
                      Common Shareholders, provided that it distributes each taxable year at least 90% of the sum of (i) the Fund&#8217;s investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term
                      capital gain over net long-term capital loss, and other taxable income, other than any net capital gain (defined below), reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid
                      and (ii) the Fund&#8217;s net tax-exempt interest (the excess of its gross tax-exempt interest over certain disallowed deductions). The Fund intends to distribute substantially all of such income each year. The Fund will be subject to
                      income tax at regular corporate rates on any taxable income or gains that it does not distribute to its Common Shareholders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income
                      (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of
                      the calendar year. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the
                      previous year. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable
                      income and capital gain will be distributed to avoid entirely the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution
                      requirement.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain, which consists of the excess of its net
                      long-term capital gain over its net short-term capital loss) will be subject to tax at regular corporate rates without any deduction for distributions to Common Shareholders, and such distributions will be taxable to the Common
                      Shareholders as ordinary dividends to the extent of the Fund&#8217;s current or accumulated earnings and profits. Such dividends, however, would generally be eligible (i) to be treated as qualified dividend income in the case of certain
                      non-corporate U.S. Common Shareholders (including individuals) and (ii) for the dividends received deduction in the case of corporate Common Shareholders, subject, in each case, to certain holding period requirements. To qualify again
                      to be taxed as a regulated investment company in a subsequent year, the Fund would be required to distribute to its Common Shareholders its earnings and profits attributable to non-regulated investment company years. If the Fund fails
                      to qualify as a regulated investment company for a period greater than two taxable years, the Fund may be required to recognize and pay tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the
                      aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Fund had been liquidated) or, alternatively, to elect to be subject to taxation on such built-in gain
                      recognized for a period of five years, in order to qualify as a regulated investment company in a subsequent year.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">The Fund&#8217;s Investments</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain of the Fund&#8217;s investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market, constructive sale, straddle, wash sale,
                      short sale and other rules) that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, (ii) convert lower taxed long-term capital
                      gains or &#8220;qualified dividend income&#8221; into higher taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause the Fund to
                      recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex
                      financial transactions and (vii) produce income that will not be &#8220;qualified&#8221; income for purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount,
                      timing and character of distributions to Common Shareholders. The Fund intends to monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and
                      prevent disqualification of the Fund as a regulated investment company. Additionally, the Fund may be required to limit its activities in derivative instruments in order to enable it to maintain its regulated investment company
                      status.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain debt securities acquired by the Fund may be treated as having been issued with original issue discount for U.S. federal income tax purposes. Generally, the amount of the
                      original issue discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a regulated investment company and avoid U.S. federal income tax or the 4%
                      excise tax on undistributed income) </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-39</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">over the term of the security, even though payment of that amount is not received until a later time, usually when the debt security matures. Other investments may similarly require the Fund to recognize
                      taxable income without a corresponding receipt of cash.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain types of income received by the Fund from REITS, REMICs, taxable mortgage pools or other investments may cause the Fund to report some or all of its distributions as &#8220;excess
                      inclusion income.&#8221; To Fund Common Shareholders such excess inclusion income will (i) constitute taxable income, as &#8220;unrelated business taxable income&#8221; (&#8220;UBTI&#8221;) for those Common Shareholders who would otherwise be tax-exempt such as
                      individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities, (ii) not be offset against net operating losses for tax purposes, (iii) not be eligible for reduced U.S. withholding for
                      non-U.S. Common Shareholders even from tax treaty countries and (iv) cause the Fund to be subject to tax if certain &#8220;disqualified organizations,&#8221; as defined by the Code (which includes charitable remainder trusts), are Fund Common
                      Shareholders.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Gain or loss on the sales of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss
                      on the sale of securities held for one year or less will be short-term capital gain or loss.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Because the Fund may invest in foreign securities, its income from such securities may be subject to non-U.S. taxes. The Fund will not be eligible to elect to &#8220;pass-through&#8221; to Common
                      Shareholders of the Fund the ability to use the foreign tax deduction or foreign tax credit for foreign taxes paid with respect to qualifying taxes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Private Investment Funds Taxed as Partnerships. </font>Certain of the Private Investment Funds in which the Fund may invest will be treated as
                      partnerships for U.S. federal income tax purposes. Consequently, the Fund&#8217;s income, gains, losses, deductions and expenses will depend upon the corresponding items recognized by such Private Investment Funds. In addition, the Fund&#8217;s
                      proportionate share of the assets of each such Private Investment Fund will be treated as if held directly by the Fund. In these instances, the Fund will be required to meet the diversification test with respect to the assets of such
                      Private Investment Funds. The Fund generally will not invest in Private Investment Funds that are treated as partnerships for U.S. federal income tax purposes unless the terms of such investment provide, or the managers of such
                      Private Investment Funds agree to provide, the Fund with information on a regular basis as reasonably necessary to monitor the Fund&#8217;s qualification as a regulated investment company for U.S. federal income tax purposes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Private Investment Funds Taxed as PFICs. </font>The Fund anticipates that certain of the Private Investment Funds in which it invests will be treated
                      as &#8220;passive foreign investment companies&#8221; (&#8220;PFICs&#8221;) for U.S. federal income tax purposes. In general, a PFIC is any foreign corporation that has 75% or more of its gross income for the taxable year which consists of passive income or
                      that has 50% or more of the average fair market value of its assets which consists of assets that produce, or are held for the production of, passive income.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">If the Fund makes an election to treat the PFIC as a &#8220;qualified electing fund&#8221; (a &#8220;QEF Election&#8221;), the Fund would be taxed currently on the PFIC&#8217;s income without regard to whether the
                      Fund received any distributions from the PFIC. If the Fund makes a QEF Election with respect to a Private Investment Fund and the Private Investment Fund complies with certain annual reporting requirements, the Fund will be required
                      to include in its gross income each year its pro rata share of the Private Investment Fund&#8217;s ordinary income and net capital gains (at ordinary income and capital gain rates, respectively) for each year in which the Private Investment
                      Fund is a PFIC, regardless of whether the Fund receives distributions from the Private Investment Fund. To the extent the Private Investment Fund makes actual distributions to the Fund in the applicable taxable years, such income and
                      gain inclusions resulting from a QEF Election would constitute qualifying income for purposes of the income requirement applicable to regulated investment companies under Subchapter M of the Code. However, to the extent such
                      inclusions exceed such actual distributions, the classification of such inclusions for purposes of the income requirement is uncertain, and proposed regulations would treat such inclusions as non-qualifying. By reason of such
                      inclusions, the Fund would be deemed to have received net investment income, which would be subject to the 90% distribution requirement, and to have received net capital gains, possibly without a corresponding receipt of cash. The
                      Fund&#8217;s basis in the shares it owns in the Private Investment Fund will be increased to reflect any such deemed distributed income. Because some of the Private Investment Funds in which the Fund may invest may defer the payment of
                      management and/or incentive compensation fees, during the deferral period the Fund&#8217;s pro rata share of the Private Investment Fund&#8217;s ordinary income will be higher than it would be if the Private Investment Fund had not deferred the
                      payment of such fees. A QEF Election is subject to a number of specific rules and requirements, and </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">S-40</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">not all of the Private Investment Funds in which the Fund may invest may provide their investors with the information required to satisfy the reporting requirements necessary for the Fund to make a QEF
                      Election.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In lieu of making a QEF Election, the Fund could elect to mark-to-market its PFIC stock and include in income any resulting gain or loss (a &#8220;Mark-to-Market Election&#8221;). The Fund
                      anticipates that it will make a Mark-to-Market Election with respect to the stock of any PFICs in which it invests that do not provide the Fund with the information necessary for the Fund to make a QEF Election. Unlike in the case of
                      a QEF Election, under a Mark-to-Market Election the Fund will not be deemed to have received distributions of net investment income or net capital gains from the PFIC. If the Fund makes a Mark-to-Market Election with respect to a
                      PFIC, the Fund will be deemed to have sold the shares of that PFIC as of the last day of the Fund&#8217;s taxable year and will be required to include in the Fund&#8217;s net investment income the positive difference, if any, between the fair
                      market value of shares as of the end of the Fund&#8217;s taxable year and the adjusted basis of such shares. All of such positive difference will be treated as ordinary income and will be a dividend in the hands of the Fund. Moreover, any
                      gain from the Fund&#8217;s actual sale of PFIC shares with respect to which the Fund has made a Mark-to-Market Election will be ordinary income in the Fund&#8217;s hands. Thus, unlike the case of a QEF Election, the Fund cannot generate long-term
                      capital gains with respect to PFIC stock for which the Fund has made a Mark-to-Market Election. The Fund will recognize income regardless of whether the PFIC has made any distributions to the Fund and such income will constitute net
                      investment income subject to the 90% distribution requirement described above. The Fund&#8217;s basis in the shares it owns in the Private Investment Fund will be increased to reflect any such recognized income. The Fund may deduct any
                      decrease in value equal to the excess of its adjusted basis in the shares over the fair market value of the shares of the Private Investment Fund as of the end of the Fund&#8217;s taxable year, but only to the extent of any previously
                      unreversed net mark-to-market gains included in the Fund&#8217;s income for prior taxable years.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund intends to borrow funds or to redeem a sufficient amount of its investments in Private Investment Funds that are PFICs and for which the Fund has made either a QEF Election or
                      a Mark-to-Market Election so that the Fund has sufficient cash to meet the distribution requirements to maintain its qualification as a regulated investment company and minimize U.S. federal income and excise taxes.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In the event that the Fund does not make a QEF Election or a Mark-to-Market Election with respect to PFIC stock held by the Fund, the Fund would be taxed at ordinary income rates and
                      pay an interest charge if it received an &#8220;excess distribution&#8221; (generally, a distribution in excess of a base amount) or if it realized gain on the sale of its PFIC stock. The amount of the excess distribution or gain would be
                      allocated ratably to each day in the Fund&#8217;s holding period for the PFIC stock, and the Fund would be required to include the amount allocated to the current taxable year in its income as ordinary income for such year. The amounts
                      allocated to prior taxable years generally would be taxed at the highest ordinary income tax rate in effect for each such prior taxable year and would also be subject to an interest charge computed as if such tax liability had
                      actually been due with respect to each such prior taxable year. The Fund expects to make a QEF Election or a Mark-to-Market Election with respect to the PFICs in which it invests and, accordingly, does not expect to be subject to this
                      &#8220;excess distribution&#8221; regime.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"><font style="font-style: italic;">Risk-Linked Securities. </font>The treatment of risk-linked securities for U.S. federal income tax purposes is uncertain and will depend on the
                      particular features of each such securities. The Fund expects that it will generally treat the risk-linked securities in which it invests as equity of the issuer for U.S. federal income tax purposes, whether that treatment is mandated
                      by the terms of the applicable bond indentures or otherwise, although this determination will necessarily be made on an investment by investment basis. It is possible that the IRS will provide future guidance with respect to the
                      treatment of instruments like the risk-linked securities or challenge the treatment adopted by the Fund for one or more of its risk-linked securities investments. A change in the treatment of the Fund&#8217;s risk-linked securities
                      investments that is required as a result of such guidance or an IRS challenge could affect the timing, character and amount of the Fund&#8217;s income from the risk-linked securities. This, in turn, could affect whether the Fund has
                      satisfied the distribution requirements necessary to qualify as a regulated investment company and to avoid a Fund-level tax.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Risk-linked securities that are treated as equity may be subject to special U.S. federal income tax rules applicable to equity investments in a PFIC, and will generally be subject to
                      the PFIC rules described above under the caption &#8220;Private Investment Funds Taxed as PFICs.&#8221; In cases in which the Fund treats such risk-linked securities as an equity interest in a PFIC, the Fund generally expects to make a
                      Mark-to-Market Election, which would require the Fund to recognized income or (subject to certain limitations) loss annually based on the difference between the fair market value of the risk-linked securities at the end of the year
                      and the Fund&#8217;s adjusted basis in the risk-linked securities. Because the Mark-to-Market Election can result in recognition of income without the concurrent receipt </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"> of cash, the Fund may have to borrow funds or sell portfolio securities, thereby possibly resulting in the recognition of additional income or gain to satisfy the distribution requirements necessary to
                      qualify as a regulated investment company and to avoid a Fund-level tax. If the Fund were not able to meet such distribution requirements, the Fund would run the risk of losing its qualification as a regulated investment company.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Taxation of Common Shareholders</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such
                      retained amount. In that event, the Fund expects to designate the retained amount as undistributed capital gain in a notice to its Common Shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains,
                      (i) will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund
                      against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase its basis in its Common Shares by the amount of undistributed capital gain included in
                      such Common Shareholder&#8217;s gross income net of the tax deemed paid by the shareholder under clause (ii).</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Distributions paid to you by the Fund from its net capital gains, if any, that the Fund properly reports as capital gains dividends (&#8220;capital gain dividends&#8221;) are taxable as long-term
                      capital gains, regardless of how long you have held your Common Shares. All other dividends paid to you by the Fund (including dividends from net short-term capital gains) from its current or accumulated earnings and profits
                      (&#8220;ordinary income dividends&#8221;) are generally subject to tax as ordinary income. Capital gain dividends are not eligible for the dividends received deduction.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Properly reported ordinary income dividends received by corporate holders of Common Shares generally will be eligible for the dividends received deduction to the extent that the Fund&#8217;s
                      income consists of dividend income from U.S. corporations and certain holding period requirements are satisfied. If you are a non-corporate shareholder (including a shareholder who is an individual), any properly reported ordinary
                      income dividend that you receive from the Fund generally will be eligible for taxation at reduced maximum rates to the extent that (i) the ordinary income dividend is attributable to &#8220;qualified dividend income&#8221; (i.e<font style="font-style: italic;">., </font>generally dividends paid by U.S. corporations and certain foreign corporations) received by the Fund, (ii) the Fund satisfies certain holding period and other requirements with respect to the
                      stock on which such qualified dividend income was paid and (iii) you satisfy certain holding period and other requirements with respect to your Common Shares. The reduced rates for &#8220;qualified dividend income&#8221; are not applicable to (i)
                      dividends paid by a foreign corporation that is a PFIC, (ii) income inclusions from a QEF Election with respect to a PFIC and (iii) ordinary income from a Mark-to-Market Election with respect to a PFIC. Qualified dividend income
                      eligible for these special rules is not actually treated as capital gains, however, and thus will not be included in the computation of your net capital gain and generally cannot be used to offset any capital losses. There can be no
                      assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified dividend income or will be eligible for the dividends received deduction.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A dividend (whether paid in cash or reinvested in additional Fund Common Shares) will not be treated as qualified dividend income (whether received by the Fund or paid by the Fund to a
                      Common Shareholder) if (1) the dividend is received with respect to any share held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with
                      respect to such dividend, (2) to the extent that the Common Shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related
                      property, or (3) if the Common Shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Any distributions you receive that are in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of your
                      adjusted tax basis in your Common Shares, and thereafter as capital gain from the sale of Common Shares (assuming the Common Shares are held as a capital asset). The amount of any Fund distribution that is treated as a tax-free return
                      of capital will reduce your adjusted tax basis in your Common Shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Common Shareholders may be entitled to offset their capital gain dividends with capital loss. The Code contains a number of statutory provisions affecting when capital loss may be
                      offset against capital gain, and limiting the use of loss from certain investments and activities. Accordingly, Common Shareholders that have capital losses are urged to consult their tax advisers.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional Common Shares of the Fund. Dividends and other distributions paid by the Fund
                      are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or December and you
                      were the Common Shareholder of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December 31 of the year in which
                      the dividend was declared. In addition, certain other distributions made after the close of the Fund&#8217;s taxable year may be &#8220;spilled back&#8221; and treated as paid by the Fund (except for purposes of the 4% nondeductible excise tax) during
                      such taxable year. In such case, you will be treated as having received such dividends in the taxable year in which the distributions were actually made.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The price of Common Shares purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing Common Shares just prior to a distribution will receive a
                      distribution which will be taxable to them even though it represents in part a return of invested capital.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Ordinary income dividends and capital gain dividends also may be subject to state and local taxes. Common Shareholders are urged to consult their own tax advisers regarding specific
                      questions about U.S. federal (including the application of the alternative minimum tax rules), state, local or foreign tax consequences to them of investing in the Fund.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The sale or other disposition of Common Shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such Common Shares for
                      more than one year at the time of sale. Any loss upon the sale or other disposition of Common Shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including
                      amounts credited as an undistributed capital gain dividend) by you with respect to such Common Shares. Any loss you recognize on a sale or other disposition of Common Shares will be disallowed if you acquire other Common Shares
                      (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the Common Shares. In such case, your tax basis in the Common
                      Shares acquired will be adjusted to reflect the disallowed loss.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term
                      capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at preferential maximum tax rates.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Certain non-corporate U.S. Common Shareholders whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their &#8220;net investment income,&#8221;
                      which includes dividends received from the Fund and capital gains from the sale or other disposition of the Fund&#8217;s Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A Common Shareholder that is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal withholding tax at the rate of 30%
                      (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income
                      realized by a foreign investor in respect of any distributions of net capital gain or upon the sale or other disposition of Common Shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade
                      or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers
                      regarding the tax consequences of investing in the Fund&#8217;s Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Ordinary income dividends properly reported by a regulated investment company are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the regulated
                      investment company&#8217;s &#8220;qualified net interest income&#8221; (generally, the regulated investment company&#8217;s U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in
                      which the regulated investment company is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the regulated investment company&#8217;s &#8220;qualified short-term capital gains&#8221;
                      (generally, the excess of the regulated investment company&#8217;s net short-term capital gain over the regulated investment company&#8217;s long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report all,
                      some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or </div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">treat such dividends, in whole or in part, as ineligible for this exemption from withholding. To qualify for this exemption from withholding, a foreign investor must comply with applicable certification
                      requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of Common Shares held through an intermediary, the intermediary may withhold even if the
                      Fund reports the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can be no
                      assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified net interest income or qualified short-term capital gains.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">In addition, withholding at a rate of 30% is required on dividends in respect of Common Shares held by or through certain foreign financial institutions (including investment funds),
                      unless such institution enters into an agreement with the Secretary of the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained by, the institution to the extent such shares or
                      accounts are held by certain U.S. persons or by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which Common Shares are held will affect
                      the determination of whether such withholding is required. Similarly, dividends in respect of Common Shares held by an investor that is a non-financial non-U.S. entity will be subject to withholding at a rate of 30%, unless such
                      entity either (i) certifies that such entity does not have any &#8220;substantial U.S. owners&#8221; or (ii) provides certain information regarding the entity&#8217;s &#8220;substantial U.S. owners,&#8221; which the applicable withholding agent will in turn
                      provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. Non-U.S. Common
                      Shareholders are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in our Common Shares.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund may be required to withhold, for U.S. federal backup withholding tax purposes, a portion of the dividends, distributions and redemption proceeds payable to non-corporate
                      Common Shareholders (including individuals) who fail to provide the Fund (or its agent) with their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required
                      certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income tax liability, if any, provided that
                      you timely furnish the required information to the IRS.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt; font-weight: bold;">The foregoing is a general summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and its
                      Common Shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. Ordinary income and capital gain dividends may also be subject to state and local taxes.
                      Common Shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal, state, local and foreign income or other taxes.</div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">GENERAL INFORMATION</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Proxy Voting Policy and Procedures and Proxy Voting Record</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund has delegated the voting of proxies relating to its portfolio securities to the Sub-Adviser. The Sub-Adviser&#8217;s Proxy Voting Policy is included as Appendix B to this SAI.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Information on how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by
                      calling (800) 851-0264. The information is also available on the SEC&#8217;s web site at www.sec.gov.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Principal Shareholders</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As of the date of this SAI, to the knowledge of the Fund, no person beneficially owned more than 5% of the voting securities of any class of equity securities of the Fund.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Legal Counsel</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Dechert LLP is counsel to the Fund in connection with the issuance of the Common Shares.</div>
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                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Independent Registered Public Accounting Firm</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Ernst &amp; Young LLP, 1775 Tysons Blvd, Tysons, Virginia 22102, has been engaged as the Fund&#8217;s Independent Registered Public Accounting Firm. Ernst &amp; Young LLP<font style="font-weight: bold;">&#160;</font>has audited the Fund&#8217;s financial statements and financial highlights, including the notes thereto, included in the Fund&#8217;s annual report to shareholders for the year ended May 31, 2020,<font style="font-weight: bold;">&#160;</font>as set forth in their report, which is incorporated by reference in this SAI. The Fund&#8217;s financial statements and schedules are incorporated by reference in reliance on Ernst &amp; Young LLP&#8217;s
                      report, given upon their authority as experts in accounting and auditing.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Codes of Ethics</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Pursuant to Rule 17j-1 under the 1940 Act, the Fund, the Investment Adviser and Sub-Adviser have each adopted a written code of ethics (the &#8220;Codes of Ethics&#8221;) which govern the personal
                      securities transactions of &#8220;access persons&#8221; of the Fund. Access persons may invest in securities, including securities that may be purchased or held by the Fund, provided that they obtain prior clearance before engaging in securities
                      transactions, subject to certain de minimis exceptions. Access persons include officers and Trustees of the Fund and the Investment Adviser and Sub-Adviser and employees that participate in, or obtain information regarding, the
                      purchase or sale of securities by the Fund or whose job relates to the making of any recommendations with respect to such purchases or sales. All access persons must report their personal securities transactions within thirty days of
                      the end of each calendar quarter. Subject to certain de minimis exceptions for access persons not involved in the fund accounting or asset management activities of the Investment Adviser and Sub-Adviser, access persons will not be
                      permitted to effect transactions in a security if it: (1) is being considered for purchase or sale by the Fund; (2) is being purchased or sold by the Fund; or (3) is being offered in an initial public offering. Portfolio managers,
                      research analysts and traders are also prohibited from purchasing or selling a security within seven calendar days before or after any fund in the Family of Funds or any funds managed by an affiliated investment adviser trades in that
                      security. Any material violation of the Codes of Ethics is reported to the Board of the Fund. The Board also reviews the administration of the Code of Ethics on an annual basis and approves any material changes to the Code of Ethics
                      pursuant to the requirements of Rule 17j-1 of the 1940 Act. The Codes of Ethics of the Fund, the Investment Adviser and the Sub-Adviser are on file with the SEC and are also available on the EDGAR Database on the SEC&#8217;s Internet site
                      at www.sec.gov, and copies of the Codes of Ethics may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Incorporation by Reference</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">As noted above, this Statement of Additional Information is part of a Registration Statement that has been filed with the SEC. Pursuant to the final rule and form amendments adopted by
                      the SEC on April 8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Fund is allowed to &#8220;incorporate by reference&#8221; the information that it files with the SEC, which means
                      that the Fund can disclose important information by referring to those documents. The information incorporated by reference is considered to be part of this Statement of Additional Information, and later information that the Fund
                      files with the SEC will automatically update and supersede this information.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The Fund incorporates by reference any future filings (including those made after the date of the filing of the registration statement of which this prospectus is a part) it will make
                      with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934 or pursuant to Rule 30b2-1 under the 1940 Act until the termination of the offering of the securities covered by this Statement of
                      Additional Information. To obtain copies of these filings, see &#8220;Additional Information&#8221; in the Prospectus.</div>
                    <div style="margin-bottom: 6pt;"><br>
                    </div>
                    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">FINANCIAL STATEMENTS</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">
                      <div style="margin-bottom: 8pt;">The Fund&#8217;s audited financial statements appearing in the Fund&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/1380936/000152862120001644/ncsr.htm">annual report to shareholders for the year ended
                          May 31, 2020</a>, including accompanying notes thereto and the report of Ernst &amp; Young LLP thereon, as contained in the Fund&#8217;s Form N-CSR filed with the SEC on August 10, 2020, are incorporated by reference in this Statement
                        of Additional Information. Shareholder reports are available upon request and without charge by calling (800) 345-7999 or by writing the Fund at 227 West Monroe Street, Chicago, Illinois 60606. All other portions of the Fund&#8217;s
                        annual report to shareholders are not incorporated herein by reference and are not part of the Fund&#8217;s registration statement, this Statement of Additional Information, the Prospectus or any prospectus supplement.</div>
                    </div>
                  </div>
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                  <div><br>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">APPENDIX A<br>
                      DESCRIPTION OF SECURITIES RATINGS</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">STANDARD &amp; POOR&#8217;S CORPORATION</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A brief description of the applicable S&amp;P Global Ratings and its affiliates (together, &#8220;S&amp;P&#8221;) rating symbols and their meanings (as published by S&amp;P) follows.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Issue Credit Ratings Definition</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">An S&amp;P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial
                      obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit
                      enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor&#8217;s capacity and willingness to meet its financial commitments as they come
                      due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Issue credit ratings can be either long term or short term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term
                      ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Long-Term Issue Credit Ratings*</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">Issue credit ratings are based, in varying degrees, on S&amp;P&#8217;s analysis of the following considerations:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z0d1b1c261ebe4c9ca21332ac2958191d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The likelihood of payment&#8212;the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="za327a10c59d8408c857e1633a480c87e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The nature of and provisions of the financial obligation, and the promise we impute; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z2a300b8c8c954ac09d6f2ccd17fba167" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws
                                affecting creditors&#8217; rights.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">The issue ratings is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are
                      typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or
                      operating company and holding company obligations.)</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">AAA</font> An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely
                      strong.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">AA</font> An obligation rated &#8216;AA&#8217; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial commitments on the
                      obligation is very strong.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A</font> An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated
                      categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is still strong.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">BBB</font> An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the
                      obligor&#8217;s capacity to meet its financial commitments on the obligation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">BB, B, CCC, CC, and C</font> Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least
                      degree of speculation and &#8216;C&#8217; the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">BB </font>An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse
                      business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments on the obligation.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-1</font></div>
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                    </div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">B </font>An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its financial
                      commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s capacity or willingness to meet its financial commitments on the obligation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">CCC </font>An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor
                      to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">CC </font>An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred but S&amp;P expects default
                      to be a virtual certainty, regardless of the anticipated time to default.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">C </font>An obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery
                      compared with obligations that are rated higher.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">D </font>An obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used when payments on
                      an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar
                      days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&#8217;s
                      rating is lowered to &#8216;D&#8217; if it is subject to a distressed exchange offer.</div>
                    <table cellspacing="0" cellpadding="0" id="za1dfcbd0722f4144bd293f478b473116" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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                          <td style="width: auto; vertical-align: top;">
                            <div>Ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Short-Term Issue Credit Ratings</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A-1 </font>A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the obligation is
                      strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on these obligations is extremely strong.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A-2 </font>A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
                      in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is satisfactory.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A-3 </font>A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to
                      weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">B </font>A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its
                      financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">C </font>A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the
                      obligor to meet its financial commitments on the obligation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">D </font>A short-term obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used when
                      payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five
                      business days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An
                      obligation&#8217;s rating is lowered to &#8216;D&#8217; if it is subject to a distressed exchange offer.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">SPUR (S&amp;Ps Underlying Rating) </font>A SPUR is an opinion about the stand-alone capacity of an obligor to pay debt service on a credit-enhanced debt issue, without
                      giving effect to the enhancement that applies to it. These ratings are published only at the request of the debt issuer or obligor with the designation SPUR to distinguish them from the credit-enhanced rating that applies to the debt
                      issue. S&amp;P maintains surveillance of an issue with a published SPUR.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-2</font></div>
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                    </div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Municipal Short-Term Note Ratings Definitions</div>
                    <div style="text-indent: 36pt; margin-bottom: 6pt;">A S&amp;P&#8217;s U.S. municipal note rating reflects S&amp;P&#8217;s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely
                      receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following
                      considerations:</div>
                    <div>
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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Amortization schedule &#8212; the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and</div>
                            </td>
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                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z81c5ff179297424eb3ceb3e0e07776e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Source of payment &#8212; the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-bottom: 6pt;">Note rating symbols are as follows:</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">SP-1 </font>Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">SP-2 </font>Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">SP-3 </font>Speculative capacity to pay principal and interest.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">D </font>&#8216;D&#8217; is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of
                      similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Dual Ratings </font>Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of
                      repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use
                      either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, &#8216;AAA/A-1+&#8217; or &#8216;A-1+/A-1&#8217;). With U.S. municipal short-term demand
                      debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, &#8216;SP-1+/A-1+&#8217;).</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">Active Qualifiers</div>
                    <div style="margin-bottom: 6pt;">S&amp;P uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a &#8216;p&#8217; qualifier, which indicates the rating addresses
                      the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Federal deposit insurance limit: &#8216;L&#8217; qualifier </font>Ratings qualified with &#8216;L&#8217; apply only to amounts invested up to federal deposit insurance limits.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Principal: &#8216;p&#8217; qualifier </font>This suffix is used for issues in which the credit factors, the terms, or both that determine the likelihood of receipt of payment of
                      principal are different from the credit factors, terms, or both that determine the likelihood of receipt of interest on the obligation. The &#8216;p&#8217; suffix indicates that the rating addresses the principal portion of the obligation only
                      and that the interest is not rated.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Preliminary ratings: &#8216;prelim&#8217; qualifier </font>Preliminary ratings, with the &#8216;prelim&#8217; suffix, may be assigned to obligors or obligations, including financial programs,
                      in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&amp;P of appropriate documentation. S&amp;P reserves the right not to issue a final rating. Moreover, if a final rating is issued,
                      it may differ from the preliminary rating.</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z26587cc0e981482f9bd2f4171cfd87a4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zf72792f4eea54f38856ca0022d5b82f4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor&#8217;s emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans,
                                documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post- bankruptcy issuer as well
                                as attributes of the anticipated obligation(s).</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-3</font></div>
                        <div style="page-break-after: always;" id="DSPFPageBreak">
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                      </div>
                      <div> <br>
                      </div>
                      <table cellspacing="0" cellpadding="0" id="z3c1a81d5e7454da3a3dd0be3bd025251" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&amp;P&#8217;s opinion, documentation is close to final.
                                Preliminary ratings may also be assigned to the obligations of these entities.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z16eb0368748349689fd6039d12419143" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">Preliminary ratings may be assigned when a previously unrated entity is undergoing a well- formulated restructuring, recapitalization, significant financing, or other transformative event,
                                generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general
                                credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&amp;P would likely withdraw
                                these preliminary ratings.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zc13ccee2aa1f494da912646cde288467" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-bottom: 6pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-bottom: 6pt;">A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Termination structures: &#8216;t&#8217; qualifier </font>This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain
                      events occur, to terminate and cash settle all their contracts before their final maturity date.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Counterparty instrument rating: &#8216;cir&#8217; qualifier </font>This symbol indicates a counterparty instrument rating (CIR), which is a forward-looking opinion about the
                      creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an
                      ultimate payment basis; these opinions do not take into account timeliness of payment.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">MOODY&#8217;S INVESTORS SERVICE, INC.</div>
                    <div style="margin-bottom: 6pt;">A brief description of the applicable Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) rating symbols and their meanings (as published by Moody&#8217;s) follows.</div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">Global Rating Scales</div>
                    <div style="margin-bottom: 6pt;">Ratings assigned on Moody&#8217;s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial
                      institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood
                      of a default on contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on
                      the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default. Moody&#8217;s issues ratings at the issuer level and instrument level on both the long-term scale and the
                      short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.</div>
                    <div style="margin-bottom: 6pt;">Moody&#8217;s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by
                      adding (sf ) to all structured finance ratings. The addition of (sf ) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The
                      (sf ) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however,
                      Moody&#8217;s aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.</div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">Global Long-Term Rating Scale</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Aaa </font>Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Aa </font>Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A </font>Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Baa </font>Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Ba </font>Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-4</font></div>
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                    </div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">B </font>Obligations rated B are considered speculative and are subject to high credit risk.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Caa </font>Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Ca </font>Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">C </font>Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;"><u>Note: </u></font>Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the
                      obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221;
                      indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.</div>
                    <div style="margin-bottom: 6pt;">By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities
                      may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the
                      relative credit risk associated with that security.</div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">Global Short-Term Rating Scale</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">P-1 </font>Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">P-2 </font>Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">P-3 </font>Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">NP </font>Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold; font-style: italic;">Short-Term Obligation Ratings. </font>While the global short-term &#8216;prime&#8217; rating scale is applied to US municipal tax-exempt commercial paper, these
                      programs are typically backed by external letters of credit or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution and not to the municipality&#8217;s
                      rating. Other short-term municipal obligations, which generally have different funding sources for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scales discussed below).</div>
                    <div style="margin-bottom: 6pt;">The Municipal Investment Grade (MIG) scale is used to rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either pledged
                      revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings
                      are divided into three levels &#8212; MIG1 through MIG3 &#8212; while speculative grade short-term obligations are designated SG.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">MIG 1 </font>This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or
                      demonstrated broad-based access to the market for refinancing.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">MIG 2 </font>This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">MIG 3 </font>This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less
                      well-established.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">SG </font>This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold; font-style: italic;">Demand Obligation Ratings. </font>In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned: a long- or short-term
                      debt rating and a demand obligation rating. The first element represents Moody&#8217;s evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody&#8217;s evaluation of risk associated with
                      the ability to receive purchase price upon demand (&#8220;demand feature&#8221;). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade (VMIG) scale. VMIG ratings of demand obligations
                      with unconditional liquidity support are mapped from the short-term debt rating or counterparty assessment) of the support provider, or the underlying obligor in the absence of </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-5</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;">third party liquidity support, with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. For example, the VMIG rating for an industrial revenue bond with Company XYZ as the
                      underlying obligor would normally have the same numerical modifier as Company XYZ&#8217;s prime rating. Transitions of VMIG ratings of demand obligations with conditional liquidity support, as shown in the diagram below, differ from
                      transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating drops below investment grade.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">VMIG 1</div>
                    <div style="margin-bottom: 6pt;">This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure
                      the timely payment of purchase price upon demand.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">VMIG 2</div>
                    <div style="margin-bottom: 6pt;">This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely
                      payment of purchase price upon demand.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">VMIG 3</div>
                    <div style="margin-bottom: 6pt;">This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that
                      ensure the timely payment of purchase price upon demand.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">SG</div>
                    <div style="margin-bottom: 6pt;">This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may
                      lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.</div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;"><font style="font-style: normal;"><u><font style="font-weight: bold;">Note: </font></u></font><font style="font-weight: normal; font-style: normal;">For VRDBs
                        supported with conditional liquidity support, short-term ratings transition down at higher long-term ratings to reflect the risk of termination of liquidity support as a result of a downgrade below investment grade. VMIG ratings of
                        VRDBs with unconditional liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. </font></div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">Other Ratings Symbols</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">e </font>Expected Ratings Indicator. To address market demand for timely information on particular types of credit ratings, Moody&#8217;s has licensed to certain third parties
                      the right to generate &#8220;Expected Ratings.&#8221; Expected Ratings are designated by an &#8220;e&#8221; after the rating code, and are intended to anticipate Moody&#8217;s forthcoming rating assignments based on reliable information from third party sources
                      (such as the issuer or underwriter associated with the particular securities) or established Moody&#8217;s rating practices (i.e., medium term notes are typically, but not always, assigned the same rating as the note&#8217;s program rating).
                      Expected Ratings will exist only until Moody&#8217;s confirms the Expected Rating, or issues a different rating for the relevant instrument. Moody&#8217;s encourages market participants to contact Moody&#8217;s Ratings Desk or visit www.moodys.com if
                      they have questions regarding Expected Ratings, or wish Moody&#8217;s to confirm an Expected Rating.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">(P) </font>Provisional Ratings. Moody&#8217;s will often assign a provisional rating to program ratings or to an issuer or an instrument when the assignment of a definitive
                      rating is subject to the fulfilment of contingencies that are highly likely to be completed. Upon fulfillment of these contingencies, such as finalization of documents and issuance of the securities, the provisional notation is
                      removed. A provisional rating is denoted by placing a (P) in front of the rating.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;"># </font>Refundeds. Issues that are secured by escrowed funds held in trust, reinvested in direct, non-callable US government obligations or non-callable obligations
                      unconditionally guaranteed by the US Government or Resolution Funding Corporation are identified with a # (hatch mark) symbol, e.g<font style="font-style: italic;">., </font>#Aaa.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">WR </font>Withdrawn. When Moody&#8217;s no longer rates an obligation on which it previously maintained a rating, the symbol WR is employed.</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-6</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">NR </font>Not Rated. NR is assigned to an unrated issuer, obligation and/or program.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">NAV </font>Not Available. An issue that Moody&#8217;s has not yet rated is denoted by the NAV symbol.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">TWR </font>Terminated Without Rating. The symbol TWR applies primarily to issues that mature or are redeemed without having been rated.</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">FITCH RATINGS, INC.</div>
                    <div style="margin-bottom: 6pt;">A brief description of the applicable Fitch Ratings, Inc. (&#8220;Fitch&#8221;) ratings symbols and meanings (as published by Fitch) follows.</div>
                    <div style="margin-bottom: 6pt;">Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default
                      Ratings (IDRs). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity&#8217;s relative vulnerability to default (including by way of a distressed debt
                      exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address
                      relative vulnerability to bankruptcy, administrative receivership or similar concepts.</div>
                    <div style="margin-bottom: 6pt;">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#8217;s view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.</div>
                    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">Long-Term Credit Ratings Scales</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">AAA Highest credit quality. </font>&#8216;AAA&#8217; ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for
                      payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">AA Very high credit quality. </font>&#8216;AA&#8217; ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments.
                      This capacity is not significantly vulnerable to foreseeable events.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">A High credit quality. </font>&#8216;A&#8217; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity
                      may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">BBB Good credit quality. </font>&#8216;BBB&#8217; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is
                      considered adequate but adverse business or economic conditions are more likely to impair this capacity.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">BB Speculative. </font>&#8216;BB&#8217; ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions
                      over time; however, business or financial flexibility exists that supports the servicing of financial commitments.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">B Highly speculative. </font>&#8216;B&#8217; ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently
                      being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">CCC Substantial credit risk. </font>Default is a real possibility.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">CC Very high levels of credit risk. </font>Default of some kind appears probable.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">C Near default. </font>A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably
                      impaired. Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include:</div>
                    <table cellspacing="0" cellpadding="0" id="zd403d2bba6d24a169371fe8714d0abfd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">a.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the issuer has entered into a grace or cure period following non-payment of a material financial obligation;<br>
                            </div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z988e22906a564251bc02c957e1a402ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">b.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="za6bcb061b9ae4beab9875d551d0be6d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">c.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the formal announcement by the issuer or their agent of a distressed debt exchange;</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z6b59fd9fb49b45269708426c5835dc42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">d.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;"> <br>
                      </font></div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-7</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;"> <br>
                      </font></div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">RD Restricted default. </font>&#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced:</div>
                    <table cellspacing="0" cellpadding="0" id="z4086b7aec59c4ce0acf7ed1082800ee8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">a.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation but</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z62819c151f7b4847bbb5fe71ecaa57d3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">b.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z090bcae7920444c4b413e4054359593f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">c.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>has not otherwise ceased operating.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt;">This would include:</div>
                    <table cellspacing="0" cellpadding="0" id="ze1eb4bdcb6004244ab9f89e2d3e3651b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">i.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the selective payment default on a specific class or currency of debt;</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="zecfd41cdfec04f95a0b9d73ad7845bf8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">ii.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="ze6fb75269da0444da76e0c7819054639" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">iii.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or</div>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" id="z1b79250bc48b49e3b8f59a293649d60c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

                        <tr>
                          <td style="width: 28.8pt; vertical-align: top; align: right;">iv.</td>
                          <td style="width: auto; vertical-align: top;">
                            <div>execution of a distressed debt exchange on one or more material financial obligations.</div>
                          </td>
                        </tr>

                    </table>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">D Default. </font>&#8216;D&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; opinion has entered into bankruptcy filings, administration, receivership, liquidation or other
                      formal winding-up procedure or that has otherwise ceased business.</div>
                    <div style="margin-bottom: 6pt;">Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be
                      considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.</div>
                    <div style="margin-bottom: 6pt;">In all cases, the assignment of a default rating reflects the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the
                      definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold; font-style: italic;">Short-Term Ratings Assigned to Issuers and Obligations. </font>A short-term issuer or obligation rating is based in all cases on the short-term
                      vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings are assigned to obligations
                      whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance
                      markets.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">F1: Highest Short-Term Credit Quality. </font>Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added &#8220;+&#8221; to denote any
                      exceptionally strong credit feature.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">F2: Good Short-Term Credit Quality. </font>Good intrinsic capacity for timely payment of financial commitments.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">F3: Fair Short-Term Credit Quality. </font>The intrinsic capacity for timely payment of financial commitments is adequate.</div>
                    <div><font style="font-weight: bold;">B: Speculative Short-Term Credit quality. </font>Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic
                      conditions.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">C: High Short-Term Default Risk. </font>Default is a real possibility.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">RD: Restricted Default. </font>Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial
                      obligations. Typically, applicable to entity ratings only.</div>
                    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">D: Default. </font>Indicates a broad-based default event for an entity, or the default of a short-term obligation.</div>
                  </div>
                  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-8</font></div>
                    <div style="page-break-after: always;" id="DSPFPageBreak">
                      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                  </div>
                  <div><br>
                    <div style="text-align: center; margin-bottom: 6pt;"><font style="font-weight: bold;">APPENDIX B<br>
                      </font><br>
                    </div>
                    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC<br>
                      Proxy Voting Policy and Procedures</div>
                    <div style="margin-bottom: 6pt; font-weight: bold;">POLICY STATEMENT</div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;) generally is responsible for voting proxies with respect to securities held in client accounts, including clients registered as
                      investment companies under the Investment Company Act of 1940 (&#8220;40 Act Funds&#8221;) and clients that are pension plans (&#8220;Plans&#8221;) subject to the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;). This document sets forth GPIM&#8217;s
                      policies and guidelines with respect to proxy voting and its procedures to comply with SEC Rule 206(4)-6 under the Investment Advisers Act of 1940.&#160; Rule 206(4)-6 requires each registered investment adviser that exercises proxy voting
                      authority with respect to client securities to:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z33e98fc628fa437f98f5e133a4a30c5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 36pt; vertical-align: top; align: right;">
                              <div style="margin-left: 18pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the best interest of clients; such policies and
                                procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zda3fc57588574bb898a63b82e36350a9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 36pt; vertical-align: top; align: right;">
                              <div style="margin-left: 18pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Disclose to clients how they may obtain information from the adviser about how the adviser voted proxies with respect to their securities; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z16a29cad08ad4ece95dff63f7d167475" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 36pt; vertical-align: top; align: right;">
                              <div style="margin-left: 18pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Describe to clients the adviser&#8217;s proxy voting procedures and, upon request, furnish a copy of the policies and procedures.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;">Where GPIM has been delegated the responsibility for voting proxies, it must take reasonable steps under the circumstances to ensure that proxies are received and voted in the best
                      long-term interests of its clients. This generally means voting proxies with a view to enhancing the value of the securities held in client accounts, considering all relevant factors and without giving undue weight to the opinions of
                      individuals or groups who may have an economic interest in the outcome of the proxy vote. GPIM&#8217;s authority is initially established by its advisory contracts or comparable documents. Clients, however, may change their proxy voting
                      direction at any time.</div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;">The financial interest of GPIM&#8217;s clients is the primary consideration in determining how proxies should be voted. Any material conflicts of interest between GPIM and its clients with
                      respect to proxy voting are resolved in the best interests of the clients.</div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;">This policy covers only proxy voting.&#160; It does not cover corporate actions, such as rights offerings, tender offers, and stock splits, or actions initiated by holders of a security
                      rather than the issuer (such as reset rights for a CLO).&#160; This policy also does not cover legal actions, such as bankruptcy proceedings or class action lawsuits.&#160; Corporate and legal actions involve decisions about a security itself,
                      rather than decisions about the governance of the security&#8217;s issuer.&#160; As such, the investment team managing the client&#8217;s account will decide whether and how to respond to a corporate or legal action about which they are notified, with
                      assistance from GPIM Compliance or Legal as needed.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">1.1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Proxy Voting Advisory Committee</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Guggenheim Investments (&#8220;GI&#8221;) has established the Proxy Voting Advisory Committee (&#8220;PVAC&#8221;) to oversee the proxy voting activities and policies and procedures of
                      certain GI registered investment advisers, including GPIM. The PVAC comprises of representatives from Investment Management, Compliance, Risk, Operations and Legal.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">The PVAC&#8217;s primary responsibility will be to seek to ensure that the GI Advisors, including GPIM, fulfill their fiduciary duties in voting proxies in the best
                      interests of their clients, and has certain responsibilities including, but not limited to:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z189dc5f27bdb4dccb171283a92983187" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Oversee GPIM&#8217;s proxy voting policies and procedures and ensure that a review of GPIM&#8217;s proxy voting policies and procedures is conducted no less frequently than annually;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">B-1</font></div>
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                      </div>
                      <div> <br>
                      </div>
                      <table cellspacing="0" cellpadding="0" id="z7287bd23f70d4af799a8b145ecfbd656" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Determine how GPIM should vote proxies on behalf of clients in certain conflict situations and evaluate recommendations, proposals and issues that may not be covered by the
                                proxy voting policies and procedures;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z2b756305901f4a27b469dc36ec953ce2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Review situations and documentation where Portfolio Managers/Investment Management has determined to override a voting recommendation contrary to the Guidelines; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z4d862f2b14e244eab3981f6c99ea67f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">Oversee evaluation of GPIM&#8217;s third-party proxy advisory firm&#8217;s policies and procedures, due diligence and Guidelines on an annual basis.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">The PVAC is authorized to meet two times annually and at such other times as the PVAC may deem necessary or appropriate under its authorities and responsibilities.&#160;
                      In general, the PVAC&#8217;s two regular meetings are to be held before and after proxy season.</div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Procedures</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Overview</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;) has adopted the proxy voting guidelines of an outside proxy voting firm, Institutional Shareholder Services
                      Inc. (&#8220;ISS&#8221;), as GPIM&#8217;s proxy voting guidelines (&#8220;Guidelines&#8221;). GPIM has also engaged ISS to act as agent for the proxy process, to maintain records on proxy votes for its clients, and to provide independent research on corporate
                      governance, proxy and corporate responsibility issues. At account inception, depending on the objective of the client account and the portfolio team managing, GPIM will assess the proxy voting guidelines in Appendix A to determine
                      which Guidelines will be followed. GPIM reviews the Guidelines and conducts a due diligence assessment of ISS and the performance of its duties as agent at least annually.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM may override the Guidelines recommending a vote on a particular proposal if GPIM determines a different vote to be in the best interest of the client or if
                      required to deviate under applicable rule, law or regulation. If a proposal is voted in a manner different than set forth in the Guidelines, the reasons therefore shall be documented in writing by the appropriate investment team(s)
                      and retained by Operations.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM seeks to vote securities in the best interest of clients and will apply the Guidelines regardless whether the issuer, a third party, or both solicit GPIM&#8217;s
                      vote.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">In the absence of contrary instructions received from GPIM, ISS will vote proxies in accordance with the Guidelines, attached as Appendix A hereto, as such
                      Guidelines may be revised from time to time.&#160; ISS will employ these Guidelines based on account set up instructions received from Operations.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">GPIM Voting</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM typically will vote proxies itself in two scenarios: (1) the Guidelines do not address the proposal; and (2) GPIM has decided to vote some or all of the shares
                      contrary to the Guidelines.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Proposals not Addressed by Guidelines: ISS will notify Operations of all proxy proposals that do not fall within the Guidelines (i.e. proposals which are either not
                      addressed in the Guidelines or proposals for which GPIM has indicated that a decision will be made on a case-by-case basis, such as fixed-income securities).&#160; Operations will forward such proposals to the investment team(s)
                      responsible for the client account.<font style="font-weight: bold;">&#160; </font>If the investment team(s) responsible, together with the PVAC, determines that there is no material conflict of interest, the proposal will be voted in
                      accordance with the recommendation of said team(s) and approval from the PVAC. If there is a material conflicts of interest, GPIM will follow the procedure below.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Proposal to be Voted Contrary to Guidelines: When an investment team decides that a proposal should be voted contrary to the Guidelines, because it believes it is in
                      the best interest of the client to do so, the team will consult with the PVAC to determine whether there is a material conflict of interest as to that proposal. If the investment team(s) responsible, together with the PVAC, determines
                      that there is no material conflict </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">B-2</font></div>
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                    </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">of interest, the team(s) will notify Operations to override the proposal from ISS in accordance with the recommendation of said team(s) and approval from the PVAC.
                      If there is a material conflicts of interest, GPIM will follow the procedure below.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">In either case, the investment team(s) responsible will document the rationale for voting the proposal in a particular manner. The PVAC will review instances of
                      either scenarios.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Resolving Conflicts of Interest</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM may occasionally be subject to conflicts of interest in the voting of proxies due to relationships it maintains with persons having an interest in the outcome
                      of certain votes.&#160;&#160; <font style="font-weight: bold;">&#160;</font>Common examples of conflicts in the voting of proxies are<font style="font-weight: bold;">:</font> (a) GPIM or a GPIM affiliate provides or is seeking to provide services
                      to the company on whose behalf proxies are being solicited, (b) an employee of GPIM or its affiliate has a personal relationship with the company&#8217;s management or another proponent of a proxy issue, or (c) an immediate family member of
                      the employee is a director or executive officer of the company. Senior members of the investment team responsible for voting the proxy, in consultation with GPIM Compliance, will decide whether a material conflict of interest exists.&#160;
                      If a material conflict of interest exists, the investment team will consult the PVAC to determine how to resolve the conflict consistent with the procedures below. </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">If the Guidelines do not address a proposal, or GPIM wishes to vote a proposal contrary to the Guidelines, or ISS does not provide a recommendation on a proposal,
                      and GPIM has a material conflict of interest as to the vote, then GPIM may resolve the conflict in any of the following ways, as recommended by the PVAC:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z22fe11df4da84f2c8625206d7f934b44" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">Refer Proposal to the Client</font> &#8211; GPIM may refer the proposal to the client and obtain instructions from the client on how to vote the
                                proxy relating to that proposal.</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zce6f2f5c60a1435294f5f36f859a8e61" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">Obtain Client Ratification</font> &#8211; If GPIM is in a position to disclose the conflict to the client (<font style="font-style: italic;">i.e.</font>,
                                such information is not confidential), GPIM may determine how it proposes to vote the proposal on which it has a conflict, fully disclose the nature of the conflict to the client, and obtain the client&#8217;s consent for how GPIM
                                will vote on the proposal (or otherwise obtain instructions from the client on how the proxy on the proposal should be voted).</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z2407263324fa45d7bb2249ef98296c74" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt; font-weight: bold;">Abstain from Voting</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="z6209d425ca9146eeb5fddb6a89450500" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">Use another Independent Third Party for All Proposals</font> &#8211; Subject to any client imposed proxy voting policies, GPIM may vote all
                                proposals in a single proxy according to the policies of an independent third party other than ISS (or have the third party vote such proxies).</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd7aa823a43914e1b8e667f6d866870f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">Use another Independent Third Party to Vote Only the Specific Proposals that Involve a Conflict</font> &#8211; Subject to any client imposed proxy
                                voting policies, GPIM may use an independent third party other than ISS to recommend how the proxy for specific proposals that involve a conflict should be voted (or have the third party vote such proxies).</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">The method selected by the PVAC to resolve the conflict may vary from one instance to another depending upon the facts and circumstances of the situation, but in
                      each case, consistent with its duty of loyalty and care.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.4.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Special Situations (As Applicable)</font></div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Securities Subject to Lending Arrangements</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">For various legal or administrative reasons, GPIM is often unable to vote securities that are, at the time of such vote, on loan pursuant to a client&#8217;s securities
                      lending arrangement with the client&#8217;s custodian. GPIM is usually unable to recall securities in order to vote proxies when a third party securities lending agent has arranged the loan of the client&#8217;s shares. If GPIM has arranged the
                      loan, GPIM will refrain from voting such securities where the cost to the client and/or </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">B-3</font></div>
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                    </div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">administrative inconvenience of retrieving securities then on loan outweighs the benefit of voting, assuming retrieval under such circumstances is even feasible
                      and/or possible. In certain extraordinary situations, GPIM may seek to have securities then on loan pursuant to such securities lending arrangements retrieved by the clients&#8217; custodians for voting purposes. This decision will
                      generally be made on a case-by-case basis depending on whether, in the PVAC&#8217;s judgment, the matter to be voted on has critical significance to the potential value of the securities in question, the relative cost and/or administrative
                      inconvenience of retrieving the securities, the significance of the holding, and whether the stock is considered a long-term holding. There can be no guarantee that any such securities can be retrieved for such purpose.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Special Issues with Voting Foreign Proxies</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">Voting proxies with respect to shares of foreign stocks may involve significantly greater effort and corresponding cost due to the variety of regulatory schemes and
                      corporate practices in foreign countries with respect to proxy voting. Because the cost of voting on a particular proxy proposal could exceed the expected benefit to a client (including an ERISA Plan), GPIM will weigh the costs and
                      benefits of voting on proxy proposals relating to foreign securities and make an informed decision on whether voting a given proxy proposal is prudent.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Share Blocking</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">In certain countries the exercise of voting rights could restrict the ability of an account&#8217;s portfolio manager to freely trade the security in question (&#8220;share
                      blocking&#8221;).&#160; If the client has not indicated at account set-up whether it wants shares voted regardless of the potential for share blocking, then the portfolio manager retains the final authority to determine whether to vote the
                      shares in the client&#8217;s account or to forego voting the shares.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.4.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Lack of Adequate Information, Untimely Receipt
                      of Proxy or Excessive Costs</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM may be unable to enter an informed vote in certain circumstances due to the lack of information provided in the proxy statement or by the issuer or other
                      resolution sponsor, and may abstain from voting in those instances.&#160; Proxy materials not delivered in a timely manner may prevent analysis or entry of a vote by voting deadlines.&#160; GPIM&#8217;s practice is to abstain from voting a proxy in
                      circumstances where, in its judgment, the costs exceed the expected benefits to the client.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.5.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Formation of a Group</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">If GPIM owns shares of a public company and enters into a written or oral agreement with one or more shareholders to vote its shares in line with such shareholder(s)
                      or in line with company management recommendations, several issues arise.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">First, if GPIM agrees to vote its shares at the direction of or in line with another member of the group, or in line with management, then GPIM must consider whether
                      its vote is in the best long-term financial interests of its clients.&#160; If it is not, then GPIM will have a conflict of interest that it must resolve using the procedures set out in Section 2.2.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">Second, if GPIM holds an irrevocable proxy for the other members of the group, or has the right to designate director nominees for which the other group members must
                      vote, GPIM will be viewed as the beneficial owner of all of the other members&#8217; shares as well as its own shares.&#160; This will affect the number of shares that GPIM must report on a Schedule 13D or 13G.</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">2.4.6<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fixed Income Securities</div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">The issuers of fixed income securities generally do not solicit proxies.&#160; If such an issuer were to solicit a proxy, GPIM would seek to apply these proxy voting
                      procedures in determining how to vote the proxy.&#160; If the subject of the proxy is not covered in ISS Standard Guidelines or any other </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">B-4</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;"> <br>
                    </div>
                    <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">third-party guidelines GPIM uses, and assuming that voting the proxy does not present GPIM with a material conflict of interest, GPIM may vote the proxy in a manner
                      it believes is in its clients&#8217; best long-term interests. If voting the proxy presents GPIM with a material conflict of interest, it will follow the conflict resolution procedures in this policy.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Undue Influence</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">If at any time any person involved in the GPIM&#8217;s proxy voting process is pressured or lobbied either by GPIM&#8217;s personnel or affiliates or third parties with respect
                      to a particular proposal, he or she should provide information regarding such activity to GPIM Compliance or Legal Departments.&#160; A determination will then be made regarding this information, keeping in mind GPIM&#8217;s duty of loyalty and
                      care to its clients.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.6.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Recordkeeping</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM is required to keep the following records:</div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd7e02153784f430fba87b1fb3eb90e5c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">a copy of this policy;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zca33cb421df24f43a21a079912e338d0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">proxy statements received regarding client securities;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zaa46cb8a42c24f379cc479049b14fd1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">records of votes cast on behalf of clients;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="za368074c26244c28928c36eae14a4d1b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">records of how material conflicts were resolved;</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zfabbe8e0eb774340a0266d692356aefb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">any documents prepared by GPIM that were material to making a decision how to vote, or that memorialized the basis for the decision; and</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div>
                      <table cellspacing="0" cellpadding="0" id="zd3aa83da765449708ba9fad648ba3215" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

                          <tr>
                            <td style="width: 72pt; vertical-align: top; align: right;">
                              <div style="margin-left: 54pt; margin-top: 10pt; margin-bottom: 10pt;">&#8226;</div>
                            </td>
                            <td style="width: auto; vertical-align: top;">
                              <div style="margin-top: 10pt; margin-bottom: 10pt;">records of client requests for proxy voting information and a copy of any written response by GPIM to any client request (regardless of whether such client request was
                                written or oral).</div>
                            </td>
                          </tr>

                      </table>
                    </div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">The foregoing records will be retained for such period of time as is required to comply with applicable laws and regulations.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">GPIM may rely on proxy statements filed on the SEC&#8217;s EDGAR system instead of keeping its own copies, and may rely on proxy statements and records of proxy votes cast
                      by GPIM that are maintained with a third party, such as ISS, provided that GPIM has obtained an undertaking from the third party to provide a copy of the documents promptly upon request.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">2.7.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Disclosure</font></div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Rule 206(4)-6 requires GPIM<font style="font-weight: bold;">&#160;</font>to disclose in response to any client request how the client can obtain information from GPIM on
                      how the client&#8217;s securities were voted. GPIM will disclose in Form ADV Part 2 that clients can obtain information on how their securities were voted by submitting a written request to GPIM. Upon receipt of a written request from a
                      client, GPIM Compliance Department will provide the information requested by the client within a reasonable amount of time.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">Rule 206(4)-6 also requires GPIM to describe its proxy voting policies and procedures to clients, and upon request, to provide clients with a copy of those policies
                      and procedures. GPIM will provide such a description in its Form ADV Part 2. Upon receipt of a written request from a client, GPIM Compliance Department will provide a copy of this policy within a reasonable amount of time.</div>
                    <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">If approved by the client, this policy and any requested records may be provided electronically.</div>
                    <div style="margin-top: 10pt; margin-bottom: 10pt;"><font style="font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">APPENDIX A</font></div>
                    <div style="margin-bottom: 6pt;">ISS Standard Guidelines for the various relevant local markets, including the U.S., are available upon request. In addition, the Taft-Hartley Guidelines and the Socially Responsible Investor Guidelines
                      are also available.</div>
                    <div style="margin-bottom: 6pt;"> <br>
                    </div>
                    <div style="margin-bottom: 6pt; text-align: center;"> B-5<br>
                    </div>
                  </div>
                </div>
              </div>
            </div>
            <br>
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber"> <br>
              </font></div>
          </div>
          <br>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
        </div>
      </div>
      <br>
      <div><br>
        <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">PART C</div>
        <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">OTHER INFORMATION</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 25. Financial Statements And Exhibits</div>
        <div>(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements</div>
        <div><br>
        </div>
        <div style="margin-left: 36pt;">Incorporated by reference into Part B of the Registration Statement, as described in the Statement of Additional Information, are the Registrant&#8217;s audited financial statements, notes to such financial statements and
          the report of independent registered public accounting firm thereon, by reference to the Registrant&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/1380936/000152862120001644/ncsr.htm">Annual Report for the period ended May 31, 2020</a>, as
          contained in the Registrant&#8217;s Form N-CSR filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on August 10, 2020.</div>
        <div><br>
        </div>
        <div>(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z90852cc8e3f94ce59c2284c359a3e337">

              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(a)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Amended and Restated Agreement and Declaration of Trust of Registrant(*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(b)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Amended and Restated By-Laws of Registrant(*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(c)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(d)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(e)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000110465907050002/a07-16972_1ex99de.htm">Dividend Reinvestment Plan of Registrant</a>(1)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(f)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(g)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(i)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgi.htm">Investment Advisory Agreement between Registrant and Guggenheim Funds Investment Advisors, LLC (the &#8220;Investment Adviser&#8221;)</a>(2)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgii.htm">Investment Sub-Advisory Agreement among Registrant, the Investment Adviser and Guggenheim Partners Investment Management, LLC (the &#8220;Sub-Adviser&#8221;)</a>(2)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(h)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180419000222/ex99h.htm">Controlled Equity OfferingSM&#160;Sale Agreement among the Registrant, the Investment Adviser and Cantor Fitzgerald &amp; Co.</a>(8)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(i)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(j)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(i)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/custodyagreement.htm">Custody Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/foreigncustodymanageragree.htm">Foreign Custody Manager Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(k)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(i)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/stocktransferagencyagreeme.htm">Stock Transfer Agency Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)(1)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/fundaccountingagreement.htm">Fund Accounting Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)(2)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180416001833/ex99kii2.htm">Amendment to Fund Accounting Agreement</a>(5)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)(3)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Amendment to Fund Accounting Agreements(*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(iii)(1)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/administrationagreement.htm">Administration Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(iii)(2)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180416001833/ex99kiii2.htm">Amendment to Administration Agreement</a>(5)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(iii)(3)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Amendment to Fund Administration Agreement (*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(iv)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180419000096/ex99kiv.htm">Amended and Restated Committed Facility Agreement between Registrant and BNP Prime Brokerage, Inc. (&#8220;BNP Prime Brokerage&#8221;)</a>(7)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(v)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180419000096/ex99kv.htm">Amended and Restated Account Agreement between Registrant and BNP Prime Brokerage</a>(7)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(vi)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exkvii.htm">Special Custody and Pledge Agreement among Registrant, BNP Prime Brokerage and The Bank of New York Mellon</a>(2)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(vii)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/offeringexpenselimitationa.htm">Offering Expense Limitation Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(l)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Opinion and Consent of Dechert LLP(*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(m)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(n)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Consent of Independent Registered Public Accounting Firm(*)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(o)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(p)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/initialsubscriptionagreeme.htm">Initial Subscription Agreement</a>(4)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(q)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div>Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(r)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(i)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180418000429/ex99ri.htm">Code of Ethics of the Registrant and the Investment Adviser</a>(6)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">&#160;</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div>(ii)</div>
                </td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180418000429/ex99rii.htm">Code of Ethics of the Sub-Adviser</a>(6)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="margin-left: 40pt;">(s)</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 85%; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000152862120001608/ex99s.htm">Power of Attorney</a>(10)</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;">___________</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;">(*)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Filed herewith.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-1</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;"> <br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze537bc7aa5774f81be998106c3eb7371">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(1)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant&#8217;s Registration Statement on Form N-2<font style="background-color: #FFFFFF;">, filed June 26, 2007 (File No.
                      333-138686)</font>.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17e660af03b349ce8d4f7f9e318f7b2e">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(2)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: #FFFFFF;">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, filed on July 9, 2010 (File No. 333-168044)</font>.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d5c033c20e9498883f633bf64db40b9">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(3)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant&#8217;s Registration Statement on Form N-2, filed on March 16, 2011 (File No. 333-168044).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bacbd1fa0834c8faa081c00e4fff788">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(4)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, filed on August 28, 2013 (File No. 333-190872).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ca5129d930b4d71a69c8f56f0d008d7">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(5)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form N-2, filed on October 14, 2016 (File No. 333-213452).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10a6c5a8cbbb47adbb7f1741140183ef">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(6)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant&#8217;s Registration Statement on Form N-2, filed September 10, 2018 (File No. 333-221873).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5bee0a279e06420dbc955c94dd815600">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(7)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, filed March 22, 2019 (File No. 333-230474).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8695df4308e540a194980b013c95d791">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(8)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form N-2, filed July 1, 2019 (File No. 333-230474).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4757c91309d436380ad1ad4793ba22e">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(9)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K (File No. 811-21982), filed with the Securities and Exchange Commission on March 1, 2016.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z047a7bceab0a4f60b0cde55f0a3e2af6">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">(10)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 6pt; margin-bottom: 6pt;">Incorporated by reference to Post-Effective Amendment No. 3 to the Registrant&#8217;s Registration Statement on Form N-2, filed July 31, 2020 (File No. 333-230474).</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 26. Marketing Arrangements</div>
        <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Reference is made to Exhibit (h) to this Registration Statement and the section entitled &#8220;Plan of Distribution&#8221; contained in Registrant&#8217;s Prospectus, filed
          herewith as Part A of Registrant&#8217;s Registration Statement.</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 27. Other Expenses of Issuance and Distribution</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za0ad029b07964f3b84bb94481dc99c9d">

            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div>NYSE Listing Fees</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 75,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div>SEC Registration Fees</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 42,420</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div>Independent Registered Public Accounting Firm Fees</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 24,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div>Legal Fees</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 250,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div>FINRA Fees</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 53,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.68%; vertical-align: top;">
                <div style="text-indent: 36pt;">Total</div>
              </td>
              <td style="width: 23.32%; vertical-align: top;">
                <div>$ 444,420</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 28. Persons Controlled by or Under Common Control with Registrant</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">None</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 29. Number of Holders of Securities</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z30396bd823c542c7aa047c3fd29e2b5e">

            <tr>
              <td style="width: 63.94%; vertical-align: bottom;">
                <div style="font-weight: bold;"><u>Title of Class</u></div>
              </td>
              <td style="width: 36.06%; vertical-align: bottom;">
                <div style="text-align: center;"><font style="font-weight: bold;">Number of Record Shareholders</font><br>
                  <font style="font-weight: bold;"><u>as of September 23, 2020</u></font>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 63.94%; vertical-align: top;">&#160;</td>
              <td style="width: 36.06%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 63.94%; vertical-align: top;">
                <div>Common shares of beneficial interest, par value $0.01 per share</div>
              </td>
              <td style="width: 36.06%; vertical-align: top;">
                <div style="text-align: center;">7</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;"><font style="font-weight: bold;">Item 30.</font> <font style="font-weight: bold;">Indemnification</font></div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="margin-top: 6pt; margin-bottom: 6pt;"><font style="font-weight: bold;"> <br>
          </font></div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Article V of the Registrant&#8217;s Amended and Restated Agreement and Declaration of Trust provides as follows:</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">5.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No Personal Liability of Shareholders, Trustees, etc. No
          Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of
          personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability
          whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such
          Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding
          to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee
          or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">5.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Mandatory Indemnification.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust hereby agrees to indemnify each person who at any
          time serves as a Trustee or officer of the Trust (each such person being an &#8220;indemnitee&#8221;) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel
          fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have
          been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter as to which
          he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was
          unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv)
          reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as &#8220;disabling conduct&#8221;). Notwithstanding the foregoing, with respect to any
          action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the
          Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this
          Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration
          or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or
          omission that occurred prior to such amendment, restatement or repeal.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Notwithstanding the foregoing, no indemnification shall be
          made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is
          entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither &#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties
          to the proceeding (&#8220;Disinterested Non-Party Trustees&#8221;), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a
          written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with
          the immediately succeeding paragraph (c) below.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust shall make advance payments in connection with the
          expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-3</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"> <br>
        </div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">indemnitee&#8217;s good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is
          subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one
          of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the
          Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there
          is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The rights accruing to any indemnitee under these provisions
          shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of stockholders or Trustees who are &#8220;disinterested persons&#8221; (as defined in Section
          2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled. For the avoidance of doubt, to the extent the Trust enters into a written agreement with any Trustee to indemnify such Trustee, any indemnification of such
          Trustee by the Trust shall be governed by the terms of such written agreement, including with respect to determinations required, applicable presumptions and burden of proof with respect to such Trustee&#8217;s entitlement to indemnification and/or
          advancement of expenses.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Subject to any limitations provided by the 1940 Act and this
          Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust
          to the full extent corporations organized under the Delaware General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the
          Trustees.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">5.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No Bond Required of Trustees. No Trustee shall, as such, be
          obligated to give any bond or other security for the performance of any of his duties hereunder.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">5.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No Duty of Investigation; Notice in Trust Instruments, etc.
          No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees
          or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument,
          certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees
          under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and agents in such amount as
          the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">5.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Reliance on Experts, etc. Each Trustee and officer or
          employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the
          Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust&#8217;s officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected
          with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In addition, the Registrant has entered into an Indemnification Agreement with each trustee who is not an &#8220;interested person,&#8221; as defined in the Investment Company Act of 1940,
          as amended, of the Registrant, which provides as follows:</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Trust shall indemnify and hold harmless the Trustee against any and all Expenses actually and reasonably incurred by the Trustee in any Proceeding arising out of or in
          connection with the Trustee&#8217;s service to the Trust, to the fullest extent permitted by the Trust Agreement and By-Laws and the laws of the State of Delaware, the </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-4</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"> <br>
        </div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, as now or hereafter in force, subject to the provisions of the following sentence and the
          provisions of paragraph (b) of Section 4 of this Agreement. The Trustee shall be indemnified pursuant to this Section I against any and all of such Expenses unless (i) the Trustee is subject to such Expenses by reason of the Trustee&#8217;s not having
          acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust or (ii) the Trustee is liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless
          disregard of the duties involved in the conduct of his or her office, as defined in Section 17(h) of the Investment Company Act of 1940, as amended, and with respect to each of (i) and (ii), there has been a final adjudication in a decision on
          the merits in the relevant Proceeding that the Trustee&#8217;s conduct fell within (i) or (ii).</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 31. Business and Other Connections of the Investment Adviser and the Sub-Adviser</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Adviser, a limited liability company organized under the laws of Delaware, acts as investment adviser to the Registrant. The Registrant is fulfilling the requirement of this
          Item 31 to provide a list of the officers and directors of the Investment Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Adviser or those officers and
          directors during the past two years, by incorporating by reference the information contained in the Form ADV of the Adviser filed with the commission pursuant to the Investment Advisers Act of 1940 (Commission File No. 801-62515).</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Sub-Adviser, a limited liability company organized under the laws of Delaware, acts as investment Sub-Adviser to the Registrant. The Registrant is fulfilling the requirement
          of this Item 31 to provide a list of the officers and directors of the Sub-Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Sub-Adviser or those officers and
          directors during the past two years, by incorporating by reference the information contained in the Form ADV of the Sub-Adviser filed with the commission pursuant to the Investment Advisers Act of 1940 (Commission File No. 801-66786).</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 32. Location of Accounts and Records</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The accounts and records of the Registrant are maintained in part at the offices of the Fund at 227 West Monroe Street, Chicago, IL 60606, in part at the offices of the
          Investment Adviser at 227 West Monroe Street, Chicago, IL 60606, in part at the offices of the Sub-Adviser at 100 Wilshire Boulevard, 5th Floor, Santa Monica, California 90401 and in part at the offices of the Custodian at&#160;One Wall Street, New
          York, NY 10286, and in part at the offices of the Transfer Agent and Dividend Disbursing Agent at&#160;P.O. Box 30170, College Station, TX 77842-3170.</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 33. Management Services</div>
        <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Not applicable.</div>
        <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Item 34. Undertakings</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7fb7513fc43141f9b4fcfe1316ad502e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Not applicable.</div>
              </td>
            </tr>

        </table>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Not applicable.</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Registrant undertakes:</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5d72e1bee5874519a00b494a2fde6bdf">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>to file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3a9e2dd4a894674a072480651116888">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>to include any prospectus required by Section 10(a)(3) of the Securities Act;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3088df4ebc243e7a996811c35b41e1c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div>to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
                  change in the information set forth in the Registration Statement;</div>
              </td>
            </tr>

        </table>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-5</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="margin-left: 144pt; margin-bottom: 12pt;"> <br>
        </div>
        <div style="margin-left: 144pt; margin-bottom: 12pt;">Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any
          deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than
          20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4117cdec65cc448c9e58f42e5a899913">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top;">
                <div>to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</div>
              </td>
            </tr>

        </table>
        <div style="text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">Provided, however, that paragraphs (a)(1), (a)(2), and (a)(3) of this section do not apply to the extent the information required to be included in a post-effective amendment
          by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is
          contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf20ff9973e7b475aa81dd8877e9efc01">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those
                  securities at that time shall be deemed to be the initial bona fide offering thereof;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z184a101c153a4f17900f67230e11b721">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f430504710347f284277ec72ae11105">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>that, for the purpose of determining liability under the Securities Act to any purchaser:</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d437b0f32e94f8280e844a276d0abcd">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>if the Registrant is relying on Rule 430B under the Securities Act:</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc10576f4076346edb38385565a25b512">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 40.5pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z195b07a896724c53b900ef6098393a69">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 40.5pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of
                  providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or
                  the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed
                  to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona
                  fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the
                  registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-6</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
          <div><br>
          </div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76c6ac27b0f94e04b582a3457ca1d6f4">

                <tr>
                  <td style="width: 144pt;"><br>
                  </td>
                  <td style="width: 40.5pt; vertical-align: top; align: right;"><br>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div>such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z891fc259731d4f3e8f12bb144a55ad12">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div>that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C under the Securities Act: Each prospectus filed pursuant to Rule 424(b) under the Securities Act as
                  part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and
                  included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a
                  document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
                  or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1ce6fda2d5645a28562ff4a621d90a9">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top;">
                <div>that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:</div>
              </td>
            </tr>

        </table>
        <div style="margin-left: 108pt; margin-bottom: 12pt;">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used
          to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell
          such securities to the purchaser:</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7df3cf52a7e433796a4a6f439806831">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 or Rule 424&#160; under the Securities Act;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3a752eded2d484c95a1526460ab729d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div>free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z041bcb09a38346f7b021fa403bc29b4f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or
                  on behalf of the undersigned Registrant; and</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za55f85a0c0d94bc28ce68e513de0e15d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top;">
                <div>any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z96f03862def14305a739bf1e98ce5a69">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Registrant undertakes that</div>
              </td>
            </tr>

        </table>
        <div style="margin-left: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>for the purpose of determining any liability under the Securities Act, the
          information omitted from the form of prospectus filed as part of the Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 497 or 424(b)(1) will be deemed to be a part
          of the Registration Statement as of the time it was declared effective.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-7</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="margin-left: 72pt; margin-bottom: 12pt;"> <br>
        </div>
        <div style="margin-left: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>for the purpose of determining any liability under the Securities Act, each
          post-effective amendment that contains a form of prospectus will be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time will be deemed to be the initial bona fide
          offering thereof.</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze40461d632254aa58bb2b1826fc5c9ec">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
                  Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
                  to be the initial bona fide offering thereof.</div>
              </td>
            </tr>

        </table>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z465d0ae7f9d0472e84558324e50f975c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
                  advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
                  liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
                  officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
                  jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</div>
              </td>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.</div>
              </td>
            </tr>

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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">C-8</font></div>
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        <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">As required by the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of
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                <td style="width: 30%;">
                  <div>&#160;</div>
                </td>
                <td colspan="2" rowspan="1">
                  <div>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
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              <tr>
                <td style="width: 30%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 5%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 65%;">
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                </td>
              </tr>
              <tr>
                <td style="width: 30%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 5%;">
                  <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt"> <br>
                    </font></div>
                </td>
                <td style="width: 65%;">
                  <div>
                    <div style="text-align: left;"><u>/s/ Brian E. Binder</u></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 5%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 65%;">
                  <div style="text-align: left;">Brian E. Binder</div>
                </td>
              </tr>
              <tr>
                <td style="width: 30%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 5%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 65%;">
                  <div>
                    <div style="text-align: left;">President and Chief Executive Officer (Principal Executive Officer)</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-indent: 36pt; margin-bottom: 12pt;">As required by the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities set forth below on the 30th day of September,
          2020.</div>
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            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*&#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;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
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                <div>Randall C. Barnes</div>
                <div>Trustee</div>
                <div>&#160;</div>
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              <td rowspan="9" style="width: 50%; vertical-align: top;">
                <div><u>/s/ Brian E. Binder</u><br>
                  Brian E. Binder</div>
                <div>President and Chief Executive Officer (Principal Executive Officer)</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div><u>/s/ John L. Sullivan</u></div>
                <div>John L. Sullivan</div>
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                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div><u>/s/ Amy J. Lee</u></div>
                <div>Amy J. Lee</div>
                <div>Trustee, Vice President and Chief Legal Officer</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>&#160;</div>
                <div>*<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Signed by Mark E. Mathiasen, pursuant to a power of attorney filed July 31, 2020.</div>
                <div>&#160;</div>
                <div><u>/s/ Mark E. Mathiasen</u></div>
                <div>Mark E. Mathiasen</div>
                <div>Attorney-In-Fact</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
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                <div>Angela-Brock Kyle</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
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                <div>Donald A. Chubb, Jr.</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab"><br>
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                <div>Jerry B. Farley</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
                  </font></div>
                <div>Roman Friedrich III</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
                  </font></div>
                <div>Thomas Lydon, Jr.</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
                  </font></div>
                <div>Ronald A. Nyberg</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
                  </font></div>
                <div>Sandra G. Sponem</div>
                <div>Trustee</div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div><u>*</u><u>&#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;&#160;&#160; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab"><br>
                  </font></div>
                <div>Ronald E. Toupin Jr.</div>
                <div>Trustee</div>
              </td>
            </tr>

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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        </div>
        <div style="text-align: center; margin-top: 12pt; margin-bottom: 6pt; font-weight: bold;">Exhibit List</div>
        <div><br>
        </div>
        <br>
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            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99a.htm">(a)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99a.htm">Amended and Restated Agreement and Declaration of Trust of Registrant</a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99b.htm">(b)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99b.htm">Amended and Restated By-Laws of Registrant</a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99kii3.htm">(k)(ii)(3)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99kii3.htm">Amendment to Fund Accounting Agreements</a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99kiii3.htm">(k)(iii)(3)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99kiii3.htm">Amendment to Fund Administration Agreement</a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99l.htm">(l)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99l.htm">Opinion and Consent of Dechert LLP</a></div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div><a href="ex99n.htm">(n)</a></div>
              </td>
              <td style="width: 90%; vertical-align: top;">
                <div><a href="ex99n.htm">Consent of Independent Registered Public Accounting Firm</a></div>
              </td>
            </tr>

        </table>
        <br>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>3
<FILENAME>ex99a.htm
<DESCRIPTION>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST OF REGISTRANT
<TEXT>
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  <head>
    <title></title>
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  <div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Guggenheim Strategic Opportunities Fund</div>
    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Third Amended and Restated</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Agreement and Declaration of Trust</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Dated as of August 27, 2020</div>
    <div><br>
    </div>
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      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div><br>
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    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;">TABLE OF CONTENTS</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z9388613818c84cf4bba3ef0bbad7a790">

          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="margin-left: 18pt;">&#160;</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">ARTICLE I The Trust</div>
              <div style="text-align: center;"> <br>
              </div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">1.1</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Name</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">1.2</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Definitions</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="margin-left: 18pt;">&#160;</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">ARTICLE II Trustees</div>
              <div style="text-align: center;"> <br>
              </div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.1</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Number and Qualification</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.2</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Term and Election</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.3</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Resignation and Removal</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.4</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Vacancies</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.5</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Meetings</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.6</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Trustee Action by Written Consent</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">2.7</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Officers and Chairman.</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="margin-left: 18pt;">&#160;</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">ARTICLE III Powers and Duties of Trustees</div>
              <div style="text-align: center;"> <br>
              </div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.1</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>General</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.2</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Investments</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.3</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Legal Title</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.4</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Issuance and Repurchase of Shares</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.5</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Borrow Money or Utilize Leverage</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.6</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Delegation; Committees</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.7</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Collection and Payment</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.8</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Expenses</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.9</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>By-Laws</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.1</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Miscellaneous Powers</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">3.11</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Further Powers</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="margin-left: 18pt;">&#160;</div>
            </td>
            <td colspan="1" style="vertical-align: top; width: 2%;">&#160;</td>
            <td style="vertical-align: top; width: 80%;">
              <div style="text-align: center;"> <br>
              </div>
              <div style="text-align: center;">ARTICLE IV Advisory, Management and Distribution Arrangements</div>
              <div style="text-align: center;"> <br>
              </div>
            </td>
            <td style="vertical-align: top; width: 10%;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">4.1</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Advisory and Management Arrangements</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">4.2</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Distribution Arrangements</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right; margin-left: 18pt;">4.3</div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div><u>Parties to Contract</u></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right;">9</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">i</font></div>
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      <div style="margin-top: 12pt; margin-bottom: 12pt;">
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        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE V Limitations of Liability and Indemnification</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">5.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>No Personal Liability of Shareholders, Trustees, etc</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">9</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">5.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Mandatory Indemnification</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">10</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">5.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>No Bond Required of Trustees</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">5.4</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>No Duty of Investigation; Notice in Trust Instruments, etc</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">11</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">5.5</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Reliance on Experts, etc.</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE VI Shares of Beneficial Interest</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Beneficial Interest</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Other Securities</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Rights of Shareholders</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">12</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.4</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Trust Only</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.5</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Issuance of Shares</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.6</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Register of Shares</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.7</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Transfer Agent and Registrar</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.8</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Transfer of Shares</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">13</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">6.9</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Notices</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">14</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE VII Custodians</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">7.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Appointment and Duties</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">14</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">7.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Central Certificate System</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE VIII Redemption</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">8.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Redemptions</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">8.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Disclosure of Holding</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="vertical-align: top; width: 2%;">&#160;</td>
              <td style="vertical-align: top; width: 80%;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE IX Determination of Net Asset Value; Net Income; Distributions</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="vertical-align: top; width: 10%;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">9.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Net Asset Value</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">9.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Distributions to Shareholders</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">15</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">9.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Power to Modify Foregoing Procedures</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">16</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE X Shareholders</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Meetings of Shareholders</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">16</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>ii<br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <br>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Voting</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">16</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Notice of Meeting and Record Date</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">17</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.4</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Quorum and Required Vote</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">17</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.5</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Proxies, etc</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">17</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.6</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Reports</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.7</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Inspection of Records.</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">10.8</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Shareholder Action by Written Consent.</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="vertical-align: top; width: 2%;">&#160;</td>
              <td style="vertical-align: top; width: 80%;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE XI Duration; Termination of Trust; Amendment; Mergers, Etc.</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="vertical-align: top; width: 10%;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Duration</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Termination</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">18</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Amendment Procedure</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">19</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.4</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Merger, Consolidation and Sale of Assets</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.5</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Subsidiaries</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">20</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.6</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Conversion</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">11.7</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Certain Transactions</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">21</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="margin-left: 18pt;">&#160;</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div style="text-align: center;"> <br>
                </div>
                <div style="text-align: center;">ARTICLE XII Miscellaneous</div>
                <div style="text-align: center;"> <br>
                </div>
              </td>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.1</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Filing</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">22</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.2</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Resident Agent</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.3</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Governing Law</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.4</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Forum for Adjudication of Certain Disputes</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.5</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Counterparts</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">23</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.6</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Reliance by Third Parties</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">24</div>
              </td>
            </tr>
            <tr>
              <td style="width: 8%; vertical-align: top;">
                <div style="text-align: right; margin-left: 18pt;">12.7</div>
              </td>
              <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 80%; vertical-align: top;">
                <div><u>Provisions in Conflict with Law or Regulation</u></div>
              </td>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: right;">24</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;"> iii<br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <br>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">THIRD AMENDED AND RESTATED</div>
    <div style="text-align: center; margin-bottom: 12pt;">AGREEMENT AND DECLARATION OF TRUST</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">THIRD AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of August,
      2020, by the Trustees hereunder, and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, this Trust has been formed to carry on business as set forth more particularly hereinafter;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set
      forth; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, the parties hereto intend that the Trust created by this Declaration and the Certificate of Trust filed with the Secretary of State of the State of Delaware on November
      13, 2006 shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration shall constitute the governing instrument of such statutory trust.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees
      hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE I<br>
      <br>
      The Trust</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">1.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Name</u>.&#160; This Trust shall be known as the &#8220;Guggenheim Strategic Opportunities
      Fund&#8221; and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">1.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Definitions</u>.&#160; As used in this Declaration, the following terms shall have
      the following meanings:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The &#8220;1940 Act&#8221; refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The terms &#8220;Affiliated Person&#8221;, &#8220;Assignment&#8221;, &#8220;Commission&#8221;, &#8220;Interested Person&#8221; and &#8220;Principal Underwriter&#8221; shall have the meanings given them in the 1940 Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;By-Laws&#8221; shall mean the By-Laws of the Trust as amended from time to time by the Trustees.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Commission&#8221; shall mean the Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Declaration&#8221; shall mean this Amended and Restated Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Delaware Statutory Trust Statute&#8221; shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C.ss.3801, et. seq., as such Act may be amended from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Delaware General Corporation Law&#8221; means the Delaware General Corporation Law, 8 Del. C.ss.100, et. seq., as amended from time to time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Fundamental Policies&#8221; shall mean the investment policies and restrictions as set forth from time to time in any Prospectus or contained in any current Registration Statement of
      the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with the requirements of the 1940 Act and designated as fundamental policies therein as they may be amended from time to time in accordance
      with the requirements of the 1940 Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Majority Shareholder Vote&#8221; shall mean a vote of &#8220;a majority of the outstanding voting securities&#8221; (as such term is defined in the 1940 Act) of the Trust with each class and
      series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or
      series of Shares voting as a separate class or series, as case may be, also will be required.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Person&#8221; shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not
      legal entities, and governments and agencies and political subdivisions thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Prospectus&#8221; shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Shareholders&#8221; shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Shares&#8221; shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of
      Shares as well as whole Shares. In addition, Shares also means any preferred shares or preferred units of </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">beneficial interest which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Trust&#8221; shall mean the trust established by this Declaration, as amended from time to time, inclusive of each such amendment.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Trust Property&#8221; shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of
      the Trust or the Trustees in such capacity.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;Trustees&#8221; shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in
      question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE II<br>
      <br>
      Trustees</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Number and Qualification</u>.&#160; Prior to a public offering of Shares there may be
      a sole Trustee. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two (2) or more than fifteen (15). No
      reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. An individual nominated as a Trustee shall be at least 21 years of age and not older than 80 years of age at the time
      of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Term and Election</u>.&#160; The Board of Trustees shall be divided into two classes,
      designated Class I and Class II. Each class shall consist, as nearly as may be possible, of one-half of the total number of trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each
      class shall be determined by resolution of the Board of Trustees. The term of office of the first class shall expire on the date of the first annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the
      Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of the second class shall expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the
      effective date of the Registration Statement relating to the Shares under the Securities Act of 1933, as amended. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board
      of Trustees, shall be elected for a term expiring on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be
      elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose, except as provided in Section 2.3 of this Article and each Trustee elected shall hold office until his or her successor shall have been
      elected and shall have qualified. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, removal, </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Resignation and Removal</u>.&#160; Any of the Trustees may resign their trust
      (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, the President or the Secretary and such resignation shall be effective upon such
      delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for
      cause only, and not without cause, and only by action taken by a majority of the remaining Trustees followed by the holders of at least seventy-five percent (75%) of the Shares then entitled to vote in an election of such Trustee. Upon the
      resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held
      in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee&#8217;s legal representative shall execute and deliver on such Trustee&#8217;s behalf such documents as the remaining Trustees shall require as provided
      in the preceding sentence.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Vacancies</u>.&#160; Whenever a vacancy in the Board of Trustees shall occur, the
      remaining Trustees may fill such vacancy by appointing an individual having the qualifications described in this Article by a written instrument signed by a majority of the Trustees then in office or may leave such vacancy unfilled or may reduce the
      number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less than the minimum number required by Section 2.1 hereof; provided, further, that if the Shareholders of any class or series of Shares are entitled
      separately to elect one or more Trustees, a majority of the remaining Trustees or the sole remaining Trustee elected by that class or series may fill any vacancy among the number of Trustees elected by that class or series. Any vacancy created by an
      increase in Trustees may be filled by the appointment of an individual having the qualifications described in this Article made by a written instrument signed by a majority of the Trustees then in office. No vacancy shall operate to annul this
      Declaration or to revoke any existing agency created pursuant to the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office, regardless of their
      number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Meetings</u>.&#160; Meetings of the Trustees shall be held from time to time upon the
      call of the Chairman, if any, or the President or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws or by resolution of the Trustees. Notice of any other meeting shall be
      given by the Secretary and shall be delivered to the Trustees orally not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of
      a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or
      convened. A quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="margin-bottom: 12pt;">1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third of
      the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the
      members.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under
      this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. For any committee of the Trustees comprised of one Trustee, a quorum shall be one.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by
      means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Trustee Action by Written Consent</u>.&#160; Any action which may be taken by
      Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and
      the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">2.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Officers and Chairman</u>.&#160; The Trustees shall elect a President, a Chief
      Financial Officer and a Secretary, who shall serve at the pleasure of the Trustees or until their successors are elected. The President and Chief Financial Officer may, but need not, be a Trustee.&#160; The Trustees may elect a Chairman of the Board, who
      shall be a Trustee and who shall serve at the pleasure of the Trustees or until a successor is elected. The Trustees may elect or appoint or may authorize the Chairman of the Board, if any, or President to appoint such other officers or agents with
      such powers as the Trustees may deem to be advisable.&#160; The Chairman is not an officer of the Trust.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE III<br>
      <br>
      Powers and Duties of Trustees</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>General</u>.&#160; The Trustees shall owe to the Trust and its Shareholders the same
      fiduciary duties as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the
      Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the
      Trustees may be exercised without order of or resort to any court.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Investments</u>.&#160; The Trustees shall have power, subject to the Fundamental
      Policies in effect from time to time with respect to the Trust, to: (a) manage, conduct, operate and carry on the business of an investment company; and (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell,
      assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of
      indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and
      description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The
      Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Legal Title</u>.&#160; Legal title to all the Trust Property shall be vested in the
      Trustees as joint tenants except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other Person as nominee,
      custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and
      qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust
      Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Issuance and Repurchase of Shares</u>.&#160; The Trustees shall have the power to
      issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Articles
      VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the
      Delaware General Corporation Law.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Borrow Money or Utilize Leverage</u>.&#160; Subject to the Fundamental Policies in
      effect from time to time with respect to the Trust, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to
      secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of
      any other person, firm, association or corporation.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delegation; Committees</u>.&#160; The Trustees shall have the power, consistent with
      their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things and the execution of such
      instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to at least the same extent as such delegation is permitted to directors of corporations formed under the Delaware General
      Corporation Law and is permitted by the 1940 Act, as well as any further delegations the Trustees may determine to be desirable, expedient or necessary in order to effect the purpose hereof. The Trustees may, to the extent that they determine it
      necessary, desirable and appropriate, designate committees with such powers as the Trustees deem appropriate, each of which shall consist of at least one Trustee, which shall have all or such lesser portion of the authority of the entire Board of
      Trustees as the Trustees shall determine from time to time, except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Collection and Payment</u>.&#160; The Trustees shall have power to collect all
      property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property
      or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other
      instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be
      brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.8<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Expenses</u>.&#160; The Trustees shall have power to incur and pay out of the assets
      or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust
      to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as
      they in good faith may deem reasonable reimbursement for expenses reasonably incurred by themselves on behalf of the Trust. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance
      or arrears, for charges of distribution, of the custodian or transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but
      unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such
      Shareholder.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.9<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>By-Laws</u>.&#160; The Trustees shall have the exclusive authority to adopt and from
      time to time amend or repeal By-Laws for the conduct of the business of the Trust.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.10<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Miscellaneous Powers</u>.&#160; The Trustees shall have the power to: (a) employ or
      contract with such Persons as the Trustees may deem desirable for the transaction of the </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="margin-bottom: 12pt;">business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees,
      officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person
      in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and
      benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law,
      indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the
      Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; (i) notwithstanding the Fundamental Policies of the
      Trust, convert the Trust to a master- feeder structure; provided, however, the Trust obtains the approval of shareholders holding at least a majority of the Trust&#8217;s Shares present at a meeting of Shareholders at which a quorum is present and (j)
      adopt a seal for the Trust but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">3.11<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Further Powers</u>.&#160; The Trustees shall have the power to conduct the business
      of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all
      commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper
      or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In
      construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE IV<br>
      <br>
      Advisory, Management and Distribution Arrangements</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">4.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Advisory and Management Arrangements</u>.&#160; Subject to the requirements of
      applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management
      contracts) whereby the other party to any such contract shall undertake to furnish the Trustees such advisory, administrative and management services, with respect to the Trust as the Trustees shall from time to time consider desirable and all upon
      such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the
      Trustees </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">may from time to time adopt) to effect investment transactions with respect to the assets on behalf of the Trustees to the full extent of the power of the Trustees to effect such transactions or may authorize any
      officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been
      authorized by all of the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">4.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Distribution Arrangements</u>.&#160; Subject to compliance with the 1940 Act, the
      Trustees may retain underwriters, placement agents and/or other distribution agents to sell Trust Shares. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of the Shares of the Trust,
      whereby the Trust may either agree to sell such Shares to the other party to the contract or appoint such other party its sales agent for such Shares. In either case, the contract shall be on such terms and conditions as the Trustees may in their
      discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of Shares of the Trust by such other party as principal or as agent of the Trust and may
      provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons who are not registered securities dealers to further the purposes of the
      distribution or repurchase of the Shares of the Trust.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">4.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Parties to Contract</u>.&#160; Any contract of the character described in Sections
      4.1 and 4.2 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to
      the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense
      to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV
      or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or
      all of the contracts mentioned in this Section 4.3.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE V<br>
      <br>
      Limitations of Liability and Indemnification</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">5.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Personal Liability of Shareholders, Trustees, etc</u>. No Shareholder of the
      Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is
      extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only
      liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust
      Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal
      liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to
      such repeal or modification.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">5.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Mandatory Indemnification</u>.&#160; (a) The Trust hereby agrees to indemnify each
      person who at any time serves as a Trustee or officer of the Trust (each such person being an &#8220;indemnitee&#8221;) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and
      reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may
      be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter
      as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct
      was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv)
      reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as &#8220;disabling conduct&#8221;). Notwithstanding the foregoing, with respect to any action,
      suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or
      (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall
      continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of
      its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to
      such amendment, restatement or repeal.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Notwithstanding the foregoing, no indemnification shall be made hereunder unless
      there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification
      hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither &#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding
      (&#8220;Disinterested Non-Party Trustees&#8221;), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes
      that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding
      paragraph (c) below.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust shall make advance payments in connection with the expenses of defending
      any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee&#8217;s good faith belief that the standards of conduct necessary for indemnification have been met
      and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for
      indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of
      any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts
      (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The rights accruing to any indemnitee under these provisions shall not exclude any
      other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of stockholders or Trustees who are &#8220;disinterested persons&#8221; (as defined in Section 2(a)(19) of the 1940 Act) or
      any other right to which he or she may be lawfully entitled.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Subject to any limitations provided by the 1940 Act and this Declaration, the
      Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent
      corporations organized under the Delaware General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">5.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Bond Required of Trustees</u>.&#160; No Trustee shall, as such, be obligated to
      give any bond or other security for the performance of any of his duties hereunder.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">5.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Duty of Investigation; Notice in Trust Instruments, etc</u>.&#160; No purchaser,
      lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said
      officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate,
      Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this
      Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and agents in such amount as the Trustees
      shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">5.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Reliance on Experts, etc</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#160;&#160;Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure
      to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust&#8217;s officers or employees or by any advisor, administrator, manager,
      distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE VI<br>
      <br>
      Shares of Beneficial Interest</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Beneficial Interest</u>.&#160; The interest of the beneficiaries hereunder shall be
      divided into an unlimited number of transferable shares of beneficial interest, par value $.01 per share. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a
      split of Shares, shall be fully paid and, except as provided in the last sentence of Section 3.8, nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Other Securities</u>.&#160; The Trustees may, subject to the Fundamental Policies and
      the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see
      fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this
      Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment
      shall be filed as is necessary. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Rights of Shareholders</u>.&#160; The Shares shall be personal property given only
      the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Shareholders shall have no
      interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or
      assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The
      Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 11.4 or as specified by the Trustees when creating the Shares, as in preferred shares).</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Trust Only</u>.&#160; It is the intention of the Trustees to create only the
      relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any
      form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Issuance of Shares</u>.&#160; The Trustees, in their discretion, may from time to
      time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and
      for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in
      connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances
      and redemptions of Shares may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof as the Trustees may determine.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Register of Shares</u>.&#160; A register shall be kept at the offices of the Trust or
      any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate
      registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive
      dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his
      address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize
      the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Transfer Agent and Registrar</u>.&#160; The Trustees shall have power to employ a
      transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares.
      Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.8<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Transfer of Shares</u>.&#160; Shares shall be transferable on the records of the
      Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of
      each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed
      to be the holder of such Shares for all purposes hereof and neither the Trustees nor any </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-bottom: 12pt;">transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in consequence of the death, bankruptcy,
      or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust,
      but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any
      notice of such death, bankruptcy or incompetence, or other operation of law.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">6.9<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notices</u>.&#160; Any and all notices to which any Shareholder hereunder may be
      entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE VII<br>
      <br>
      Custodians</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">7.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian
      or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust with
      respect to which it is acting as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 Act:</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(1)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to hold the securities owned by the Trust
      and deliver the same upon written order;</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(2)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to receive any receipt for any moneys due
      to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(3)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to disburse such funds upon orders or
      vouchers;</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(4)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>if authorized by the Trustees, to keep the
      books and accounts of the Trust and furnish clerical and accounting services; and</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;">(5)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>if authorized to do so by the Trustees, to
      compute the net income or net asset value of the Trust;</div>
    <div style="text-align: justify;">all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such
      terms and conditions, as may be agreed upon between the custodian and such sub-custodian </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">7.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Central Certificate System</u>. Subject to such rules, regulations and orders as
      the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities
      association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular
      class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the
      order of the Trust.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE VIII<br>
      <br>
      Redemption</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">8.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Redemptions</u>.&#160; The Shares of the Trust are not redeemable by the holders.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">8.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Disclosure of Holding</u>.&#160; The holders of Shares or other securities of the
      Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940
      Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE IX<br>
      <br>
      Determination of Net Asset Value; Net Income; Distributions</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">9.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Net Asset Value</u>.&#160; The net asset value of each outstanding Share of the Trust
      shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Prospectus or
      as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Prospectus or as may otherwise be determined by the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">9.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Distributions to Shareholders</u>.&#160; (a) The Trustees shall from time to time
      distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits,
      surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without
      limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of shares or series of any such class, in
      accordance with the number </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may
      otherwise be determined in accordance with this Declaration.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Distributions pursuant to this Section 9.2 may be among the Shareholders of record
      of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trustees may always retain from the net profits such amount as they may deem
      necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.</div>
    <div style="margin-bottom: 12pt; text-indent: 108pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Inasmuch as the computation of net income and gains for Federal income tax
      purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions,
      respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">9.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Power to Modify Foregoing Procedures</u>.&#160; Notwithstanding any of the foregoing
      provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Trust&#8217;s Shares or net income, or the
      declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange or association registered under the
      Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE X<br>
      <br>
      Shareholders</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Meetings of Shareholders</u>.&#160; The Trust shall hold annual meetings of the
      Shareholders (provided that the Trust&#8217;s initial annual meeting of Shareholders may occur up to one year after the completion of its initial fiscal year). A special meeting of Shareholders may be called at any time by a majority of the Trustees or the
      President and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate not less than 51% of the outstanding Shares of the Trust or class or series of Shares having voting rights
      on the matter, such request specifying the purpose or purposes for which such meeting is to be called. Subject to Section 1.10 of the By-Laws, any shareholder meeting, including a Special Meeting, shall be held within or without the State of Delaware
      on such day and at such time as the Trustees shall designate.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Voting</u>.&#160; Shareholders shall have no power to vote on any matter except
      matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees. Except as otherwise provided herein, any matter required to be </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided,
      however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the
      affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. There shall be no
      cumulative voting in the election or removal of Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notice of Meeting and Record Date</u>.&#160; Notice of all meetings of Shareholders,
      stating the time, place and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not more than 120 days before the commencement
      of the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not
      later than 180 days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 120 nor less than 10
      days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Quorum and Required Vote</u>.&#160; (a)&#160; Subject to Section 1.10 of the By-Laws, 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. The absence from any
      meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in
      person or by proxy, a quorum of Shareholders in respect of such other matters.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>Subject to any provision of applicable law, this Declaration, the By-Laws or a
      resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy
      and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of
      the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Proxies, etc</u>.&#160; At any meeting of Shareholders, any holder of Shares
      entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may
      direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the
      Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or
      by proxy in respect of such Share (subject to Section 1.10 of the By-Laws), but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast,
      such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the
      challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other
      person appointed or having such control, and such vote may be given in person or by proxy (subject to Section 1.10 of the By-Laws).</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Reports</u>.&#160; The Trustees shall cause to be prepared at least annually and
      more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in
      conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act,
      and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance
      sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Inspection of Records</u>. The records of the Trust shall be open to inspection
      by Shareholders to the same extent as is permitted shareholders of a corporation formed under the Delaware General Corporation Law.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">10.8<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Shareholder Action by Written Consent</u>.Any action which may be taken by
      Shareholders by vote may be taken without a meeting if the holders entitled to vote thereon of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and
      the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE XI<br>
      <br>
      Duration; Termination of Trust; Amendment; Mergers, Etc.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Duration</u>.&#160; Subject to possible termination in accordance with the
      provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Termination</u>.&#160; (a) The Trust may be dissolved, after a majority of the
      Trustees have approved a resolution therefor, upon approval by not less than 75% of the Shares of each class or series outstanding and entitled to vote, voting as separate classes or series, unless </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">such resolution has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the dissolution of the Trust:</div>
    <div style="text-indent: 104pt;">
      <div>
        <div>(i)&#160;&#160;&#160;&#160;&#160;&#160; The Trust shall carry on no business except for the purpose of winding up its affairs.</div>
        <div> <br>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div style="margin: 0px 0px 12pt; text-indent: 104pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the
          Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any
          part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other
          acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall
          require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders with the same vote as required to open-end the Trust.</div>
      </div>
    </div>
    <div style="margin: 0px 0px 12pt; text-indent: 104pt;">
      <div>
        <div style="text-align: justify;">(iii)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases,
          indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.</div>
      </div>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>After the winding up and termination of the Trust and distribution to the
      Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the
      Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Amendment Procedure</u>.&#160; (a) Except as provided in subsection (b) of this
      Section 11.3, this Declaration may be amended, after a majority of the Trustees have approved a resolution therefor, by the affirmative vote of the holders of not less than a majority of the affected Shares. The Trustees also may amend this
      Declaration without any vote of Shareholders of any class of series to divide the Shares of the Trust into one or more classes or additional classes, or one or more series of any such class or classes, to change the name of the Trust or any class or
      series of Shares, to make any change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal
      laws or regulations including pursuant to Section 6.2 or the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for failing to do so.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 3.9,
      Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3, Section 11.4, Section 11.6 or Section 11.7 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by
      reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to
      issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, and such proposed amendment has been approved by the affirmative vote of the holders of not less than seventy-five percent
      (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, or unless such amendment has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required.
      Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon
      Shareholders.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>An amendment duly adopted by the requisite vote of the Board of Trustees and, if
      required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a
      majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the
      Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Notwithstanding any other provision hereof, until such time as a Registration Statement under the Securities Act of 1933, as amended, covering the first public offering of Shares
      of the Trust shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed by a majority of the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Merger, Consolidation and Sale of Assets</u>.&#160; Except as provided in Section
      11.7, the Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its good will, upon such terms and
      conditions and for such consideration when and as authorized by two- thirds of the Trustees and approved by a Majority Shareholder Vote and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been
      accomplished under and pursuant to the statutes of the State of Delaware.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Subsidiaries</u>.&#160; Without approval by Shareholders, the Trustees may cause to
      be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any
      interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money
      to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt;">corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Conversion</u>.&#160; Notwithstanding any other provisions of this Declaration or
      the By-Laws of the Trust, a favorable vote of a majority of the Trustees then in office followed by the favorable vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as
      separate classes or series, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Shares a &#8220;redeemable security&#8221; as that term is defined in the 1940 Act, unless such amendment has been approved by 80% of the
      Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the adoption of a proposal to convert the Trust from a &#8220;closed-end company&#8221; to an &#8220;open-end company&#8221; as those terms are defined by the 1940 Act and the necessary
      amendments to this Declaration to permit such a conversion of the Trust&#8217;s outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an &#8220;open-end&#8221; investment company. Such
      affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">11.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Certain Transactions</u>.&#160; (a) Notwithstanding any other provision of this
      Declaration and subject to the exceptions provided in paragraph (d) of this Section, the types of transactions described in paragraph (c) of this Section shall require the affirmative vote or consent of a majority of the Trustees then in office
      followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, when a Principal Shareholder (as defined in paragraph (b) of
      this Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of Shares otherwise required by law or by the terms of any class or series of preferred stock, whether now or
      hereafter authorized, or any agreement between the Trust and any national securities exchange.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>The term &#8220;Principal Shareholder&#8221; shall mean any corporation, Person or other entity
      which is the beneficial owner, directly or indirectly, of five percent (5%) or more of the outstanding Shares of any class or series and shall include any affiliate or associate, as such terms are defined in clause (ii) below, of a Principal
      Shareholder. For the purposes of this Section, in addition to the Shares which a corporation, Person or other entity beneficially owns directly, (a) any corporation, Person or other entity shall be deemed to be the beneficial owner of any Shares (i)
      which it has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding share options granted by the Trust) or (ii) which are beneficially owned, directly or indirectly (including
      Shares deemed owned through application of clause (i) above), by any other corporation, Person or entity with which its &#8220;affiliate&#8221; or &#8220;associate&#8221; (as defined below) has any agreement, arrangement or understanding for the purpose of acquiring,
      holding, voting or disposing of Shares, or which is its &#8220;affiliate&#8221; or &#8220;associate&#8221; as those terms are defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, and (b) the outstanding Shares shall include
      Shares deemed owned through application of clauses (i) and (ii) above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion rights or warrants, or otherwise.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>This Section shall apply to the following transactions: (i) The merger or
      consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder (ii) The issuance of any securities of the Trust to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan).
      (iii) The sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all
      assets sold, leased or exchanged in any series of similar transactions within a twelve-month period.) (iv) The sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal
      Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period).</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>The provisions of this Section shall not be applicable to (i) any of the
      transactions described in paragraph (c) of this Section if 80% of the Trustees shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction, in
      which case approval by a Majority Shareholder Vote shall be the only vote of Shareholders required by this Section, or (ii) any such transaction with any entity of which a majority of the outstanding shares of all classes and series of a stock
      normally entitled to vote in elections of directors is owned of record or beneficially by the Trust and its subsidiaries.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Board of Trustees shall have the power and duty to determine for the purposes
      of this Section on the basis of information known to the Trust whether (i) a corporation, person or entity beneficially owns five percent (5%) or more of the outstanding Shares of any class or series, (ii) a corporation, person or entity is an
      &#8220;affiliate&#8221; or &#8220;associate&#8221; (as defined above) of another, (iii) the assets being acquired or leased to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate fair market value of less
      than $1,000,000, and (iv) the memorandum of understanding referred to in paragraph (d) hereof is substantially consistent with the transaction covered thereby. Any such determination shall be conclusive and binding for all purposes of this Section.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE XII<br>
      <br>
      Miscellaneous</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Filing</u>.&#160; (a) This Declaration and any amendment or supplement hereto shall
      be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided
      herein, and shall, upon insertion in the Trust&#8217;s minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed
      from time to time by a majority of the Trustees and shall, upon insertion in the Trust&#8217;s minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and
      the various amendments and supplements thereto.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trustees hereby authorize and direct a Certificate of Trust, in the form
      attached hereto as Exhibit A, to be executed and filed with the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Statutory Trust Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.2<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Resident Agent</u>.&#160; The Trust shall maintain a resident agent in the State of
      Delaware, which agent shall initially be The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until
      written notice thereof is delivered to the office of the Secretary of the State.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.3<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Governing Law</u>.&#160; This Declaration is executed by the Trustees in accordance
      with and under the laws of the State of Delaware and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State and
      reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise
      granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers. Subject to Section 12.4 of this Declaration, all disputes arising under this Declaration shall be brought in the Delaware Court of Chancery unless otherwise
      required by the 1940 Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.4<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Forum for Adjudication of Certain Disputes</u>.&#160; Pursuant to Section 3804(e) of
      the Delaware Act, unless the Trust consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the
      Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the Trust to the Trust or its Shareholders, (iii) any action asserting a claim against the Trust or any trustee, officer, or employee
      of the Trust arising pursuant to any provision of the Delaware Statutory Trust Act, this Declaration or the By-Laws, or (iv) any action asserting a claim against the Trust or any trustee, officer, or employee of the Trust governed by the internal
      affairs doctrine of the State of Delaware; provided, however, that, (x) in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding
      shall be another state or federal court located within the State of Delaware and (y) any claims, suits, actions or proceedings arising under the Securities Act of 1933, as amended, shall be exclusively brought in the federal district courts of the
      United States of America. Failure to enforce the foregoing provisions would cause the Trust irreparable harm and the Trust shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing
      provisions. Any person or entity purchasing or otherwise acquiring any interest in Shares of the Trust shall be deemed to have notice of and consented to the provisions of this Section 12.4.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.5<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Counterparts</u>.&#160; This Declaration may be simultaneously executed in several
      counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
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    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.6<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Reliance by Third Parties</u>.&#160; Any certificate executed by an individual who,
      according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the
      due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written
      instrument satisfies the requirements of this Declaration, (f) the form of any By Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the
      Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">12.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Provisions in Conflict with Law or Regulation</u>.&#160; (a) The provisions of this
      Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and
      regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper
      any action taken or omitted prior to such determination.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font>If any provision of this Declaration shall be held invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, the undersigned, being the Trustees of Guggenheim Strategic Opportunities Fund, have executed this Third Amended and
      Restated Agreement and Declaration of Trust as of the date first written above.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Randall C. Barnes</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Randall C. Barnes</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Angela Brock-Kyle</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Angela Brock-Kyle</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Donald A. Chubb, Jr.</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Donald A. Chubb, Jr.</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Jerry B. Farley</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Jerry B. Farley</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Roman Friedrich III</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Roman Friedrich III</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Thomas F. Lydon, Jr.</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Thomas F. Lydon, Jr.</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Ronald A. Nyberg</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Ronald A. Nyberg</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Sandra G. Sponem</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Sandra G. Sponem</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Ronald E. Toupin, Jr.</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Ronald E. Toupin, Jr.</div>
    <div style="text-align: justify; text-indent: 36pt;">As Trustee and not individually</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><u>/s/ Amy J. Lee</u></div>
    <div style="text-align: justify; text-indent: 36pt;">Amy J. Lee</div>
    <div style="text-indent: 36pt; margin-right: 27pt; margin-bottom: 12pt;">As Trustee and not individually</div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>4
<FILENAME>ex99b.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS OF REGISTRANT
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EIGHTH AMENDED AND RESTATED</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">BY-LAWS</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OF</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EIGHTH AMENDED AND RESTATED BY-LAWS</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">These Amended and Restated By-Laws (the &#8220;By-Laws&#8221;), dated as of August 27, 2020, are made and adopted pursuant to Section 3.9 of the Third Amended and Restated Agreement and
      Declaration of Trust of Guggenheim Strategic Opportunities Fund (the &#8220;Trust&#8221;), dated as of August 27, 2020, as from time to time amended (hereinafter called the &#8220;Declaration&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">All words and terms capitalized in these By-Laws and not defined herein shall have the meaning or meanings set forth for such words or terms in the Declaration.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">As used in these By-Laws, the following terms shall have the meaning ascribed to them:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Beneficial Owner</u>&#8221; of a security shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (A) has or
      shares: (1) voting power which includes the power to vote, or to direct the voting of, such security; and/or, (2) investment power which includes the power to dispose, or to direct the disposition, of such security or (B) owns, controls or holds with
      power to vote such security.&#160; A Person shall be deemed to be the beneficial owner of shares if that Person has the right to acquire beneficial ownership of such shares at any time whether or not within sixty days. &#8220;Beneficially own,&#8221; &#8220;own
      beneficially&#8221; and related terms shall have correlative meaning.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Control</u>&#8221; shall mean the power to exercise a controlling influence over a Person, which in the case of a company means the power to exercise a controlling influence over
      the management or policies of such company, unless such power is solely the result of an official position with such company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Disclosable Relationship</u>&#8221; with respect to another Person means (A) the existence at any time during the current calendar year or at any time within the two most recently
      completed calendar years of any agreement, arrangement, understanding (whether written or oral) or practice, including the sharing of information, decisions or actions, of a Person with such other Person with respect to the Trust or Shares, (B) the
      beneficial ownership of securities of any Person known by such Person to beneficially own Shares and of which such Person knows such other Person also beneficially owns any securities, (C) sharing beneficial ownership of any securities with such
      other Person, (D) being an immediate family member of such other Person, (E) the existence at any time during the current calendar year or at any time within the two most recently completed calendar years of a material business or professional
      relationship with such other Person or with any Person of which such other Person is a 5% Holder, officer, director, trustee, general partner, manager, managing member or employee or (F) controlling, being controlled by or being under common control
      with such other Person.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Exchange Act</u>&#8221; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Immediate Family Member</u>&#8221; shall mean any parent, child, spouse, spouse of a parent, spouse of a child, brother or sister (including step and adoptive relationships).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Proposed Nominee</u>&#8221; shall have the meaning set forth in Section 1.6(A)(4)(a) of these By-Laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Proposed Nominee Associate</u>&#8221; of any Proposed Nominee shall mean any Person who has a Disclosable Relationship with such Proposed Nominee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Public Announcement</u>&#8221; shall include, but not be limited to, disclosure in a press release reported by the Dow Jones News Service, Associated Press or other national news
      service or in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Questionnaire</u>&#8221; shall mean the Trust&#8217;s form of annual trustee questionnaire, as supplemented from time to time, containing questions intended to, among other things,
      identify and evaluate potential conflicts of interest, obtain information needed to prepare regulatory filings, including registration statements, annual reports and proxy statements, determine whether a Trustee or a trustee nominee is an &#8220;interested
      person&#8221; of the Trust (as defined in section 2(a)(19) of the Investment Company Act of 1940, the &#8220;1940 Act&#8221;), update records, and otherwise comply with any applicable laws and regulations.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Shareholder Associate</u>&#8221; of any Shareholder or beneficial owner of Shares shall mean any Person who has a Disclosable Relationship with such Shareholder or beneficial
      owner.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">&#8220;<u>Special Meeting Request</u>&#8221; shall have the meaning set forth in Section 1.7(B) of these By-Laws.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE I</div>
    <div style="text-align: center; margin-bottom: 12pt;">Shareholder Meetings</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Chairman</u>.&#160; The Chairman, if any, shall act as chairman
      at all meetings of the Shareholders; in the Chairman&#8217;s absence, the Trustee or Trustees may elect a temporary chairman for the meeting, who may be one of themselves.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Proxies; Voting</u>.&#160; Shareholders may vote either in
      person or by duly executed proxy and each full share represented at the meeting shall have one vote, all as provided in Article 10 of the Declaration.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.3<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Fixing Record Dates</u>.&#160; For the purpose of determining
      the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment or postponement thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to
      time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-align: justify; margin-bottom: 12pt;">date or close the transfer books, then the date on which mailing of notice of the meeting is commenced or the date upon which the dividend resolution is adopted, as the case may be, shall be the
      record date.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.4<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Inspectors of Election</u>.&#160; In advance of any meeting of
      Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment or postponement thereof. If Inspectors of Election are not so appointed, the Chairman, if any, of any meeting of Shareholders may appoint
      Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. In case any Person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made
      by the Trustees in advance of the convening of the meeting or at the meeting by the chairman of the meeting. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a
      quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or
      consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all
      respects as the decision, act or certificate of all. On request of the Chairman, if any, of the meeting the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a
      certificate of any facts found by them.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.5<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Records at Shareholder Meetings</u>.&#160; At each meeting of
      the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders for a purpose germane to the meeting, the minutes of the last previous Annual or Special Meeting
      of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each
      Shareholder in alphabetical order and the number of Shares owned by such Shareholder, and shall not be required to contain any other information.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation
      pursuant to section 220 of the Delaware General Corporation Law (or any successor provision of law), subject to the procedures and requirements applicable to shareholders of a Delaware business corporation pursuant to section 220 of the Delaware
      General Corporation Law (or any successor provision of law)&#894; provided, however, that (i) the Trustees or the officers may require any Person to whom access to the Trust&#8217;s books and records is granted to enter into a confidentiality agreement on terms
      acceptable to the Trustees or the officers in their sole discretion&#894; (ii) the Trustees or the officers may require any Person to whom access to the Trust&#8217;s books and records is granted to pay the reasonable expenses associated with providing any such
      books and records for inspection&#894; and (iii) any such inspection shall be conducted during normal business hours at the Trust&#8217;s principal place of business or at such other location or during such other hours as the Trustees or the officers, in their
      sole discretion, may direct.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">1.6<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>Notice of Shareholder Business and Nominations</u>.</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;">(A)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Annual Meetings of
        Shareholders</font>.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(1)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Nominations of individuals for election as a Trustee of the Trust and the proposal
      of other business to be considered by the Shareholders may be made at an annual meeting of Shareholders only as set forth in this Section 1.6, and only:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(a) pursuant to the Trust&#8217;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized
      committee thereof,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(b) otherwise by or at the direction of the Board of Trustees or any duly authorized committee thereof, or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(c) by any one or more Shareholders of the Trust who (i) are each a Shareholder of the Trust at the time the notice provided for in this Section 1.6 is
      delivered to the Secretary of the Trust and on the record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting of Shareholders, (ii) are each entitled to make nominations or proposals and to vote at the
      meeting and (iii) comply with the notice procedures set forth in these By-Laws, or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(d) with respect to business other than a nomination, by a Shareholder that has notified the Trust of his, her or its intention to present a proposal at the
      annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and which proposal has been included in a proxy statement that has been prepared by the Trust to solicit proxies for such annual
      meeting of shareholders.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(2)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>For any nominations or other business to be properly brought before an annual
      meeting by a Shareholder pursuant to clause (c) of paragraph (A) (1) of this Section 1.6, the Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust and any such proposed business (other than the
      nominations of individuals for election to the Trust) must constitute a proper matter for Shareholder action.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(3)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>To be timely, a Shareholder&#8217;s notice shall be delivered to the Secretary of the
      Trust at the principal executive offices of the Trust not later than the close of business on the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day, nor earlier than the close of
      business on the one hundred fiftieth (150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day, prior to the first anniversary of the preceding year&#8217;s annual meeting (provided, however, that in the event that the
      date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date, notice by the Shareholder must be so delivered not earlier than the close of business on the one hundred fiftieth (150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day prior to such annual meeting and not later than the close of business on the later of the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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    </div>
    <div style="margin-bottom: 12pt;">prior to such annual meeting or the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the day on which public announcement of the date of such meeting is first
      made by the Trust).&#160; In no event shall the public announcement or announcement at the meeting of an adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a Shareholder&#8217;s notice as
      described above.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(4)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>To be in proper written form, such Shareholder&#8217;s notice shall set forth:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>as to each individual whom the Shareholder
      proposes to nominate for election as a Trustee (a &#8220;Proposed Nominee&#8221;) and each Proposed Nominee Associate of such Proposed Nominee:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the name, age, business address and
      residence address of such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the principal occupation or employment of
      such Proposed Nominee during the past five years,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>other directorships, trusteeships or
      comparable positions held during the past five years,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(iv) the class or series and number of Shares which are owned beneficially and of record by such Proposed Nominee and each Proposed Nominee Associate of such
      Proposed Nominee,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the name of each nominee holder of Shares
      owned beneficially but not of record by such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, and the number of such Shares held by each such nominee holder,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of any agreement,
      arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered
      into as of the date of the Shareholder&#8217;s notice by, or on behalf of, such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price
      changes for, or increase or decrease the voting power of, such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, with respect to Shares of the Trust,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(vii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of all agreements,
      arrangements, or understandings (whether written or oral) between such Proposed Nominee and any Proposed Nominee Associate of such Proposed Nominee related to, and any material interest of such Proposed Nominee Associate in, such nomination,
      including any anticipated benefit therefrom to such Proposed Nominee Associate,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(viii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of all agreements,
      arrangements, or understandings (whether written or oral) between such Proposed Nominee or any Proposed Nominee Associate of such Proposed Nominee and the nominating Shareholder or any Shareholder Associate of such nominating Shareholder related to
      such nomination, including with respect to the voting of any matters to come before the Board of Trustees or any anticipated benefit therefrom to the Proposed Nominee of any Proposed Nominee Associate of such Proposed Nominee,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(ix) a description of all commercial and professional relationships and transactions between or among such Proposed Nominee or any Proposed Nominee Associate,
      and any other Person or Persons known to such Proposed Nominee or Proposed Nominee Associate to have a material interest in such nomination,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(x)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a representation as to whether such
      Proposed Nominee is an &#8220;interested person&#8221; of the Trust, as defined under Section 2(a)(19) of the 1940 Act together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof, to
      examine such representation,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(xi)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a representation as to whether such
      Proposed Nominee meets all applicable legal requirements relevant to service as a Trustee, including, but not limited to, the rules adopted by the principal listing exchange (if any) upon which Shares are listed, Rule 10A-3 under the Exchange Act,
      Article 2-01 of Regulation S-X under the Exchange Act (17 C.F.R. &#167; 210.2-01) (with respect to the Trust&#8217;s independent registered public accounting firm) and any other criteria established by the 1940 Act related to service as a director/trustee of a
      management investment company or the permitted composition of the board of directors/trustees of a management investment company, together with information regarding such individual that is </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine such representation,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(xii) a representation that the Proposed Nominee satisfies the Trustee qualifications as set out in these By-Laws, together with information regarding such
      individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine such representation,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(xiii) any other information relating to the Proposed Nominee that would be required to be disclosed in a proxy statement or other filings required to be made
      in connection with solicitations of proxies for election of Trustees in a solicitation subject to Rule 14A under the Exchange Act, whether or not the Shareholder submitting the notice intends to deliver a proxy statement or solicit proxies and
      whether or not an election contest is involved, and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(xiv) such Proposed Nominee&#8217;s written consent to being named as a nominee and to serving as a Trustee if elected;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>as to any other business that the
      Shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for
      conducting such business at the meeting and any material interest in such business of such Shareholder and the beneficial owner, if any, on whose behalf the proposal is made; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>as to the Shareholder giving the notice
      and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(i)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the name and address of such Shareholder,
      as they appear on the Trust&#8217;s books, and of such beneficial owner,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the class or series and number of Shares
      which are owned beneficially and of record by such Shareholder and such beneficial owner and their respective Shareholder Associates,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>the name of each nominee holder of
      Shares owned beneficially but not of record by such Shareholder and such beneficial owner and their respective Shareholder </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">Associates, and the number of such Shares held by each such nominee holder,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of any agreement,
      arrangement or understanding (whether written or oral) with respect to the nomination or proposal between or among such Shareholder and such beneficial owner, any of their respective Shareholder Associates, and any other Person or Persons (including
      their names) and any material interest of such Person or any Shareholder Associate of such Person, in the matter that is the subject of such notice, including any anticipated benefit therefrom to such Person, or any Shareholder Associate of such
      Person,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(v)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of any agreement,
      arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered
      into as of the date of the Shareholder&#8217;s notice by, or on behalf of, such Shareholder and such beneficial owners or their respective Shareholder Associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price
      changes for, or increase or decrease the voting power of, such Shareholder or such beneficial owner or their respective Shareholder Associates, with respect to Shares of the Trust,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a description of all commercial and
      professional relationships and transactions between or among a such Shareholder and such beneficial owners or their respective Shareholder Associates, and any other Person or Persons known to such Shareholder and such beneficial owners or their
      respective Shareholders Associate to have a material interest in the matter that is the subject of such notice,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(vii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a representation that the Shareholder is
      a holder of record of Shares of the Trust entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">&#160;(viii)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>a representation whether the
      Shareholder or the beneficial owner, if any, intends or is part of a group which intends (a) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Trust&#8217;s outstanding Shares required to approve or adopt the </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 144pt;">proposal or elect the nominee and/or (b) otherwise to solicit proxies from Shareholders in support of such proposal or nomination, and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">(ix)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>any other information relating to such
      Shareholder and such beneficial owner that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such Person with respect to the proposed business to be brought by
      such Person before the annual meeting pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, whether or not such Person intends to deliver a proxy statement or solicit proxies.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(5)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>The Trust may require any Proposed Nominee and/or any Shareholder of record
      nominating such Proposed Nominee to furnish such other information as it may reasonably request regarding any such Proposed Nominee and/or any such Shareholder of record nominating such Proposed Nominee, and such other information shall be received
      by the Secretary at the principal executive offices of the Trust not later than seven (7) calendar days after the first request by or on behalf of the Board of Trustees for such other information was sent to such Shareholder of record, group of
      Shareholders of record or Proposed Nominee. Any request for any such other information that is not answered in a reasonably complete, accurate, diligent and good faith manner, or that is not timely received by the Trust in accordance with this
      Section 1.6(A)(5), will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. If the same request for such other information is sent to multiple Persons, then the earliest such date and time on which such request
      for information was sent shall apply for the purpose of determining compliance with this Section 1.6(A)(5) .</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(6)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>The Trust may require any Proposed Nominee or any individual nominated by the
      current Trustees for election as a Trustee to complete and duly execute the Questionnaire&#894; any Questionnaire that is not completed in a reasonably complete, diligent, accurate and good faith manner as determined by the Board of Trustees, or that is
      not duly executed and received by the Secretary of the Trust at the principal executive offices of the Trust not later than seven (7) calendar days after the Board of Trustees or its designee first sends the Questionnaire to such Proposed Nominee or
      any Shareholder(s) of record nominating such Proposed Nominee, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. If the Questionnaire is sent to multiple Persons, then the earliest such date and time on
      which the Questionnaire was sent shall apply for the purpose of determining compliance with this Section 1.6(A)(6).</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(7)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>The Trust may require any Proposed Nominee to consent to and cooperate with a
      background screening conducted by a background screening company selected by the Board of Trustees or any committee thereof.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(8)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>A Shareholder providing notice of any nomination or other business proposed to be
      brought before an annual meeting of shareholders shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to Section 1.6(A)(4) shall be true and correct as of
      the record date for determining the Shareholders entitled to receive notice of the annual meeting of Shareholders and such update and supplement shall be received by the Secretary at the principal executive offices of the Trust not later than seven
      (7) calendar days after the record date for determining the Shareholders entitled to receive notice of the annual meeting of Shareholders.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(9)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>If information submitted pursuant to this Section 1.6 by any Shareholder or
      Proposed Nominee shall be or become inaccurate in any way, such information shall be deemed not to have been provided in accordance with this Section 1.6. Any such Shareholder or Proposed Nominee shall notify the Trust in writing of any inaccuracy or
      change and update such information to cause it to be complete and accurate, within seven (7) calendar days of becoming aware of such inaccuracy. If a Shareholder or Proposed Nominee fails to provide such written notification and update within such
      period, the information that was or becomes inaccurate shall be deemed not to have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws.
      Upon written request by the Secretary of the Trust or the Board of Trustees, any such Shareholder or Proposed Nominee shall provide, within seven (7) calendar days of the sending of such request (or such other period as may be specified in such
      request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any authorized officer of the Trust, to demonstrate the accuracy of any information submitted by the Shareholder or Proposed Nominee pursuant to this
      Section 1.6, and (B) a written update of any information (including, if requested by the Trust, written confirmation by such Shareholder that it continues to intend to bring such nomination) submitted by the Shareholder or the Proposed Nominee
      pursuant to this Section 1.6 as of an earlier date. If a Shareholder or Proposed Nominee fails to provide such written verification or written update within such period, the information as to which written verification or a written update was
      requested shall be deemed not to have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(10)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>The foregoing notice requirements of this Section 1.6 shall be deemed satisfied
      by a Shareholder with respect to business other than a nomination if the Shareholder has notified the Trust of his, her or its intention to present a proposal at an annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or
      any successor provision of law) and such Shareholder&#8217;s proposal has been included in a proxy statement that has been prepared by the Trust to solicit proxies for such annual meeting.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(11)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Notwithstanding anything in paragraph (A)(3) of this Section 1.6 to the contrary,
      in the event that the number of Trustees to be elected to the Board of Trustees of the Trust is increased effective at the annual meeting and there is no public announcement by the Trust naming the nominees for the additional trusteeships at </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;">least one hundred (100) days prior to the first anniversary of the preceding year&#8217;s annual meeting, a Shareholder&#8217;s notice required by this Section 1.6 shall also be considered timely, but only with respect to nominees
      for the additional trusteeships, if it shall be delivered to the Secretary of the Trust at the principal executive offices of the Trust not later than the close of business on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the day on which such public announcement is first made by the Trust.</div>
    <div>
      <div>
        <div style="margin-top: 0px; margin-bottom: 12pt; margin-left: 117pt;">(B)<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"></font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="font-style: italic;">Special Meetings of Shareholders</font>.</div>
      </div>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(1)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Special meetings of Shareholders shall be called only as contemplated by Section
      10.1 of the Declaration.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(2)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Only such business shall be conducted at a special meeting of Shareholders as
      shall have been brought before the meeting pursuant to the Trust&#8217;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized committee thereof.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(3)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Nominations of individuals for election to the Board of Trustees may be made at a
      special meeting of Shareholders at which Trustees are to be elected pursuant to the Trust&#8217;s notice of meeting only as set forth in this&#160; Section 1.6, and only:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>pursuant to the Trust&#8217;s notice of meeting
      (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized committee thereof,</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>otherwise by or at the direction of the
      Board of Trustees or any duly authorized committee thereof, or</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>provided that the Board of Trustees has
      determined that Trustees shall be elected at such special meeting, by one or more Shareholders of the Trust who (i) are each a Shareholder of the Trust at the time the notice provided for in this Section 1.6(B) is delivered to the Secretary of the
      Trust and on the record date for the determination of Shareholders entitled to notice of and to vote at such special meeting of Shareholders, (ii) are each entitled to make nominations and to vote at the meeting and (iii) comply with the notice
      procedures set forth in these By-Laws.</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;">(4)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>In the event a special meeting of Shareholders is called
      pursuant to Section 10.1 of the Declaration for the purpose of electing one or more Trustees to the Board of Trustees, for any nominations to be properly brought before such special meeting by a Shareholder pursuant to Section 1.6(B)(3)(c), the
      Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust.</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;">(5)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>To be timely, a Shareholder&#8217;s notice of a nomination for
      election to the Board of Trustees at a special meeting of Shareholders at which Trustees are to be elected pursuant to the Trust&#8217;s notice of meeting, shall be delivered to the </div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Secretary of the Trust at the principal executive offices of the Trust not earlier than the close of business on the one hundred fiftieth (150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day prior to such special meeting and not later than the close of business on the later of (i) the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day
      prior to such special meeting or (ii) the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the day on which public announcement is first made of the date of the special meeting and of the
      nominees proposed by the Board of Trustees to be elected at such meeting.&#160; In no event shall the public announcement or announcement at the meeting of an adjournment or postponement of a special meeting commence a new time period (or extend any time
      period) for the giving of a Shareholder&#8217;s notice as described above.</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;">(6)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>To be in proper written form, such Shareholder&#8217;s notice shall
      set forth all information required by Section 1.6(A)(4).</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;">(7)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>A Shareholder providing notice of any nomination to be
      brought before a special meeting of Shareholders at which Trustees are to be elected pursuant to the Trust&#8217;s notice of meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided
      in such notice pursuant to Section 1.6(B)(6) shall be true and correct as of the record date for determining the Shareholders entitled to receive notice of the special meeting of Shareholders and such update and supplement shall be delivered to or be
      mailed and received by the Secretary at the principal executive offices of the Trust not later than seven (7) calendar days after the record date for determining the Shareholders entitled to receive notice of the special meeting of Shareholders.</div>
    <div style="margin: 0px 0px 12pt; text-indent: 117pt;">
      <div>
        <div>(C) &#160;<font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font> <font style="font-style: italic;">General</font>.</div>
      </div>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(1)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Only such individuals who are nominated in accordance with the procedures set
      forth in this Section 1.6 shall be eligible to be elected at an annual or special meeting of Shareholders of the Trust to serve as Trustees and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the
      meeting in accordance with the procedures set forth in this Section 1.6.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(2)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>If the Shareholders of any class or series of Shares are entitled separately to
      elect one or more Trustees, only such Persons who are holders of record of such class or series of Shares at the time notice is provided pursuant to this Section 1.6&#160; and on the record date for the determination of Shareholders entitled to notice of
      and to vote at such annual meeting or special meeting of Shareholders shall be entitled to nominate individuals for election as a Trustee by such class or series of Shares voting separately.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(3)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Notwithstanding the foregoing provisions of this Section 1.6, unless otherwise
      required by law, if the Shareholder (or a qualified representative of the Shareholder) does not appear at the annual or special meeting of Shareholders of the Trust to present a nomination or proposed business, such nomination shall be disregarded
      and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Trust.&#160; For purposes of this Section 1.6, to be considered a qualified representative of the Shareholder, a Person
      must be a </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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    <div style="margin-bottom: 12pt;">duly authorized officer, manager or partner of such Shareholder or must be authorized by a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of
      Shareholders and such Person must produce such writing at the meeting of Shareholders.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(4)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Notwithstanding the foregoing provisions of this Section 1.6, a Shareholder shall
      also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 1.6; provided however, that any references in these By-laws to the Exchange Act or the
      rules promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 1.6, and compliance with paragraphs (A) and (B) of this
      Section 1.6 shall be the exclusive means for a Shareholder to make nominations or submit other business (other than, as provided in paragraph 1.6(A)(10), matters brought properly under and in compliance with Rule 14a-8 of the Exchange Act (or any
      successor provision of law)).</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(5)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>Notwithstanding anything to the contrary in this Section 1.6 or otherwise in these
      By-laws, except with respect to nominations of individuals for election as a Trustee of the Trust or as required by federal law, no proposal of other business may be considered or brought at a meeting of Shareholders unless such matter has been
      approved for these purposes by a majority of the Trustees.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(6)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>A notice of one or more Shareholders making a nomination pursuant to Section
      1.6(A)(1)(c) or 1.6(B)(3)(c), as applicable, shall be accompanied by a:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(A) signed statement of each Shareholder giving the notice certifying that (1) all information contained in the notice is true and complete in all respects,
      (2) the notice complies with this Section 1.6, and (3) such Shareholder will continue to hold all Shares referenced in Section 1.6(A)(1)(c) or 1.6(B)(3)(c), as applicable, through and including the time of the annual or special meeting (including any
      adjournment or postponement thereof)&#894; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(B) a signed certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed Nominee and any Proposed
      Nominee Associate is true and complete and complies with this Section 1.6 and (2) consenting to being named in the Shareholder&#8217;s proxy statement as a nominee and to serving as a Trustee if elected.</div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;">(7)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font>All judgments and determinations made by the Board of Trustees or the chairman of
      the meeting, as applicable, under this Section 1.6 (including, without limitation, judgments as to whether any matter or thing is satisfactory to the Board of Trustees and determinations as to the propriety of a proposed nomination or a </div>
    <div style="margin-bottom: 12pt; text-indent: 117pt;"> <br>
    </div>
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    <div style="margin-bottom: 12pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div style="margin-bottom: 8pt;">proposal of other business for consideration by Shareholders) shall be final and binding unless determined by a court of competent jurisdiction to
        have been made in bad faith.</div>
      <div style="margin-bottom: 8pt; text-indent: 108pt;">(8)&#160; Notwithstanding anything in these By-Laws to the contrary, no business, including nominations, shall be conducted
        at any annual or special meeting except in accordance with the procedures set forth in this Section 1.6. The chairman of the annual or special meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly
        brought before the meeting in accordance with the provisions of this Section 1.6, and, if the chairman should determine, the chairman shall so declare to the meeting that any such business not properly brought before the meeting shall not be
        considered or transacted.</div>
      <div style="margin-bottom: 8pt; margin-left: 81pt;">1.7.&#160;&#160;&#160;&#160;&#160; <u>Special Shareholders Meetings.</u></div>
      <div style="margin-bottom: 8pt; text-indent: 108pt;">(A)&#160; Special meetings of Shareholders may be called only by the Board of Trustees (or any duly authorized committee),
        except a special meeting shall be called by the Trustees upon the timely receipt by the Secretary of a request in proper written form from one or more Shareholders acting pursuant to and in accordance with Section 10.1 of the Declaration.&#160; Only
        such business shall be conducted at a special meeting as shall be specified in the notice of meeting (or any supplement thereto).&#160; In fixing a date for any special meeting, the Board of Trustees (or any duly authorized committee thereof) may
        consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Trustees to call an annual
        meeting or a special meeting.</div>
      <div style="margin-bottom: 8pt; text-indent: 108pt;">(B)&#160;&#160; Any Shareholder(s) seeking to request a special meeting shall send written notice to the Secretary (the &#8220;Special
        Meeting Request&#8221;) by registered mail, return receipt requested, requesting the Secretary to call a special meeting.&#160; Proof of the requesting Shareholder&#8217;s ownership of Shares at the time of giving the Special Meeting Request must accompany the
        requesting Shareholder&#8217;s Special Meeting Request.&#160; The Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at the meeting, shall be signed by one or more Shareholders (or their duly authorized
        agents), shall bear the date of signature of each requesting Shareholder (or its duly authorized agent) signing the Special Meeting Request and shall set forth all information that each such Shareholder and, with respect to the beneficial owners of
        Shares on whose behalf such request is being made, each such beneficial owner of Shares would be required to disclose in a proxy statement or other filings required to be made in connection with solicitations of proxies with respect to the proposed
        business to be brought before the meeting pursuant to Section 14 of the Exchange Act, whether or not such Person intends to deliver a proxy statement or solicit proxies, as well as all additional information required by Section 1.6(A)(4)(c) of
        these By-Laws.&#160; Upon receiving the Special Meeting Request, the Trustees may in their discretion fix a date for the special meeting, which need not be the same date as that requested in the Special Meeting Request.</div>
      <div style="margin-bottom: 8pt; text-indent: 108pt;"> <br>
      </div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(C)&#160;&#160; The Shareholder(s) providing notice of business proposed to be brought before a special meeting shall further
        update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 1.7 shall be true and correct as of the record date for determining the Shareholders entitled to
        receive notice of the special meeting and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five (5) business days after the record date for
        determining the Shareholders entitled to receive notice of the special meeting.</div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(D)&#160;&#160; The Board of Trustees shall determine the validity of any purported Special Meeting Request received by the
        Secretary.</div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(E)&#160;&#160; No business shall be conducted at a special meeting of Shareholders except business brought before any such
        meeting in accordance with the procedures set forth in this Section 1.7 and in compliance with Section 10.1 of the Declaration.&#160; If the chairman of a special meeting determines that business was not properly brought before such meeting in
        accordance with the foregoing procedures, the chair shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.</div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(F)&#160;&#160; Nothing contained in this Section 1.7 shall be deemed to affect any rights of Shareholders to request inclusion of
        proposals in the Trust&#8217;s proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).</div>
      <div style="margin-bottom: 8pt; margin-left: 90pt;">1.8. &#160; &#160; &#160; &#160; &#160; &#160; <u>Conduct of Meetings.</u></div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(A)&#160;&#160; Every meeting of Shareholders shall be conducted by the chairman of the meeting.&#160; The Secretary, or, in the
        Secretary&#8217;s absence, an Assistant Secretary, or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees or, in the absence of such appointment, an individual appointed by the chairman of the
        meeting shall act as secretary of the meeting.</div>
      <div style="margin-bottom: 8pt; text-indent: 117pt;">(B)&#160;&#160; Except as otherwise provided by law, the chairman of the meeting shall have the power and duty:</div>
      <div style="margin-bottom: 8pt; text-indent: 9pt; margin-left: 126pt;">(a) to determine whether a nomination or any business proposed to be brought before the meeting was
        made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.6 (including whether the Shareholder or beneficial owner, if any, on whose behalf the nomination or proposal is made solicited (or is part of a
        group which solicited) or did not so solicit, as the case may be, proxies in support of such Shareholder&#8217;s nominee or proposal in compliance with such Shareholder&#8217;s</div>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
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    </div>
    <div style="text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">representation as required by clause (A)(4)(c)(viii) of Section 1.6), and</div>
    <div style="text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;">(b) <font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"></font>if any proposed nomination or business was not made or
      proposed in compliance with Section 1.6, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted; provided, however, that such nomination or such proposed business shall not be presumed to be valid
      in the absence of such a declaration.</div>
    <div style="margin: 0px 0px 12pt; text-indent: 117pt;">
      <div>
        <div>(C)&#160;&#160; The Board of Trustees may adopt by resolution such rules and regulations for the conduct of any meeting of the Shareholders as it shall deem appropriate.&#160; Except to the extent inconsistent
          with such rules and regulations as adopted by the Board of Trustees, the chairman of any meeting of Shareholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of
          such chair, are appropriate for the proper conduct of the meeting.&#160; Such rules, regulations or procedures, whether adopted by the Board of Trustees or prescribed by the chairman of the meeting, may include, without limitation, the following:&#160; (a)
          the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting
          and the safety of those present; (d) limitations on attendance at and participation in the meeting to Shareholders, their duly authorized and constituted proxies or such other Persons as the chair of the meeting shall determine; (e) restrictions
          on entry to the meeting after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments by Shareholders; and (g) the extent to which, if any, other participants are permitted to speak.</div>
      </div>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">1.9.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Adjourned Meeting</u>.&#160; Subject to the requirements of
      Section 10.3 of the Declaration, any meeting of Shareholders, whether or not a quorum is present, may be adjourned from time to time by: (a) the vote of the majority of the Shares represented at that meeting, either in person or by proxy; or (b) in
      his or her discretion by the chairman of the meeting.&#160; At any adjourned meeting, any business may be transacted which might have been transacted at the original meeting.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">1.10.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Meetings by Remote Communications</u>.&#160; Notwithstanding
      anything to the contrary in these By-Laws, the Trustees or a committee of the Board of Trustees or the President (or Chief Executive Officer), Vice-President, Treasurer (or Chief Financial Officer) or Secretary of the Trust may determine at any time,
      including, without limitation, after the calling of any meeting of Shareholders, that any meeting of Shareholders be held solely by means of remote communication or both at a physical location and by means of remote communication. If the Trustees or
      a committee of the Board of Trustees or the President (or Chief Executive Officer), Vice-President, Treasurer (or Chief Financial Officer) or Secretary of the Trust shall determine that any meeting of Shareholders be held solely by means of remote
      communication or both at a physical location and by means of remote communication, subject to such guidelines and procedures as the Trustees or such committee or such officer may adopt, Shareholders </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;">and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote
      at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Board of Trustees deem to be reasonable (A) to verify
      that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to
      vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE II</div>
    <div style="text-align: center; margin-bottom: 12pt;">Trustees</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Annual and Regular Meetings</u>.&#160; Meetings of the Trustees
      shall be held from time to time upon the call of the Chairman, if any, the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Neither the business
      to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Chairman</u>.&#160; The Board of Trustees may elect from among its
      members a Chairman of the Board who shall at all times be a trustee of the Trust. The Chairman of the Board shall preside over all meetings of the Board of Trustees and shall have such other responsibilities in furthering the Board&#8217;s functions as may
      be prescribed from time to time by resolution of the Board. The Chairman of the Board, if any, shall, if present, preside at all meetings of the Shareholders and of the Trustees and shall exercise and perform such other powers and duties as may be
      from time to time assigned by the Trustees.&#160; In absence of a chairman, the Trustees present shall elect one of their number to act as temporary chairman to preside over a meeting of the Trustees.&#160;&#160; The Chairman of the Board, if any, shall be elected
      by the Board of Trustees to hold office until his successor shall have been duly elected and shall have qualified, or until his death, or until he shall have resigned, or have been removed, as herein provided in these by-laws. Each Trustee, including
      the Chairman of the Board, if any, shall have one vote.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">The Chairman of the Board, if any, may resign at any time by giving written notice of resignation to the Board of Trustees. Any such resignation shall take effect at the time
      specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.&#160;
      The Chairman of the Board, if any, may be removed by the Board of Trustees with or without cause at any time.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.3<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Records</u>. The results of all actions taken at a meeting of
      the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the secretary of the meeting appointed by the Board of Trustees.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.4<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Standard of Care</u>.&#160; It shall be understood that each
      Trustee, including the Chairman of the Board of the Trust or any chairman or member of any committee of the Board created herein or by the Board of Trustees shall have the same level of responsibility to the Trust required of his or her being a
      Trustee, regardless of (a) any other position held with the Trust, (b) the Trustee&#8217;s individual training or expertise and (c) the role performed by the Trustee on behalf of the Trust in his or her capacity as Trustee even if such role requires the
      Trustee to possess specific or unique&#160; qualifications under applicable law or regulation.&#160; The Chairman of the Board of the Trust or any chairman or member of any committee of the Board created herein or by the Board of Trustees shall serve in such
      capacity for the Board of Trustees and does not serve in such capacity as an officer of the Trust.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.5<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Indemnification</u>.&#160; In accordance with Section 5.2(d) of
      the Declaration, the rights accruing to any indemnitee under the provisions of Section 5.2 of the Declaration shall not exclude any other right which any person may have or hereafter acquire under the Declaration, these By-Laws, any statute,
      agreement, vote of stockholders or Trustees who are &#8220;disinterested persons&#8221; (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled. For the avoidance of doubt, to the extent the Trust enters
      into a written agreement with any Trustee to indemnify such Trustee, any indemnification of such Trustee by the Trust shall be governed by the terms of such written agreement, including with respect to determinations required, applicable presumptions
      and burden of proof with respect to such Trustee&#8217;s entitlement to indemnification and/or advancement of expenses.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">2.6<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Governance</u>.&#160; The Board of Trustees may from time to time
      require all its members and any Proposed Nominee to agree in writing as to matters of corporate governance, business ethics and confidentiality while such Persons serve as a Trustee, such agreement to be on the terms and in a form determined
      satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE III</div>
    <div style="text-align: center; margin-bottom: 12pt;">Officers</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Officers of the Trust</u>.&#160; The officers of the Trust shall
      consist of a President, a Secretary, a Treasurer and such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same Person, except that the same Person may not be both
      President and Secretary. The President shall be the Chief Executive Officer of the Trust.&#160; No officer of the Trust need be a Trustee.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Election and Tenure</u>.&#160; At the initial organization
      meeting, the Trustees shall elect the President, Secretary, Treasurer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the
      Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.3<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Removal of Officers</u>.&#160; Any officer may be removed at any
      time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may
      have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the President, or Secretary, and such resignation shall take effect
      immediately upon receipt by the President, or Secretary, or at a later date according to the terms of such notice in writing.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.4<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Bonds and Surety</u>.&#160; Any officer may be required by the
      Trustees to be bonded for the faithful performance of such officer&#8217;s duties in such amount and with such sureties as the Trustees may determine.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.5<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>President and Vice Presidents</u>.&#160;&#160; Subject to such
      supervisory powers, if any, as may be given by the Trustees to the Chairman, if any, the President shall be the chief executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of
      the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer or President of a corporation. Subject to direction of the Trustees, the President
      shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and
      discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the President shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of
      business organizations in which the Trust holds an interest, or to confer such powers upon any other Persons, by executing any proxies duly authorizing such Persons. The President shall have such further authorities and duties as the Trustees shall
      from time to time determine. In the absence or disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of
      the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction of the Trustees, and of the President, each Vice-President shall have the power in the
      name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the President.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.6<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Secretary</u>.&#160; The Secretary shall maintain the minutes of
      all meetings of, and record all votes of, Shareholders, Trustees and the Executive Committee, if any. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="margin-bottom: 12pt;">(and any other Person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business
      corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly
      incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.7<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Treasurer</u>.&#160; Except as otherwise directed by the Trustees,
      the Treasurer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the President all
      powers and duties normally incident to the office. The Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall deposit all funds of the Trust in such
      depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the President. The Treasurer shall keep accurate account of the books of the Trust&#8217;s
      transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer&#8217;s possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall
      otherwise determine, the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust. The Treasurer shall have such other duties and authorities as the Trustees shall from time to
      time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Trust on behalf
      of such series.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">3.8<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Other Officers and Duties</u>.&#160; The Trustees may elect such
      other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and
      shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such Person by the Trustees or delegated to such Person by the President.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE IV</div>
    <div style="text-align: center; margin-bottom: 12pt;">Miscellaneous</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">4.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Depositories</u>.&#160; In accordance with Section 7.1 of the
      Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator
      or manager), as the Trustees may from time to time authorize.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">4.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Signatures</u>.&#160; All contracts and other instruments shall be
      executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="margin-bottom: 12pt;">the Declaration or By-laws or as the Trustees may from time to time by resolution provide.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">4.3<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Seal</u>.&#160; The Trust is not required to have any seal, and
      the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document
      with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the
      validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">4.4<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Governing Law</u>.&#160; These By-Laws and the rights of all
      parties and the validity and construction of every provision hereof shall be subject to and construed according to the laws of the state of Delaware, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees
      hereunder and any ambiguity shall be viewed in favor of such powers.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">4.5<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Provisions in Conflict with Law or Regulation</u>.</div>
    <div style="margin: 0px 0px 12pt; text-indent: 117pt;">
      <div>
        <div>(A)&#160; &#160;The provisions of these By-Laws are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in
          conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable binding laws and regulations, the conflicting provision shall be deemed never to have constituted a part of these By-Laws; provided,
          however, that such determination shall not affect any of the remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination.</div>
      </div>
    </div>
    <div style="margin: 0px 0px 12pt; text-indent: 117pt;">
      <div>
        <div>(B)&#160;&#160; If any provision of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to
          such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of these By-Laws in any jurisdiction.</div>
      </div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE V</div>
    <div style="text-align: center; margin-bottom: 12pt;">Stock Transfers</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">5.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Transfer Agents, Registrars and the Like</u>.&#160; As provided in
      Section 6.7 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition, the Trustees shall
      have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any
      of them by the Trustees.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">5.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Transfer of Shares</u>.&#160; The Shares of the Trust shall be
      transferable on the books of the Trust only upon delivery to the Trustees or a transfer agent of the Trust of proper documentation as provided in Section 6.8 of the Declaration. The Trust, </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> <br>
    </div>
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    <div style="margin-bottom: 12pt;">or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that the requested transfer is proper.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">5.3<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Registered Shareholders</u>.&#160; The Trust may deem and treat
      the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other Person.</div>
    <div style="text-align: center; margin-bottom: 12pt;">ARTICLE VI</div>
    <div style="text-align: center; margin-bottom: 12pt;">Amendment of By-Laws</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;">6.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><u>Amendment and Repeal of By-Laws</u>.&#160; In accordance with
      Section 3.9 of the Declaration, the Trustees shall have the power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees.
      The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.</div>
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<DOCUMENT>
<TYPE>EX-99.(K)(II)(3)
<SEQUENCE>5
<FILENAME>ex99kii3.htm
<DESCRIPTION>AMENDMENT TO FUND ACCOUNTING AGREEMENTS
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">AMENDMENT TO FUND ACCOUNTING AGREEMENTS</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">This AMENDMENT (this &#8220;<font style="font-weight: bold;"><u>Amendment</u></font>&#8221;) is made and entered into, as of this 27th day of August, 2020, by and between MUFG Investor Services (US), LLC (&#8220;<font style="font-weight: bold;"><u>MUIS</u></font>&#8221;) and each of Fiduciary/Claymore Energy Infrastructure Fund (formerly, Fiduciary/Claymore MLP Opportunity Fund) (&#8220;<font style="font-weight: bold;"><u>FMO</u></font>&#8221;); Guggenheim Taxable Municipal
      Managed Duration Trust (formerly, Guggenheim Build America Bonds Managed Duration Trust) (&#8220;<font style="font-weight: bold;"><u>GBAB</u></font>&#8221;); Guggenheim Energy &amp; Income Fund (&#8220;<font style="font-weight: bold;"><u>XGEIX</u></font>&#8221;);&#160;
      Guggenheim Credit Allocation Fund (&#8220;<font style="font-weight: bold;"><u>GGM</u></font>&#8221;); Guggenheim Strategic Opportunities Fund (&#8220;<font style="font-weight: bold;"><u>GOF</u></font>&#8221;); and Guggenheim Enhanced Equity Income Fund (&#8220;<font style="font-weight: bold;"><u>GPM</u></font>&#8221;) (each a &#8220;<font style="font-weight: bold;"><u>Trust</u></font>&#8221; and collectively, the &#8220;<font style="font-weight: bold;"><u>Trusts</u></font>&#8221;).</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, Rydex Fund Services, LLC (&#8220;<font style="font-weight: bold;"><u>RFS</u></font>&#8221;) and each Trust entered into certain Fund Accounting Agreements, dated as of December 1, 2013, with respect to
      FMO, June 1, 2013, with respect to GBAB, August 13, 2015, with respect to XGEIX, June 25, 2013, with respect to GGM, June 1, 2013, with respect to GOF, and January 1, 2014, with respect to GPM (as the same may have been amended through the date
      hereof, the &#8220;<font style="font-weight: bold;"><u>Existing Agreements</u></font>&#8221;), pursuant to which RFS agreed to provide certain services to the Trusts;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, Mitsubishi UFJ Trust and Banking Corporation acquired RFS on October 4, 2016 and RFS was renamed &#8220;MUIS&#8221;;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, MUIS agreed to continue providing the services to each Trust as set forth in, and subject to the terms of, each of the Existing Agreements; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the parties desire to amend the Existing Agreements effective as of 12:01 a.m., Eastern Time, on January 1, 2020 (the &#8220;<font style="font-weight: bold;"><u>Effective Time</u></font>&#8221;), as and
      to the extent set forth in this Amendment (the Existing Agreements, as amended by this Amendment and any other amendments following the Effective Time, the &#8220;<font style="font-weight: bold;"><u>Agreements</u></font>&#8221;);</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">NOW THEREFORE, in consideration of the premises and the agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
      parties, intending to be legally bound, hereby agree as follows:</div>
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              <div style="margin-left: 54pt;">1.</div>
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              <div style="margin: 0px 0px 12pt;"><u>Superseding Terms</u>.&#160; Except as specifically set forth in this Amendment, as of the Effective Time, (a) the terms of this Amendment shall supersede any contrary terms of the Existing Agreements and (b)
                in the event of any inconsistency between this Amendment and the terms of the Existing Agreements, this Amendment shall control.&#160; Except as otherwise specifically set forth in this Amendment, the Existing Agreements shall remain in full
                force and effect in accordance with their terms.</div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 12pt;"><u>Term</u>.&#160; As of the Effective Time, each of the Agreements shall be amended such that, subject to the termination provisions in the applicable Existing Agreement, the term of each such Agreement shall
                continue in effect until the last business day prior to the date that is three (3) years from the Effective Time or its earlier termination in accordance with the terms of the Agreement. Thereafter, the term of each of the Agreements may be
                continued for a single two (2) year term and then successive one (1) year terms unless either party provides written notice of <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="margin: 0px 0px 0px 72pt;"> non-renewal to the other party at least 90 days prior to the date at which such automatic extension would otherwise occur. For the avoidance of doubt, the continuation or termination of any of the Agreements
        with respect to any of the Trusts shall be independent of the continuation or termination of any of the Agreements with respect to any other Trust.</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1b62835ccc044816b42362dd4b530e23" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 12pt;"><u>Out of Pocket Expenses</u>.&#160; As of the Effective Time, Section 4 (Reimbursement of Expenses and Miscellaneous Service Fees Relating to Fund Accounting) of the Existing Agreements is hereby deleted in its
                entirety and replaced with the following:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z152a5fa4d4744b449d27f522c5f6aefa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 90pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 12pt;">In addition to paying MUIS the fees provided in Schedule A, the Trust agrees to reimburse MUIS for its reasonable out-of-pocket expenses (for which no mark-up for MUIS overhead expenses shall be included) in
                providing fund accounting services hereunder, as set forth below (or as may be mutually agreed to by the parties from time to time):</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z4679a6b38ed8409b996e695d0a0f6722" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 144pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Fees of third-party pricing services as instructed by the Trust or its officers.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zdba4108e0c1e49eeb7dc190e49a3718d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 12pt;"><u>Execution.</u> This Amendment may be executed in counterparts, which together shall constitute one and the same agreement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center; margin-top: 24pt;">[<font style="font-style: italic;">Signature page to follow</font>]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective duly authorized representatives as of the date and year first set forth above.</div>
    <br>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-weight: bold;"> </font>
      <div style="margin-left: 9pt">
        <table cellspacing="0" cellpadding="0" border="0" align="right" style="width: 40%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="z940e54d7105648f282c15c75f9d227eb">

            <tr>
              <td style="width: 40%;">
                <div>
                  <div style="font-weight: bold; text-align: left;">MUFG INVESTOR SERVICES (US), LLC</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;By:&#160;<u>&#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; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </u><br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;Name: Mr. Shinya Matsuzaki</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;Title: Managing Director</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;
                  <div style="margin: 0px 0px 0px; font-weight: bold; text-align: left;">ON BEHALF OF EACH OF THE TRUSTS FIRST LISTED ABOVE</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;By:&#160;<u>&#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; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>
                </u></td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;Name: Brian Binder</td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;Title: Chief Executive Officer and President</td>
            </tr>

        </table>
      </div>
      <div style="margin: 0px 0px 36pt 72pt; font-weight: bold; clear: both;"> <br>
      </div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(III)(3)
<SEQUENCE>6
<FILENAME>ex99kiii3.htm
<DESCRIPTION>AMENDMENT TO FUND ADMINISTRATION AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
    <div style="margin-bottom: 12pt;">
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">AMENDMENT TO FUND ADMINISTRATION AGREEMENT</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">This AMENDMENT (this &#8220;<font style="font-weight: bold;"><u>Amendment</u></font>&#8221;) is made and entered into, as of this 27th day of August, 2020, by and between MUFG Investor Services (US), LLC (&#8220;<font style="font-weight: bold;"><u>MUIS</u></font>&#8221;) and each of Fiduciary/Claymore Energy Infrastructure Fund (formerly, Fiduciary/Claymore MLP Opportunity Fund) (&#8220;<font style="font-weight: bold;"><u>FMO</u></font>&#8221;); Guggenheim Taxable Municipal
        Managed Duration Trust (formerly, Guggenheim Build America Bonds Managed Duration Trust) (&#8220;<font style="font-weight: bold;"><u>GBAB</u></font>&#8221;); Guggenheim Energy &amp; Income Fund (&#8220;<font style="font-weight: bold;"><u>XGEIX</u></font>&#8221;);&#160;
        Guggenheim Credit Allocation Fund (&#8220;<font style="font-weight: bold;"><u>GGM</u></font>&#8221;); Guggenheim Strategic Opportunities Fund (&#8220;<font style="font-weight: bold;"><u>GOF</u></font>&#8221;); and Guggenheim Enhanced Equity Income Fund (&#8220;<font style="font-weight: bold;"><u>GPM</u></font>&#8221;) (each a &#8220;<font style="font-weight: bold;"><u>Trust</u></font>&#8221; and collectively, the &#8220;<font style="font-weight: bold;"><u>Trusts</u></font>&#8221;).</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, Rydex Fund Services, LLC (&#8220;<font style="font-weight: bold;"><u>RFS</u></font>&#8221;) and each Trust entered into that certain Fund Administration Agreement, dated as of May 14, 2013 (as the
        same may have been amended through the date hereof, the &#8220;<font style="font-weight: bold;"><u>Existing Agreement</u></font>&#8221;), pursuant to which RFS agreed to provide certain services to the Trusts;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, Mitsubishi UFJ Trust and Banking Corporation acquired RFS on October 4, 2016 and RFS was renamed &#8220;MUIS&#8221;;</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, MUIS agreed to continue providing the services to each Trust as set forth in, and subject to the terms of, the Existing Agreement; and</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">WHEREAS, the parties desire to amend the Existing Agreement effective as of 12:01 a.m., Eastern Time, on January 1, 2020 (the &#8220;<font style="font-weight: bold;"><u>Effective Time</u></font>&#8221;), as
        and to the extent set forth in this Amendment (the Existing Agreement, as amended by this Amendment and any other amendments following the Effective Time, the &#8220;<font style="font-weight: bold;"><u>Agreement</u></font>&#8221;);</div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">NOW THEREFORE, in consideration of the premises and the agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
        parties, intending to be legally bound, hereby agree as follows:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z0897c7bd58d64e66809bde7ed4ca0d5e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 54pt;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 12pt;"><u>Superseding Terms</u>.&#160; Except as specifically set forth in this Amendment, as of the Effective Time, (a) the terms of this Amendment shall supersede any contrary terms of the Existing Agreement and (b)
                  in the event of any inconsistency between this Amendment and the terms of the Existing Agreement, this Amendment shall control.&#160; Except as otherwise specifically set forth in this Amendment, the Existing Agreement shall remain in full
                  force and effect in accordance with its terms.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6db61461763a4d4c95ef549c9d78bddf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 54pt;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 12pt;"><u>Term</u>.&#160; As of the Effective Time, the Agreement shall be amended such that, subject to the termination provisions in the Existing Agreement, the term of the Agreement shall continue in effect until
                  the last business day prior to the date that is three (3) years from the Effective Time or its earlier termination in accordance with the terms of the Agreement. Thereafter, the term of the Agreement may be continued for a single two (2)
                  year term and then successive one (1) year terms unless either party provides written notice of non-renewal to the other party at least 90 days prior to the date at which such automatic extension would otherwise occur. For the avoidance
                  of doubt, the continuation or termination of the <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div> <br>
        </div>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <!--PROfilePageNumberReset%Num%2%%%-->
        <div style="text-indent: 72pt;"> Agreement with respect to a Trust shall be independent of the continuation or termination of the Agreement with respect to any other Trust.</div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" id="z48af5d36c3ad4c6eb9a973db155fc993" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 54pt;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin: 0px 0px 12pt;"><u>Execution</u>. This Amendment may be executed in counterparts, which together shall constitute one and the same agreement.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; margin-top: 24pt;">[<font style="font-style: italic;">Signature page to follow</font>]</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective duly authorized representatives as of the date and year first set forth above.</div>
      <div style="margin-left: 216pt; margin-bottom: 36pt; font-weight: bold;">
        <table cellspacing="0" cellpadding="0" border="0" align="right" style="width: 40%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;" id="z940e54d7105648f282c15c75f9d227eb">

            <tr>
              <td style="width: 40%;">
                <div>
                  <div style="font-weight: bold; text-align: left;">MUFG INVESTOR SERVICES (US), LLC</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;By:&#160;<u>&#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; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </u><br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;Name: Mr. Shinya Matsuzaki</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;Title: Managing Director</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;
                  <div style="margin: 0px 0px 0px; font-weight: bold; text-align: left;">ON BEHALF OF EACH OF THE TRUSTS FIRST LISTED ABOVE</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;By:&#160;<u>&#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; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>
                </u></td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;Name: Brian Binder</td>
            </tr>
            <tr>
              <td style="width: 40%;" rowspan="1">&#160;Title: Chief Executive Officer and President</td>
            </tr>

        </table>
      </div>
      <div style="margin: 0px 0px 36pt 72pt; font-weight: bold; clear: both;"> <br>
      </div>
      <div style="margin-left: 216pt; margin-bottom: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="margin-left: 216pt; margin-bottom: 36pt; font-weight: bold;"> <br>
      </div>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>7
<FILENAME>ex99l.htm
<DESCRIPTION>OPINION AND CONSENT OF DECHERT LLP
<TEXT>
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  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zb78cd962f982440388d7feb928dd4afc">

          <tr>
            <td style="width: 50%; text-align: left; vertical-align: top;">
              <div style="text-indent: 0px;">&#160;<img width="187" border="0" height="63" src="dechertlogo.jpg"></div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;
                <div style="text-align: left;">1900 K Street, NW<br>
                  Washington, DC&#160; 20006-1110</div>
                <div style="text-align: left;">+1&#160; 202&#160; 261&#160; 3300&#160; Main</div>
                <div style="text-align: left;">+1&#160; 202&#160; 261&#160; 3333&#160; Fax</div>
                <div style="text-align: left;">www.dechert.com</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">September 30, 2020</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Guggenheim Strategic Opportunities Fund</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">227 West Monroe Street</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Chicago, Illinois 60606</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf225a0894a5c40798a861ce77b3d8a59" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Guggenheim Strategic Opportunities Fund</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">File Nos. 333-230474 and 811-21982</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Dear Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have acted as counsel for Guggenheim Strategic Opportunities Fund (the &#8220;Trust&#8221; or the &#8220;Registrant&#8221;), a Delaware statutory trust, in connection with the filing of Post-Effective Amendment No. 4 to the Registrant&#8217;s
      registration statement on Form N-2 under the Securities Act of 1933 (the &#8220;1933 Act&#8221;) and Amendment No. 30 under the Investment Company Act of 1940 (the &#8220;Registration Statement&#8221;) relating to the issuance and sale of shares by the Registrant (the
      &#8220;Fund&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This opinion is limited to the Delaware Statutory Trust Act, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as
      to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In connection with the opinion set forth herein, we have examined the following Trust documents: the Trust&#8217;s Amended and Restated Declaration of Trust; the Trust&#8217;s Amended and Restated By-Laws; and such other Trust
      records, certificates, resolutions and documents that we have deemed relevant in order to render the opinion expressed herein.&#160; In addition, we have reviewed and relied upon a certificate dated September 28, 2020, issued by the Delaware Secretary of
      State.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In rendering this opinion we have assumed, without independent verification: (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity,
      completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the Trust&#8217;s Board of Trustees; (iv) that the facts contained in the instruments and certificates or
      statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or
      adopted which would limit, supersede or modify the items described above.&#160; Where documents are referred to in resolutions approved by the Trust&#8217;s Board of Trustees, or in the Registration Statement, we have assumed such documents are the same as in
      the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div><img width="187" border="0" height="63" src="dechertlogo.jpg"> </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Based upon the foregoing, we are of the opinion that the shares of the Fund have been duly authorized for issuance and, when issued and delivered against payment therefore in accordance with the terms, conditions,
      requirements and procedures described in the Registration Statement and any applicable underwriting or purchase agreements, will be validly issued, fully paid and, subject to the last sentence of Section 3.8 of the Amended and Restated Declaration of
      Trust, non-assessable beneficial interests in the Fund.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the use of our name in the Registration Statement.&#160; In giving
      such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Very truly yours,</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ Dechert LLP &#160; &#160; &#160;&#160;</u> </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Dechert LLP</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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    </div>
    <div><br>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>8
<FILENAME>ex99n.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
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         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">We consent to the references to our firm under the captions &#8220;Financial Highlights&#8221;, &#8220;Senior Securities and Other Financial Leverage&#8221; and &#8220;Independent Registered Public
    Accounting Firm&#8221; in the Prospectus and &#8220;Independent Registered Public Accounting Firm&#8221; and &#8220;Financial Statements&#8221; in the Statement of Additional Information and to the incorporation by reference in this Registration Statement (Form N-2) (Post-Effective
    Amendment No. 4 to File No. 333-230474) of Guggenheim Strategic Opportunities Fund of our report dated July 29, 2020 on the financial statements and financial highlights of Guggenheim Strategic Opportunities Fund included in the May 31, 2020 Annual
    Report to Shareholders.</div>
  <div><br>
  </div>
  <div style="margin-left: 324pt;">/s/ Ernst &amp; Young LLP</div>
  <div>Tysons, Virginia</div>
  <div>September 30, 2020</div>
  <div><br>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>dechertlogo.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
