<SEC-DOCUMENT>0001821268-21-000029.txt : 20210202
<SEC-HEADER>0001821268-21-000029.hdr.sgml : 20210202
<ACCEPTANCE-DATETIME>20210201212908
ACCESSION NUMBER:		0001821268-21-000029
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210202
DATE AS OF CHANGE:		20210201
EFFECTIVENESS DATE:		20210202

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 EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-230474
		FILM NUMBER:		21578695

	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 EX
<SEQUENCE>1
<FILENAME>gug81661gof.htm
<DESCRIPTION>GOF
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <font style="font-family: 'Times New Roman';"> </font>
  <div>
    <div>
      <div>
        <div><font style="font-family: 'Times New Roman';"><br>
          </font> </div>
        <div>
          <div style="text-align: center; font-family: 'Times New Roman';">As filed with the Securities and Exchange Commission on<font style="font-weight: bold;">&#160;</font>February 1, 2021</div>
          <div style="text-align: right; font-family: 'Times New Roman';">Securities Act File No.&#160;333-230474</div>
          <div style="text-align: right; font-family: 'Times New Roman';">Investment Company Act File No. 811-21982</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center; font-weight: bold;"><font style="font-family: 'Times New Roman';"><br>
            </font> <font style="font-family: 'Times New Roman';"><br>
              UNITED STATES</font></div>
          <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman';">SECURITIES AND EXCHANGE COMMISSION<br>
            Washington, D.C. 20549</div>
          <div style="text-align: center;"><font style="font-family: 'Times New Roman';">__________________________<br>
            </font> <font style="font-weight: bold; font-family: 'Times New Roman';">FORM N-2</font></div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center;"><font style="font-family: 'Times New Roman';">&#9746;</font><font style="font-family: 'Times New Roman';"> Registration Statement under the Securities Act of 1933<br>
            </font> <font style="font-family: 'Times New Roman';">&#9744;</font><font style="font-family: 'Times New Roman';"> Pre-Effective Amendment No.<br>
            </font> <font style="font-family: 'Times New Roman';">&#9746;</font><font style="font-family: 'Times New Roman';"> Post-Effective Amendment No. 5<br>
              and/or<br>
            </font> <font style="font-family: 'Times New Roman';">&#9746;</font><font style="font-family: 'Times New Roman';"> Registration Statement under the Investment Company Act of 1940<br>
            </font> <font style="font-family: 'Times New Roman';">&#9746;</font><font style="font-family: 'Times New Roman';"> Amendment No. 31</font></div>
          <div style="text-align: center; font-family: 'Times New Roman';">_____</div>
          <div style="text-align: center;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-family: 'Times New Roman';">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</font><font style="font-family: 'Times New Roman';"><br>
              (Exact name of registrant as specified in charter)</font></div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman';">227 West Monroe Street<br>
            Chicago, Illinois 60606</div>
          <div style="text-align: center; font-family: 'Times New Roman';">(Address of Principal Executive Offices)</div>
          <div style="text-align: center; font-family: 'Times New Roman';">Registrant&#8217;s Telephone Number, Including Area Code: <font style="font-weight: bold;">(312) 827-0100</font></div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center;"><font style="font-weight: bold; font-family: 'Times New Roman';">Amy J. Lee</font><font style="font-family: 'Times New Roman';"><br>
            </font> <font style="font-weight: bold; font-family: 'Times New Roman';">Guggenheim Funds Investment Advisors, LLC</font><font style="font-family: 'Times New Roman';"><br>
            </font> <font style="font-weight: bold; font-family: 'Times New Roman';">227 West Monroe Street</font><font style="font-family: 'Times New Roman';"><br>
            </font> <font style="font-weight: bold; font-family: 'Times New Roman';">Chicago, Illinois 60606</font><font style="font-family: 'Times New Roman';"><br>
              (Name and Address of Agent for Service)</font></div>
          <div style="text-align: center; margin-bottom: 5pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF;">Copies to:</font></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="zb6ed9fd3b8934d1c96444eb2b1af8155">

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

          </table>
          <div style="margin-bottom: 5pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="background-color: #FFFFFF;">
            <div style="text-align: justify; font-family: 'Times New Roman';">Approximate date of proposed public offering: From time to time after the effective date of this Registration Statement.</div>
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
            <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman';">[x] Check box if&#160;<font style="background-color: #FFFFFF;">any securities being registered on this form will be offered on a delayed or continuous basis in
                reliance on Rule 415 under the Securities Act of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan.</font></div>
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
            <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman';">[x] Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</div>
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
            <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman';">[x] This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the
              earlier effective registration statement for the same offering is: 230474</div>
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
            <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman';">Check each box that appropriately characterizes the Registrant:</div>
            <div style="text-align: justify; font-family: 'Times New Roman';">[x] Registered Closed-End Fund.</div>
            <div style="text-align: justify; font-family: 'Times New Roman';">[x] A.2 Qualified.</div>
          </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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold; font-family: 'Times New Roman';">EXPLANATORY NOTE</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="background-color: #FFFFFF;">
            <div style="text-align: justify; font-family: 'Times New Roman';">This Post-Effective Amendment No. 5 (the &#8220;Amendment&#8221;) to the Registration Statement (the &#8220;Registration Statement&#8221;) on Form N-2 (File Nos. 333-230474 and 811-21982) of Guggenheim
              Strategic Opportunities Fund is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, the Amendment
              consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. The Amendment does not modify any other part of the Registration Statement.
              Part A and Part B of the Registration Statement, as declared effective on October 2, 2020, are hereby incorporated by reference.</div>
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
            <div style="text-align: justify; font-family: 'Times New Roman';">Pursuant to Rule 462(d) under the Securities Act, the Amendment shall become effective immediately upon filing with the Securities and Exchange Commission.</div>
          </div>
          <div style="margin-top: 5pt; margin-bottom: 5pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';">PART C</div>
          <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';">OTHER INFORMATION</div>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">Item 25. Financial Statements And Exhibits</div>
          <div style="font-family: 'Times New Roman';">(1)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Financial Statements</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-left: 36pt; font-family: 'Times New Roman';">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><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="font-family: 'Times New Roman';">(2)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Exhibits</div>
          <div> <font style="font-family: 'Times New Roman';"><br>
            </font>
            <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="ze2c4cd9878704b9284d67e7698e2fdd8">

                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(a)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99a.htm">Amended and Restated Agreement and Declaration of Trust of Registrant</a>(11)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(b)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99b.htm">Amended and Restated By-Laws of Registrant</a><u>(11)</u></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(c)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(i)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgi.htm"><u>Investment Advisory Agreement </u><font style="background-color: #FFFFFF;"><u>between Registrant and Guggenheim Funds Investment Advisors,</u></font><u>&#160;</u><font style="background-color: #FFFFFF;"><u>LLC (the &#8220;Investment Adviser&#8221;)</u></font></a>(2)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(ii)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgii.htm"><u>Investment Sub-Advisory Agreement </u><font style="background-color: #FFFFFF;"><u>among Registrant, the Investment Adviser and Guggenheim
                            Partners Investment Management, LLC (the &#8220;Sub-Adviser&#8221;)</u></font></a>(2)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(h)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(i)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000089180419000222/ex99h.htm"><u>Controlled Equity Offering</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>SM&#160;</u></sup><u>Sale Agreement
                          among the Registrant, the Investment Adviser and Cantor Fitzgerald &amp; Co.</u></a>(8)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(ii)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="ex99hii.htm">Amendment to Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>&#160;Sales
                        Agreement among the Registrant, the Investment Adviser and Cantor Fitzgerald &amp; Co. (*)</a></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(i)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(i)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(ii)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(i)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(ii)(1)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(ii)(2)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(ii)(3)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99kii3.htm">Amendment to Fund Accounting Agreements</a>(11)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(iii)(1)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(iii)(2)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(iii)(3)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99kiii3.htm">Amendment to Fund Administration Agreement</a> (11)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(iv)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(v)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div>
                      <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>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(vi)</div>
                  </td>
                  <td style="width: 80%; vertical-align: top;">
                    <div>
                      <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>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">&#160;</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">
                    <div>(vii)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99l.htm">Opinion and Consent of Dechert LLP</a>(11)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(m)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; vertical-align: top;">
                    <div><a href="http://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99n.htm">Consent of Independent Registered Public Accounting Firm</a>(11)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 10%; vertical-align: top;">
                    <div style="margin-left: 40pt;">(o)</div>
                  </td>
                  <td style="width: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(i)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">
                    <div>(ii)</div>
                  </td>
                  <td style="width: 80%; 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: 10%; vertical-align: top;">&#160;</td>
                  <td style="width: 80%; 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; font-family: 'Times New Roman';"> ___________</div>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman';">(*)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Filed herewith.</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="zc63b45f8259145b98492fc5cf1d238c1">

                <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="zcdbb2d166c2145e39834a14539174f8f">

                <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: rgb(255, 255, 255);">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="z766600c67bf24a84b34d69d0befe6999">

                <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="z44e622ee27ee4f20ba1d205218dcfd7b">

                <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="zfc9acb8bf6584a66bdc8d1934a559149">

                <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="z121604385f2d4485b516ad52e3fe5d32">

                <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="zf47e78054be44f64a025458c912af1a9">

                <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="zdbc615222601407d9877c880f2b47115">

                <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="zb80b8661931549d3b446b754f3fb10f7">

                <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="zf66fabf04e5b400fbb10d8251fe2d428">

                <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>
            <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="zf44dc99bf788472b86ae4a605fdcf23d">

                <tr>
                  <td style="width: 36pt; vertical-align: top; align: right;">
                    <div style="margin-top: 6pt; margin-bottom: 6pt;">(11)</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. 4 to the Registrant&#8217;s Registration Statement on Form N-2, filed September 30, 2020 (File No. 333-230474).</div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="margin-top: 6pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">Item 26. Marketing Arrangements</div>
          <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">Item 27. Other Expenses of Issuance and Distribution</div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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="z39e2554712ed44abaed51ed1c2712006">

              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>NYSE Listing Fees</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>$ 75,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>SEC Registration Fees</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>$ 42,420</div>
                </td>
              </tr>
              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Independent Registered Public Accounting Firm Fees</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>$ 24,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Legal Fees</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>$ 250,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>FINRA Fees</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>$ 53,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 76.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-indent: 36pt;">Total</div>
                </td>
                <td style="width: 23.32%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>$ 444,420</div>
                </td>
              </tr>

          </table>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">Item 28. Persons Controlled by or Under Common Control with Registrant</div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">None</div>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">Item 29. Number of Holders of Securities</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>
          </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="ze10981e2012d4d24b2baf709fcc8fb8f">

              <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; background-color: rgb(204, 238, 255);">
                  <div>Common shares of beneficial interest, par value $0.01 per share</div>
                </td>
                <td style="width: 36.06%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">7</div>
                </td>
              </tr>

          </table>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-top: 6pt; margin-bottom: 6pt;"><font style="font-weight: bold; font-family: 'Times New Roman';">Item 30.</font><font style="font-family: 'Times New Roman';"> <font style="font-weight: bold;">Indemnification</font></font></div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">(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; font-family: 'Times New Roman';">(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 </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>
          </div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"> <font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">(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="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(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; font-family: 'Times New Roman';">(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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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 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>
          </div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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 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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">Item 32. Location of Accounts and Records</div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">Item 33. Management Services</div>
          <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman';">Not applicable.</div>
          <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">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="z25dc9faae4694ad9b36973629fc24c40">

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

          </table>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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; font-family: 'Times New Roman';">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="z692bb25c0080489ca230699787214e7a">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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>
          <div> <font style="font-family: 'Times New Roman';"><br>
            </font> </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>
          </div>
          <div> <font style="font-family: 'Times New Roman';"><br>
            </font> </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="zf422a13c37e844c8bfd482fc5ffa85b1">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z414fd9bcbc7a493e83fd68b4a8b6142e">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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 style="margin-left: 144pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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="z1d661cf1d91442e597e5ee096f913e7d">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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; font-family: 'Times New Roman';">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="z38c5859e02bc42a59791281d34459bf9">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z95789da6cb754aa1b0828ab2bcc04e92">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z9e488788c4884650ad95226424d30e9d">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z634249c42bf3497e8e0a8af46f6971cf">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z8b59c77f01e64ed98a7140ba2f51fc39">

              <tr>
                <td style="width: 144pt;"><br>
                </td>
                <td style="width: 40.5pt; vertical-align: top;">(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="z5b3c6df369a843889be01cb4ed3235e0">

              <tr>
                <td style="width: 144pt;"><br>
                </td>
                <td style="width: 40.5pt; vertical-align: top;">(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 <br>
                  </div>
                </td>
              </tr>

          </table>
          <div> <font style="font-family: 'Times New Roman';"><br>
            </font> </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>
          </div>
          <div> <font style="font-family: 'Times New Roman';"><br>
            </font> </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="z52f59a00c219464d9d4dd3558a94bbbe">

                <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>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 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>
          <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="zb8c7db7db53e4ef88b4fed298cc675a3">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z7021cb630c064430a8b602648c7d0950">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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; font-family: 'Times New Roman';">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="z1b22222e94c54a79b56313de7a5bfe18">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="zc165470c916948009c35b3e39b420aed">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="zf7c1f749ac6b4402aece5fa13d1d1993">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z44902c2f6a404d17b5eba5414aa289fc">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(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="z250c219e36d3402ebef99865dc54571f">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">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;"> <font style="font-family: 'Times New Roman';"><br>
            </font> </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>
          </div>
          <div style="margin-left: 72pt; margin-bottom: 12pt;"> <font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(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 style="margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(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="zeedb61cac1254041a226fd8c93aac3d8">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">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="z55a86089adae4f088b0b224321294c35">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">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>
              </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="zc020b349b0a744919c39119439506ce5">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">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>

          </table>
          <font style="font-family: 'Times New Roman';"><br>
          </font>
          <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>
          </div>
          <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman';">SIGNATURES</div>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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 Chicago, State of Illinois, on the 1st day of February, 2021.</div>
          <div style="margin-left: 180pt; font-family: 'Times New Roman';">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-left: 180pt; font-family: 'Times New Roman';">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Brian E. Binder</u></div>
          <div style="text-indent: 36pt; margin-left: 180pt; font-family: 'Times New Roman';">Brian E. Binder</div>
          <div style="margin-right: 13.5pt; margin-left: 216pt; font-family: 'Times New Roman';">President and Chief Executive Officer (Principal Executive Officer)</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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 1st day of February, 2021.</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="zc969fd2fd0354ce6b5ea933296de83c5">

              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div><u>*</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  <div>Randall C. Barnes</div>
                  <div>Trustee</div>
                  <div>&#160;</div>
                </td>
                <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>
                  <div style="margin-right: 16.85pt;">Chief Financial Officer, Chief Accounting Officer, Treasurer and Chief Accounting Officer (Principal Financial and Accounting Officer)</div>
                  <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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  <div>Angela-Brock Kyle</div>
                  <div>Trustee</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div><u>*</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  <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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  <div>Jerry B. Farley</div>
                  <div>Trustee</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div><u>*</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</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><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
                  <div>Ronald E. Toupin Jr.</div>
                  <div>Trustee</div>
                </td>
              </tr>

          </table>
          <div style="margin-top: 12pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </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>
          </div>
          <div style="margin-top: 12pt; margin-bottom: 6pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="text-align: center; margin-top: 12pt; margin-bottom: 6pt; font-weight: bold; font-family: 'Times New Roman';">Exhibit List</div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze82bad2f1a6b4aefab25409eb9fbf579">

              <tr>
                <td style="width: 72pt; vertical-align: top;"><a href="ex99hii.htm">(h)(ii)</a></td>
                <td style="width: auto; vertical-align: top;">
                  <div><a href="ex99hii.htm">Amendment to Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>&#160;Sale
                      Agreement among the Registrant, the Investment Adviser and Cantor Fitzgerald &amp; Co.</a></div>
                </td>
              </tr>

          </table>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div style="margin-bottom: 6pt;"><font style="font-family: 'Times New Roman';"><br>
            </font> </div>
          <div id="DSPFPageFooter">
            <div><font style="font-family: 'Times New Roman';"><br>
              </font> </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <font style="font-family: 'Times New Roman';"> </font>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(II)
<SEQUENCE>2
<FILENAME>ex99hii.htm
<DESCRIPTION>FIRST AMENDMENT TO CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">COMMON SHARES (PAR VALUE $0.01 PER SHARE)</div>
      <div style="text-align: center; font-weight: bold;">FIRST AMENDMENT</div>
      <div style="text-align: center; font-weight: bold;">TO</div>
      <div style="text-align: center; font-weight: bold;">CONTROLLED EQUITY OFFERING<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> SALES AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">February 1, 2021</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">THIS FIRST AMENDMENT (this &#8220;<font style="font-weight: bold; font-style: italic;">Amendment</font>&#8221;) to the Sales Agreement (defined below) is entered into on and as of February
        1, 2021, by and among Guggenheim Strategic Opportunities Fund, a statutory trust organized under the laws of the State of Delaware (the &#8220;<font style="font-weight: bold; font-style: italic;">Fund</font>&#8221;), Guggenheim Funds Investment Advisors, LLC,
        a Delaware limited liability company (the &#8220;<font style="font-weight: bold; font-style: italic;">Adviser</font>&#8221;) and Cantor Fitzgerald&#160;&amp; Co. (&#8220;<font style="font-weight: bold; font-style: italic;">CF&amp;Co</font>&#8221;, and together with the Fund
        and Adviser, the &#8220;<font style="font-weight: bold; font-style: italic;">Parties</font>&#8221;).&#160; Capitalized terms used and not defined in this Amendment have the meanings ascribed thereto in the Sales Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Parties entered into that certain Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> Sales Agreement, dated July 1, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">Sales Agreement</font>&#8221;), with respect to the issuance and sale of up to 11,250,000 shares of the Fund&#8217;s common shares of
        beneficial interest, par value $0.01 per share, in at-the-market public offerings through the Agent; and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">WHEREAS</font>, the Parties desire to amend the Sales Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">NOW THEREFORE, </font>for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as
        follows:</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>The first sentence of Section 1 of the Sales Agreement is hereby amended and
        replaced in its entirety with the following:</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The Fund agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may sell through CF&amp;Co, acting as
        agent and/or principal, the Fund&#8217;s common shares of beneficial interest, $0.01 par value per share (the &#8220;<font style="font-weight: bold;"><u>Common Shares</u></font>&#8221;), having an aggregate initial offering price of up to $159,724,117 (the &#8220;<font style="font-weight: bold;"><u>Placement</u></font><u>&#160;</u><font style="font-weight: bold;"><u>Shares</u></font>&#8221;), as the Fund and CF&amp;Co shall mutually agree from time to time.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>The first sentence of Section 7(n) of the Sales Agreement is hereby amended by
        replacing the reference to &#8220;Skadden, Arps, Slate, Meagher &amp; Flom LLP&#8221; with &#8220;Dechert LLP&#8221;.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>Section 12 of the Sales Agreement is hereby amended and replaced in its entirety
        with the following:</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;"><u>Notices</u>.&#160; All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise
        specified, and if sent to CF&amp;Co, shall be delivered to:</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="margin-left: 72pt; margin-bottom: 12pt;">Cantor Fitzgerald &amp; Co.<br>
        499 Park Avenue<br>
        New York, New York 10022<br>
        Attention: Sameer Vasudev, Managing Director<br>
        Facsimile: (212) 308-3730</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">and</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">Cantor Fitzgerald &amp; Co.<br>
        499 Park Avenue<br>
        New York, New York 10022<br>
        Attention: General Counsel<br>
        Facsimile: (212) 829-4708</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">with a copy (which shall not constitute notice) to:</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">Hunton Andrews Kurth LLP<br>
        200 Park Avenue<br>
        New York, New York, 10166<br>
        Attention: Richard Kronthal and Phil Haines</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">and if sent to the Fund, shall be delivered to:</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">Guggenheim Strategic Opportunities Fund<br>
        c/o Guggenheim Funds Investment Advisors, LLC<br>
        227 West Monroe Street<br>
        Chicago, Illinois, 60606<br>
        Attention: Amy J. Lee, Chief Legal Officer</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">with a copy (which shall not constitute notice) to:<br>
        <br>
        <br>
        Dechert LLP<br>
        1900 K Street, N.W.<br>
        Washington, DC 20006<br>
        Attention: Julien Bourgeois</div>
      <div style="margin-left: 72pt; margin-bottom: 12pt;">and if sent to the Adviser, shall be delivered to:<br>
        <br>
        <br>
        Guggenheim Funds Investment Advisors, LLC<br>
        227 West Monroe Street<br>
        Chicago, Illinois, 60606<br>
        Attention: Amy J. Lee, Senior Managing Director.&#160;</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">4.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>The second sentence of Section 17 of the Sales Agreement is hereby amended and
        restated in its entirety with the following:</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-weight: bold;">THE FUND HAS APPOINTED DECHERT LLP, WASHINGTON, DC, AS ITS AUTHORIZED AGENT (THE &#8220;<u>AUTHORIZED AGENT</u>&#8221;) UPON </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-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-weight: bold;">WHOM PROCESS MAY BE SERVED IN ANY SUCH ACTION ARISING OUT OF OR BASED ON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY WHICH MAY BE INSTITUTED IN
        ANY NEW YORK COURT BY CF&amp;CO OR BY ANY PERSON WHO CONTROLS CF&amp;CO, EXPRESSLY CONSENTS TO THE JURISDICTION OF ANY SUCH COURT IN RESPECT OF ANY SUCH ACTION, AND WAIVES ANY OTHER REQUIREMENTS OF OR OBJECTIONS TO PERSONAL JURISDICTION WITH
        RESPECT THERETO.&#160;</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">5.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>Each of the Fund and the Adviser represent to CF&amp;Co that it has duly
        authorized, executed and delivered this Amendment.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">6.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>Except as modified and amended in this Amendment, the Sales Agreement shall
        remain in full force and effect.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">7.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>This Amendment shall be governed by and construed in accordance with the law
        governing the Sales Agreement.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">8.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.5pt">&#160;</font>This Amendment may be executed in multiple counterparts, each of which shall be
        deemed an original, but all of which together shall constitute one and the same instrument.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt;">[SIGNATURE PAGE FOLLOWS]</div>
    </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><br>
      <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed as of the date first above written.</div>
      <div><br>
      </div>
      <div style="text-indent: 216pt;">Very truly yours,</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4e56419a2dd74f33a1fd94f6a1e9924e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div>By: _______________________________<br>
              </div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Name: Brian E. Binder</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Title: President and Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="font-weight: bold;">GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div>By: _______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 234pt"> <br>
                </font></div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Name: Brian E. Binder</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Title: President and Chief Executive Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageFooter">
          <div style="text-align: center; font-style: italic;">Signature Page to First Amendment to Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> Sales Agreement (GOF)</div>
        </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 id="DSPFPageHeader">
          <div><br>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zdb2cfae05567493280e2092bffe4c158" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div>ACCEPTED, as of the date first-above written:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="font-weight: bold;">CANTOR FITZGERALD &amp; CO.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div>By: _______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 234pt"> <br>
                </font></div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Name: Sameer Vasudev</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Title: Managing Director</div>
            </td>
          </tr>

      </table>
      <div style="margin-bottom: 30pt;"><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageFooter">
        <div style="text-align: center; font-style: italic;">Signature Page to First Amendment to Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> Sales Agreement (GOF)</div>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
