<SEC-DOCUMENT>0001821268-21-000432.txt : 20211025
<SEC-HEADER>0001821268-21-000432.hdr.sgml : 20211025
<ACCEPTANCE-DATETIME>20211025125930
ACCESSION NUMBER:		0001821268-21-000432
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20211025
DATE AS OF CHANGE:		20211025
EFFECTIVENESS DATE:		20211025

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:	333-255687
		FILM NUMBER:		211343188

	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>gug83143posex.htm
<DESCRIPTION>GOF
<TEXT>
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        <div style="text-align: center; font-weight: bold;">As filed with the U.S. Securities and Exchange October 25, 2021</div>
        <div><br>
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          <div style="text-align: right; font-weight: bold;">Registration No. 333-255687<br>
          </div>
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        <div style="text-align: center; margin-top: 10pt; font-size: 18pt; font-weight: bold;">U.S. SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C. 20549</div>
        <div style="text-align: center;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;">&#160;</font><br>
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        <div style="text-align: center; margin-top: 10pt; margin-bottom: 6pt; font-size: 18pt; font-weight: bold;">FORM N&#8209;14</div>
        <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933<br>
        </div>
        <div style="text-align: center; font-weight: bold;">&#160; Pre-Effective Amendment No.&#160; &#160;&#160;&#160;&#160;&#160; &#9744;<br>
          &#160;Post-Effective Amendment No.&#160; 2 &#160;&#160;&#160;&#160;&#160;&#160; &#9746;</div>
        <div style="text-align: center; font-weight: bold;">(Check appropriate box or boxes)</div>
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        <div style="text-align: center; margin-top: 10pt; font-size: 18pt; font-weight: bold;">Guggenheim Strategic Opportunities Fund</div>
        <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in Charter)</div>
        <div style="text-align: center; margin-top: 6pt; font-weight: bold;">227 West Monroe Street, Chicago, Illinois 60606</div>
        <div style="text-align: center; font-weight: bold;">(Address of Principal Executive Offices: Number, Street, City, State, Zip Code)</div>
        <div style="text-align: center; margin-top: 6pt; font-weight: bold;">(312) 827-0100</div>
        <div style="text-align: center; font-weight: bold;">(Area Code and Telephone Number)</div>
        <div style="text-align: center; margin-top: 6pt; font-weight: bold;">Amy J. Lee<br>
          227 West Monroe Street<br>
          Chicago, Illinois 60606</div>
        <div style="text-align: center; font-weight: bold;">(Name and Address of Agent for Service)</div>
        <div style="text-align: center;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;">&#160;</font><br>
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        <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-style: italic; font-weight: bold;">With copies to:</div>
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                <div style="text-align: center; font-weight: bold;">Julien Bourgeois</div>
                <div style="text-align: center; font-weight: bold;">Allison Fumai<br>
                  Dechert LLP<br>
                  1900 K Street, NW<br>
                  Washington, D.C. 20006</div>
                <div>&#160;</div>
              </td>
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        </table>
        <div style="text-align: center; margin-top: 6pt;"><font style="font-weight: bold;">Approximate Date of Proposed Public Offering: </font>As soon as practicable after the effective date of this Registration Statement</div>
        <div style="text-align: center; margin-top: 6pt;">
          <hr noshade="noshade" align="center" style="height: 0.5px; width: 10%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"> </div>
        <div style="text-align: center;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;">&#160;</font><br>
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        <div style="text-indent: 9pt; font-weight: bold;">It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). The purpose of this Post-Effective Amendment
          filing is to file the final and executed Agreements and Plans of Merger and the opinions of counsel regarding tax consequences of the mergers of the Guggenheim Enhanced Equity Income Fund (&#8220;GPM&#8221;) and the Guggenheim Credit Allocation Fund (&#8220;GGM&#8221;)
          with and into the Guggenheim Strategic Opportunities Fund (&#8220;GOF&#8221; or the &#8220;Registrant&#8221;). The Registrant hereby incorporates by reference the Proxy Statement/Prospectus and Statement of Additional Information filed as Parts A and B, respectively, in
          Pre-Effective Amendment Number 1 to Registrant&#8217;s Registration Statement on Form N-14 (File No. 333-255687) that was declared effective with the SEC under the &#8220;1933 Act on June 28, 2021.</div>
        <div style="text-indent: 18pt; margin-top: 6pt; font-weight: bold;"> </div>
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    </div>
    <div style="text-align: center; margin-top: 10pt; margin-bottom: 10pt; font-family: 'Times New Roman'; font-weight: bold;">PART C: OTHER INFORMATION</div>
    <div style="margin-top: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 15. <font style="font-style: italic;">Indemnification</font><br>
      </font><font style="font-family: 'Times New Roman';"><br>
      </font></div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; 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: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">5.1&#160;&#160;&#160; 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> 5.2&#160;&#160; Mandatory Indemnification.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> (a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an &#8220;indemnitee&#8221;) against any
      liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action,
      suit or other proceeding whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any
      capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the
      Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any
      expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through
      (iv) being sometimes referred to herein as &#8220;disabling conduct&#8221;). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the
      prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the
      indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her
      heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or
      officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> (b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court
      or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of
      a quorum of those Trustees who are neither &#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (&#8220;Disinterested Non-Party Trustees&#8221;), that the indemnitee is entitled to indemnification
      hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to
      make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> <br>
    </div>
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    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">(c) 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">(d) 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">(e) 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> 5.3 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">5.4 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">5.5 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.<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; 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:<br>
    </div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"> <br>
    </div>
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    <div style="text-indent: 18pt; margin-bottom: 10pt; 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).<br>
    </div>
    <div style="margin-top: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ITEM 16. <font style="font-style: italic;">Exhibits</font></div>
    <div style="font-family: 'Times New Roman';"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za36ce920110a40b6b7bb9686cabc9706">

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          <td style="width: 14.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';">
            <div>
              <div style="font-weight: bold;">Exhibit No.</div>
            </div>
          </td>
          <td style="width: 85.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';">
            <div>
              <div style="font-weight: bold;">Description of Exhibit</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(1)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99a.htm">Third Amended and Restated Declaration of Trust of Registrant dated August 27, 2020(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(2)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99b.htm">Eighth Amended and Restated By-Laws of the Registrant dated August 27, 2020(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(3)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="ex994a.htm">(4)(a)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="ex994a.htm">Agreement and Plan of Merger with respect to GPM and GOF*<br>
              </a> </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; width: 14.06%; font-family: 'Times New Roman'; text-indent: 17pt;"><a href="ex994b.htm">(4)(b)</a></td>
          <td rowspan="1" style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';"><a href="ex994b.htm">Agreement and Plan of Merger with respect
              to GGM and GOF*</a></td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(5)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(6)(a)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgi.htm">Investment Advisory Agreement between the Registrant and Guggenheim Funds Investment Advisors, LLC (the &#8220;Investment Adviser&#8221;)(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;(b)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exgii.htm">Investment Sub-Advisory Agreement among the Registrant, the Investment Adviser and Guggenheim Partners Investment Management, LLC (the &#8220;Sub-Adviser&#8221;)(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(7)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(8)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(9)(a)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/custodyagreement.htm">Custodian Agreement between the Registrant and The Bank of New York Mellon(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;(b)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/foreigncustodymanageragree.htm">Foreign Custody Manager Agreement between the Registrant and The Bank of New York Mellon(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(10)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000281/ex9911.htm">(11)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000281/ex9911.htm">Opinion of Dechert LLP Regarding Legality of the Securities Being Registered(7)<br>
              </a> </div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="ex9912a.htm">(12)(a)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="ex9912a.htm">Tax Opinion of Dechert LLP with respect to GPM and GOF*<br>
              </a> </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; width: 14.06%; font-family: 'Times New Roman'; text-indent: 17pt;"><a href="ex9912b.htm">(12)(b) <br>
            </a> </td>
          <td rowspan="1" style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';"><a href="ex9912b.htm">Tax Opinion of Dechert LLP with respect
              to GGM and GOF* <br>
            </a> </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(13)(a)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://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;)(4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 16.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180419000096/ex99kv.htm">Amended and Restated Account Agreement between Registrant and BNP Prime Brokerage(4)</a></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top;">
            <div style="font-family: 'Times New Roman';"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exkvii.htm">Special Custody and Pledge Agreement among Registrant, BNP Prime Brokerage and The Bank of</a></div>
            <a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exkvii.htm"> </a>
            <div style="font-family: 'Times New Roman';"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180410003574/exkvii.htm">&#160;New York Mellon(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/stocktransferagencyagreeme.htm">Stock Transfer Agency Agreement(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/administrationagreement.htm">Administration Agreement(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;(e)(ii)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180416001833/ex99kiii2.htm">Amendment to Administration Agreement(3)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;(e)(iii)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99kiii3.htm">Amendment to Administration Agreement(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(f)(i)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000138093613000002/fundaccountingagreement.htm">Fund Accounting Agreement(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;(f)(ii)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000089180416001833/ex99kii2.htm">Amendment to Fund Accounting Agreement(3)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">&#160;&#160;&#160;&#160;&#160;(f)(iii)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126820000077/ex99kii3.htm">Amendment to Fund Accounting Agreement(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000281/ex9914.htm">(14)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000281/ex9914.htm">Consent of the Independent Registered Public Accounting Firm(7)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(15)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div>Not applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;">(16)</div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000189/ex9916.htm">Power of Attorney(6)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917a.htm">(17)(a)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917a.htm">Form of Proxy Card for Registrant(8)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917b.htm">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917b.htm">Form of Proxy Card for Guggenheim Enhanced Equity Income Fund(8)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.06%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="margin-right: 0.2pt; margin-left: 17.5pt;"><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917c.htm">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)</a></div>
          </td>
          <td style="width: 85.94%; vertical-align: top; font-family: 'Times New Roman';">
            <div><a href="https://www.sec.gov/Archives/edgar/data/1380936/000182126821000303/ex9917c.htm">Form of Proxy Card for Guggenheim Credit Allocation Fund(8)</a></div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman';"><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">*</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Filed herewith.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable" id="zd3d1a88a96f54818893c588711b514bb">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(1)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2, filed on July 9, 2010 (File No. 333-168044).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable" id="z728fee30785e4703ba4b5f949e602d8f">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(2)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable" id="zca2a13eecdf04031a087f6f188a275cf">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(3)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable" id="zdf7bf9f7dbd74be5a254b00cd5d8d90d">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(4)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable" id="z15828bd99abd416f89ae21ce80787449">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(5)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5pt;" class="DSPFListTable">

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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(6)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-14, filed April 30, 2021 (File No. 333-255687).</div>
          </td>
        </tr>

    </table>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">(7)</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>
              <div>Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-14, filed June 21, 2021 (File No. 333-255687).</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 0px 0px;">
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              <div>
                <div>Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form N-14, filed July 1, 2021 (File No. 333-255687).<br>
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              </div>
            </td>
          </tr>

      </table>
    </div>
    <font style="font-family: 'Times New Roman'; font-weight: bold;"> <br>
    </font>
    <div style="margin: 0px 0px 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 17. <font style="font-style: italic;">Undertakings</font><br>
      </font><font style="font-family: 'Times New Roman';"><br>
      </font></div>
    <div style="text-indent: 18pt; margin-bottom: 10pt;"><font style="font-family: 'Times New Roman';">(1)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman';">The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed
        to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain information called for by the applicable Exchange registration form for reoffering by persons who may be deemed
        underwriters, in addition to the information called for by other items of the applicable form.</font></div>
    <div style="text-indent: 18pt; margin-bottom: 10pt;"><font style="font-family: 'Times New Roman';">(2)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman';">The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is
        effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at
        that time shall be deemed to be the initial bona fide offering of them.</font></div>
    <div style="text-indent: 18pt; margin-bottom: 10pt;"><font style="font-family: 'Times New Roman';"> <br>
      </font></div>
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    <div style="text-align: center; margin-top: 10pt; margin-bottom: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the
      undersigned, thereunto duly authorized, in the City of Chicago and the State of Illinois on the 25th day of October, 2021.</div>
    <div style="margin-left: 252pt; margin-top: 20pt; font-family: 'Times New Roman';">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div style="margin-left: 252pt; margin-top: 20pt;"><font style="font-family: 'Times New Roman';">BY:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 31.5pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;&#160; </font><font style="font-family: 'Times New Roman';"><u>/s/ Brian E. Binder</u><br>
        Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Brian E. Binder<br>
        Title:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 31.5pt" id="TRGRRTFtoHTMLTab">&#160;</font>President and Chief Executive Officer (Principal Executive Officer)</font></div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman';"><br>
      <br>
      As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</div>
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            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Randall C. Barnes &#160; &#160; &#160; &#160; &#160; &#160;&#160; <br>
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            <div style="font-family: 'Times New Roman';">Trustee</div>
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            <div><u><font style="font-family: 'Times New Roman';">/s/ Brian E. Binder</font></u><font style="font-family: 'Times New Roman';"><br>
              </font><font style="font-family: 'Times New Roman';">Brian E. Binder</font></div>
            <div style="font-family: 'Times New Roman';">President and Chief Executive Officer (Principal Executive Officer)</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';"><u>/s/ John L. Sullivan</u></div>
            <div style="font-family: 'Times New Roman';">John L. Sullivan</div>
            <div style="margin-right: 16.85pt; font-family: 'Times New Roman';">Chief Financial Officer, Chief Accounting Officer, Treasurer and Chief Accounting Officer (Principal Financial and Accounting Officer)</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';"><u>/s/ Amy J. Lee</u></div>
            <div style="font-family: 'Times New Roman';">Amy J. Lee</div>
            <div style="font-family: 'Times New Roman';">Trustee, Vice President and Chief Legal Officer</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div><font style="font-family: 'Times New Roman';">*</font> <font style="font-family: 'Times New Roman';">Signed by Mark E. Mathiasen, pursuant to a power of attorney filed with the Registrant&#8217;s Registration Statement on From N-14 April 30,
                2021 (File 333-255687).<br>
              </font></div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
            <div style="font-family: 'Times New Roman';"><u>/s/ Mark E. Mathiasen</u></div>
            <div style="font-family: 'Times New Roman';">Mark E. Mathiasen</div>
            <div style="font-family: 'Times New Roman';">Attorney-In-Fact</div>
          </td>
        </tr>
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            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Angela-Brock Kyle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
            <div style="font-family: 'Times New Roman';">Trustee</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Thomas Lydon, Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
            <div style="font-family: 'Times New Roman';">Trustee</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Ronald A. Nyberg&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
            <div style="font-family: 'Times New Roman';">Trustee</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Sandra G. Sponem&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
            <div style="font-family: 'Times New Roman';">Trustee</div>
            <div style="font-family: 'Times New Roman';">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-family: 'Times New Roman';">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="font-family: 'Times New Roman';"><u>Ronald E. Toupin Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
            <div style="font-family: 'Times New Roman';">Trustee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman';">&#160;</td>
        </tr>
        <tr>
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        </tr>
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        </tr>

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    <div style="text-align: center; margin-top: 10pt; margin-bottom: 10pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT INDEX</div>
    <br>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman';">
      <table cellspacing="0" cellpadding="0" id="zb1855081fae54d2cbf5193c4963ef14b" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
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              <div style="font-family: 'Times New Roman';">
                <div style="font-weight: bold;">Exhibit No.</div>
              </div>
            </td>
            <td style="width: 85.94%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div style="font-family: 'Times New Roman';">
                <div style="font-weight: bold;">Description of Exhibit</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.06%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';"><a href="ex994a.htm">(4)(a)</a></div>
            </td>
            <td style="width: 85.94%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';"><a href="ex994a.htm">Agreement and Plan of Merger with respect to GPM and GOF<br>
                </a> </div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.06%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';"><a href="ex994b.htm">(4)(b)</a></div>
            </td>
            <td style="width: 85.94%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';"><a href="ex994b.htm">Agreement and Plan of Merger with respect to GGM and GOF<br>
                </a> </div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.06%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';">
                <div><a href="ex9912a.htm">(12)(a)</a></div>
              </div>
            </td>
            <td style="width: 85.94%; vertical-align: top;">
              <div style="font-family: 'Times New Roman';">
                <div><a href="ex9912a.htm">Tax Opinion of Dechert LLP with respect to GPM and GOF<br>
                  </a> </div>
              </div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 14.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><a href="ex9912b.htm">(12)(b) <br>
              </a> </td>
            <td rowspan="1" style="width: 85.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><a href="ex9912b.htm">Tax Opinion of Dechert LLP with respect to GGM and GOF <br>
              </a> </td>
          </tr>

      </table>
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    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(4)(A)
<SEQUENCE>2
<FILENAME>ex994a.htm
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER WITH RESPECT TO GPM AND GOF
<TEXT>
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      <div style="text-align: center; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt; font-weight: bold;">AGREEMENT AND PLAN OF MERGER</div>
      <div style="text-align: right; margin-top: 12pt;">October 21, 2021</div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In order to consummate the Merger (as defined in Section 3(a) herein) and in consideration of the promises and the covenants and agreements hereinafter set forth, and intending to
        be legally bound, Guggenheim Enhanced Equity Income Fund, a Delaware statutory trust and a registered diversified closed-end investment company, File No. 811-21681 (the &#8220;<font style="font-weight: bold;">Target Fund</font>&#8221;) and Guggenheim Strategic
        Opportunities Fund, a Delaware statutory trust and a registered diversified closed-end investment company, File No. 811-21982 (the &#8220;<font style="font-weight: bold;">Acquiring Fund</font>&#8221; and together with the Target Fund, the &#8220;<font style="font-weight: bold;">Funds</font>&#8221;), each hereby agree as follows.</div>
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                <div style="margin-top: 10pt; margin-bottom: 10pt;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">REPRESENTATIONS AND WARRANTIES OF THE ACQUIRING FUND.</div>
              </td>
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      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Acquiring Fund represents and warrants to, and agrees with, the Target Fund that:</div>
      <div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is a statutory trust duly formed, validly existing and in good standing in conformity with the Delaware Statutory Trust Act (the &#8220;<font style="font-weight: bold;">DSTA</font>&#8221;),



                  and has the power to own all of its assets and to carry out this Agreement. The Acquiring Fund has all necessary federal, state and local authorizations to carry on its business as it is now being conducted and to carry out this
                  Agreement.</div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is duly registered under the Investment Company Act of 1940, as amended (the &#8220;<font style="font-weight: bold;">1940 Act</font>&#8221;), as a diversified, closed-end management
                  investment company and such registration has not been revoked or rescinded and is in full force and effect.</div>
              </td>
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      </div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has full power and authority to enter into and perform its obligations under this Agreement subject, in the case of the consummation of the Merger, to the approval of
                  this Agreement and the transactions contemplated hereby by the common shareholders of the Acquiring Fund (the &#8220;<font style="font-weight: bold;">Acquiring Fund Shareholders</font>&#8221;) as described in Section 9(a) hereof. The execution,
                  delivery and performance of this Agreement have been duly authorized by all necessary action of the Acquiring Fund&#8217;s Board of Trustees, and this Agreement constitutes a valid and binding contract of the Acquiring Fund enforceable against
                  the Acquiring Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting creditors&#8217; rights generally and court decisions with respect
                  thereto.</div>
              </td>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has provided or made available (including by electronic format) to the Target Fund the most recent audited annual financial statements of the Acquiring Fund, which have
                  been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;<font style="font-weight: bold;">US GAAP</font>&#8221;) consistently applied and have been audited by Ernst &amp; Young LLP, each Fund&#8217;s
                  independent registered public accounting firm, and such statements fairly present the financial condition and the results of operations of the Acquiring Fund as of the respective dates indicated and the results of operations and changes
                  in net assets for the periods indicated, and there are no liabilities of the Acquiring Fund whether actual or contingent and whether or not determined or determinable as of such date that are required to be disclosed but are not disclosed
                  in such statements.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">An unaudited statement of assets, capital and liabilities of the Acquiring Fund and an unaudited schedule of investments of the Acquiring Fund, each as of the Valuation Time (as defined in
                  Section 3(f) herein) (together, the &#8220;<font style="font-weight: bold;">Acquiring Fund Closing Financial Statements</font>&#8221;), will be provided or made available (including by electronic format) to the Target Fund, at or prior to the Closing
                  Date (as defined in Section 7(a) herein), for the purpose of determining the number of Acquiring Fund Common Shares (as defined in Section 1(m) herein) to be issued to the holders of Target Fund Common Shares (as defined in Section 2(n)
                  herein) (the &#8220;<font style="font-weight: bold;">Target Fund Shareholders</font>&#8221;) pursuant to Section 3 of this Agreement; the Acquiring Fund Closing Financial <br>
                </div>
              </td>
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                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
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                <td style="width: auto; vertical-align: top;">Statements will fairly present the financial position of the Acquiring Fund as of the Valuation Time in conformity US GAAP consistently applied.</td>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material legal, administrative or other proceedings pending or, to the knowledge of the Acquiring Fund, threatened against it which assert liability on the part of the
                  Acquiring Fund or which materially affect its financial condition or its ability to consummate the Merger. The Acquiring Fund is not charged with or, to the best of its knowledge, threatened with any violation or investigation of any
                  possible violation of any provisions of any federal, state or local law or regulation or administrative ruling relating to any aspect of its business.</div>
              </td>
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      </div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material contracts outstanding to which the Acquiring Fund is a party that have not been disclosed in the N-14 Registration Statement (as defined in Section 1(k) herein) or
                  that will not otherwise be disclosed to the Target Fund prior to the Valuation Time.</div>
              </td>
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      </div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is not obligated under any provision of its agreement and declaration of trust (&#8220;<font style="font-weight: bold;">Declaration of Trust</font>&#8221;) or by-laws (&#8220;<font style="font-weight: bold;">By-Laws</font>&#8221;), each as amended to the date hereof, and is not a party to any contract or other commitment or obligation, and is not subject to any order or decree, which would be violated by its execution
                  of or performance under this Agreement, except insofar as the Funds have mutually agreed to amend such contract or other commitment or obligation to cure any potential violation as a condition precedent to the Merger.</div>
              </td>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has no known liabilities of a material amount, contingent or otherwise, other than those shown on the Acquiring Fund&#8217;s Annual Report for the year ended May 31, 2021,
                  those incurred since the date thereof in the ordinary course of its business as an investment company, and those incurred in connection with the Merger. As of the Valuation Time, the Acquiring Fund will advise the Target Fund of all known
                  liabilities, contingent or otherwise, whether or not incurred in the ordinary course of business, existing or accrued as of such time, except to the extent disclosed in the Acquiring Fund Closing Financial Statements or to the extent
                  already known by the Target Fund.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No consent, approval, authorization or order of any court or government authority is required for the consummation by the Acquiring Fund of the Merger, except such as may be required under
                  the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">1933 Act</font>&#8221;), the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">1934 Act</font>&#8221;), and the 1940 Act or state
                  securities laws (which term as used herein shall include the laws of the District of Columbia) or the rules of the New York Stock Exchange, each of which will have been obtained on or prior to the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The registration statement filed by the Acquiring Fund on Form N-14, which includes the proxy statement of the Target Fund and the Acquiring Fund with respect to the transactions
                  contemplated herein (the &#8220;<font style="font-weight: bold;">Combined Proxy Statement/Prospectus</font>&#8221;), and any supplement or amendment thereto or to the documents included or incorporated by reference therein (collectively, as so
                  amended or supplemented, the &#8220;<font style="font-weight: bold;">N-14 Registration Statement</font>&#8221;), on its effective date, at the time of the shareholder meeting called to vote on this Agreement and on the Closing Date, insofar as it
                  relates to the Acquiring Fund, (i) complied or will comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder and (ii) did not or will not contain any
                  untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Combined Proxy Statement/Prospectus included therein did not or will
                  not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the
                  representations and warranties in this subsection only shall apply to statements in or omissions from the N-14 Registration Statement made in reliance upon and in conformity with information furnished by the Acquiring Fund for use in the
                  N-14 Registration Statement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(l)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has filed, or intends to file, or has obtained extensions to file, all material federal, state and local tax returns which are required to be filed by it, and has paid
                  or has obtained</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;"> extensions to pay, all federal, state and local taxes shown on said returns to be due and owing and all assessments received by it, up to and including the taxable year in which the
                    Closing Date occurs. All tax liabilities of the Acquiring Fund have been adequately provided for on its books, and no tax deficiency or liability of the Acquiring Fund has been asserted and no question with respect thereto has been
                    raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid, up to and including the taxable year in which the Closing Date occurs.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(m)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (the &#8220;<font style="font-weight: bold;">Acquiring Fund
                    Common Shares</font>&#8221;). Each outstanding Acquiring Fund Common Share is fully paid and nonassessable, except as provided by the Acquiring Fund&#8217;s Declaration of Trust, and has the voting rights provided by the Acquiring Fund&#8217;s
                  Declaration of Trust and applicable law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(n)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The books and records of the Acquiring Fund made available to the Target Fund and/or its counsel are substantially true and correct and contain no material misstatements or omissions with
                  respect to the operations of the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(o)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to this Agreement will have been duly authorized and, when issued and delivered pursuant to this
                  Agreement, will be legally and validly issued and will be fully paid and nonassessable and will have full voting rights, except as provided by the Acquiring Fund&#8217;s Declaration of Trust or applicable law, and no Acquiring Fund Shareholder
                  will have any preemptive right of subscription or purchase in respect thereof.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(p)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At or prior to the Closing Date, the Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to this Agreement on the Closing Date will be duly qualified for
                  offering to the public in all states of the United States in which the sale of shares of the Funds presently are qualified, and there will be a sufficient number of such Acquiring Fund Common Shares registered under the 1933 Act and, as
                  may be necessary, with each pertinent state securities commission to permit the issuance contemplated by this Agreement to be consummated.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(q)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At or prior to the Closing Date, the Acquiring Fund will have obtained any and all regulatory, board and shareholder approvals necessary to issue the Acquiring Fund Common Shares to the
                  Target Fund Shareholders.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(r)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has elected to qualify and has qualified as a regulated investment company (&#8220;<font style="font-weight: bold;">RIC</font>&#8221;) within the meaning of Section 851 of the
                  Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;), for each of its taxable years since its inception, and the Acquiring Fund has satisfied or intends to satisfy the distribution requirements
                  imposed by Section 852 of the Code and the qualification requirements of Section 851 of the Code to maintain RIC status for each of its taxable years including the taxable year in which the Closing Date occurs.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">REPRESENTATIONS AND WARRANTIES OF THE TARGET FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Target Fund represents and warrants to, and agrees with, the Acquiring Fund that:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is a statutory trust duly formed, validly existing and in good standing in conformity with the DSTA, and has the power to own all of its assets and to carry out this
                  Agreement. The Target Fund has all necessary federal, state and local authorizations to carry on its business as it is now being conducted and to carry out this Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is duly registered under the 1940 Act as a diversified, closed-end management investment company, and such registration has not been revoked or rescinded and is in full
                  force and effect.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has full power and authority to enter into and perform its obligations under this Agreement subject, in the case of consummation of the Merger, to the approval and adoption
                  of this Agreement by the Target Fund Shareholders as described in Section 8(a) hereof. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action of the Target Fund&#8217;s Board of Trustees and
                  this Agreement constitutes a valid and binding contract of the Target Fund enforceable against the Target Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar
                  laws relating to or affecting creditors&#8217; rights generally and court decisions with respect thereto.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has provided or made available (including by electronic format) to the Acquiring Fund the most recent audited annual financial statements of the Target Fund which have been
                  prepared in accordance with US GAAP consistently applied and have been audited by Ernst &amp; Young LLP, and such statements fairly present the financial condition and the results of operations of the Target Fund as of the respective
                  dates indicated and the results of operations and changes in net assets for the periods indicated, and there are no liabilities of the Target Fund whether actual or contingent and whether or not determined or determinable as of such date
                  that are required to be disclosed but are not disclosed in such statements.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">An unaudited statement of assets, capital and liabilities of the Target Fund and an unaudited schedule of investments of the Target Fund, each as of the Valuation Time (together, the &#8220;<font style="font-weight: bold;">Target Fund Closing Financial Statements</font>&#8221;), will be provided or made available (including by electronic format) to the Acquiring Fund at or prior to the Closing Date, for the purpose of determining the
                  number of Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to Section 3 of this Agreement; the Target Fund Closing Financial Statements will fairly present the financial position of the Target Fund as of
                  the Valuation Time in conformity with US GAAP consistently applied.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material legal, administrative or other proceedings pending or, to the knowledge of the Target Fund, threatened against it which assert liability on the part of the Target
                  Fund or which materially affect its financial condition or its ability to consummate the Merger. The Target Fund is not charged with or, to the best of its knowledge, threatened with any violation or investigation of any possible
                  violation of any provisions of any federal, state or local law or regulation or administrative ruling relating to any aspect of its business.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material contracts outstanding to which the Target Fund is a party that have not been disclosed in the N-14 Registration Statement or will not otherwise be disclosed to the
                  Acquiring Fund prior to the Valuation Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is not obligated under any provision of its Declaration of Trust or By-Laws or a party to any contract or other commitment or obligation, and is not subject to any order or
                  decree, which would be violated by its execution of or performance under this Agreement, except insofar as the Funds have mutually agreed to amend such contract or other commitment or obligation to cure any potential violation as a
                  condition precedent to the Merger.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has no known liabilities of a material amount, contingent or otherwise, other than those shown on the Target Fund&#8217;s Annual Report for the year ended December 31, 2020,
                  those incurred since the date thereof in the ordinary course of its business as an investment company and those incurred in connection with the Merger. As of the Valuation Time, the Target Fund will advise the Acquiring Fund of all known
                  liabilities, contingent or otherwise, whether or not incurred in the ordinary course of business, existing or accrued as of such time, except to the extent disclosed in the Target Fund Closing Financial Statements or to the extent already
                  known by the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At both the Valuation Time and immediately prior to the Effective Time (as defined in Section 3(b) herein), the Target Fund will have full right, power and authority to effect the transfer
                  of the Target Fund Investments pursuant to the Merger. As used in this Agreement, the term &#8220;<font style="font-weight: bold;">Target Fund Investments</font>&#8221; shall mean (i) the investments of the Target Fund shown on the schedule of</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;"> its investments as of the Valuation Time furnished to the Acquiring Fund; and (ii) all other assets owned by the Target Fund or liabilities incurred as of the Valuation Time.
                    Immediately prior to the Effective Time, the Target Fund will have good and marketable title to all of the Target Fund Investments, and upon the Effective Time the Acquiring Fund will own all of the Target Fund Investments free and
                    clear of any encumbrances, liens or security interests and without any restrictions upon the transfer thereof (except those imposed by the federal or state securities laws and those imperfections of title or encumbrances as do not
                    materially detract from the value or use of the Target Fund Investments or materially affect title thereto).</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Target Fund of the Merger, except such as may be required under
                  the 1933 Act, the 1934 Act and the 1940 Act or state securities laws (which term as used herein shall include the laws of the District of Columbia) or the rules of the New York Stock Exchange, each of which will have been obtained on or
                  prior to the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(l)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The N-14 Registration Statement, on its effective date, at the time of the Target Fund Shareholders meeting called to vote on this Agreement and on the Closing Date, insofar as it relates
                  to the Target Fund (i) complied or will comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder and (ii) did not or will not contain any untrue statement
                  of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Combined Proxy Statement/Prospectus included therein did not or will not contain any
                  untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; provided, however, that the representations and warranties in this subsection shall apply only to statements
                  in or omissions from the N-14 Registration Statement made in reliance upon and in conformity with information furnished by the Target Fund for use in the N-14 Registration Statement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(m)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has filed, or intends to file, or has obtained extensions to file, all material federal, state and local tax returns which are required to be filed by it, and has paid or
                  has obtained extensions to pay, all federal, state and local taxes shown on said returns to be due and owing and all assessments received by it, up to and including the taxable year ending with the Closing Date. All tax liabilities of the
                  Target Fund have been adequately provided for on its books, and no tax deficiency or liability of the Target Fund has been asserted and no question with respect thereto has been raised by the Internal Revenue Service or by any state or
                  local tax authority for taxes in excess of those already paid, up to and including the taxable year ending with the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(n)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (the &#8220;<font style="font-weight: bold;">Target Fund Common
                    Shares</font>&#8221;). Each outstanding Target Fund Common Share is fully paid and nonassessable, except as provided by the Target Fund&#8217;s agreement and declaration of trust, and has the voting rights provided by the Target Fund&#8217;s agreement
                  and declaration of trust and applicable law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(o)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All of the issued and outstanding Target Fund Common Shares were offered for sale and sold in conformity with all applicable federal and state securities laws.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(p)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The books and records of the Target Fund made available to the Acquiring Fund and/or its counsel are substantially true and correct and contain no material misstatements or omissions with
                  respect to the operations of the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(q)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has elected to qualify and has qualified as a RIC within the meaning of Section 851 of the Code for each of its taxable years since its inception, and the Target Fund has
                  satisfied or intends to satisfy the distribution requirements imposed by Section 852 of the Code and the qualification requirements of Section 851 of the Code to maintain RIC status for each of its taxable years including the taxable year
                  ending with the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">THE MERGER.</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Subject to receiving the requisite approvals of Target Fund Shareholders and the Acquiring Fund Shareholders, and to the other terms and conditions contained herein, and in accordance
                  with&#160;the DSTA, at the Effective Time the Target Fund shall be merged with and into the Acquiring Fund (the &#8220;<font style="font-weight: bold;">Merger</font>&#8221;), the separate existence of the Target Fund as a Delaware statutory trust and
                  registered investment company shall cease and the Acquiring Fund shall continue as the surviving entity following the Merger. The existence of the Acquiring Fund shall continue unaffected and unimpaired by the Merger and it shall be
                  governed by the DSTA.&#160; Each Acquiring Fund Common Share outstanding immediately prior to the Effective Time shall remain outstanding upon the Effective Time and shall be unaffected by the Merger.&#160; Each of the certificate of trust, the
                  Declaration of Trust and the By-Laws of the Acquiring Fund shall be, respectively, the certificate of trust, the Declaration of Trust and the By-Laws of the Acquiring Fund as the entity surviving the Merger.&#160; The Trustees and officers of
                  the Acquiring Fund shall remain the Trustees and officers of the Acquiring Fund as the entity surviving the Merger.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Upon the terms and subject to the conditions of this Agreement, on the Closing Date, the parties shall cause the Merger to be consummated by filing a certificate of merger (the &#8220;<font style="font-weight: bold;">Certificate of Merger</font>&#8221;) with the Secretary of State of the State of Delaware in accordance with the DSTA. The Merger shall become effective at such time as the Certificate of Merger is duly filed with
                  the Secretary of State of the State of Delaware, or at such subsequent date or time as the Funds shall agree and specify in the Certificate of Merger (the &#8220;<font style="font-weight: bold;">Effective Time</font>&#8221;).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At the Effective Time, the effect of the Merger shall be as provided in the applicable provisions of the DSTA. Without limiting the generality of the foregoing, and subject thereto, at the
                  Effective Time, except as otherwise provided herein, all the property, rights, privileges, powers and franchises of the Target Fund shall vest in the Acquiring Fund, and all debts, liabilities, obligations, and duties of the Target Fund
                  shall become the debts, liabilities, obligations, and duties of the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Prior to the Closing Date, the Target Fund shall declare a dividend or dividends which, together with all such previous dividends, shall have the effect of distributing to its shareholders
                  with respect to the taxable year ending with the Closing Date and all previous taxable years (i) all of its investment company taxable income recognized up to and including the Closing Date, if any (computed without regard to any
                  deduction for dividends paid), (ii) all of its net capital gain, if any, recognized up to and including the Closing Date and (iii) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any,
                  over its deductions disallowed under Sections 265 and 171(a)(2) of the Code recognized up to and including the Closing Date (collectively referred to as &#8220;<font style="font-weight: bold;">Final Distributions</font>&#8221;). The Acquiring Fund
                  may pay amounts in respect of Final Distributions to the persons and entities who were Target Fund Shareholders (as of the record date fixed to determine the entitlement to the Final Distributions) after the Closing Date out of cash or
                  other short-term liquid assets that have matured prior to the payment date of the Final Distributions and that were acquired by the Acquiring Fund as a result of the Merger, segregated for this purpose and maintained in an amount at least
                  equal to the remaining payment obligations in respect of the Final Distributions.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Pursuant to this Agreement, as soon as practicable after the Closing Date, the Acquiring Fund will issue and deliver Acquiring Fund Common Shares to the persons or entities who were Target
                  Fund Shareholders as of immediately prior to the Effective Time in accordance with the provisions of this Agreement. Such delivery shall be accomplished by the opening of shareholder accounts on the share ledger records of the Acquiring
                  Fund in the names of and in the amounts due to such former Target Fund Shareholders based on their respective holdings in the Target Fund as of the Valuation Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Valuation Time shall be at the close of business of the New York Stock Exchange on the business day immediately preceding the Closing Date, or such earlier or later day and time as may
                  be mutually agreed upon in writing by the Funds (the &#8220;<font style="font-weight: bold;">Valuation Time</font>&#8221;).</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund covenant and agree to dispose of certain assets prior to the Closing Date, but only if and to the extent necessary, so that at Closing (as defined in
                  Section 7(a) herein), when the Target Fund&#8217;s assets are added to the Acquiring Fund&#8217;s portfolio, the resulting portfolio will meet the Acquiring Fund&#8217;s investment objective, policies and restrictions. Notwithstanding the foregoing,
                  nothing herein will require the Target Fund to dispose of any portion of its assets if, in the reasonable judgment of the Target Fund&#8217;s Board of Trustees or officers, such disposition would create more than an insignificant risk that the
                  Merger would not be treated as a &#8220;reorganization&#8221; described in Section 368(a) of the Code.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">For U.S. federal income tax purposes, the parties to this Agreement intend that (i) the Merger qualify as a reorganization within the meaning of Section 368(a) of the Code, (ii) this
                  Agreement constitutes a plan of reorganization within the meaning of U.S. Treasury Regulations Section 1.368-2(g), and (iii) the parties to this Agreement will each be a party to such reorganization within the meaning of Section 368(b) of
                  the Code.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">ISSUANCE AND VALUATION OF ACQUIRING FUND COMMON SHARES IN THE MERGER.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Upon the Effective Time, the Target Fund Common Shares issued and outstanding immediately prior to the Effective Time, in the aggregate, shall be converted into an aggregate number of
                  fully paid and non-assessable Acquiring Fund Common Shares that have an aggregate net asset value that is equal to the aggregate net asset value of the Target Fund Common Shares.&#160; Pursuant to paragraph (c) of this Section 4, such
                  aggregate number of fully paid and non-assessable Acquiring Fund Common Shares shall be allocated pro rata to the former holders of Target Fund Common Shares, as determined in good faith by the Acquiring Fund and subject to paragraph (d)
                  of this Section 4.&#160; Each person or entity who receives Acquiring Fund Common Shares pursuant to the foregoing shall be bound by all the terms and provisions of the Declaration of Trust and By-Laws of the Acquiring Fund. The aggregate net
                  asset value of Target Fund Common Shares and Acquiring Fund Common Shares, respectively, shall be determined as set forth below.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The net asset value of the Acquiring Fund and the Target Fund shall be determined as of the Valuation Time in accordance with the regular procedures of the Acquiring Fund (subject to the
                  procedures set forth in this Agreement), and no formula will be used to adjust the net asset value so determined of any Fund to take into account differences in realized and unrealized gains and losses. For purposes of determining the net
                  asset value of Target Fund Common Shares and the Acquiring Fund Common Shares, the value of the securities held by the applicable Fund plus any cash or other assets (including interest accrued but not yet received) minus all liabilities
                  (including accrued expenses) and in the case of the Target Fund minus the amount of all assets that will be paid as Final Distributions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 72pt; margin-top: 12pt; margin-bottom: 12pt;">Such valuation and determination shall be made by the Acquiring Fund in cooperation with the Target Fund and shall be confirmed in writing by the Acquiring Fund to the Target
        Fund. The net asset value per share of the Acquiring Fund Common Shares and Target Fund Common Shares shall be determined in accordance with such procedures.</div>
      <div style="margin-left: 72pt; margin-top: 12pt; margin-bottom: 12pt;">For purposes of determining the net asset value per share of Target Fund Common Shares and the Acquiring Fund Common Shares, the net asset value of the Acquiring Fund and the
        Target Fund determined as of the Valuation Time in accordance with the procedures described above shall be divided by the total number of Target Fund Common Shares or Acquiring Fund Common Shares, as the case may be, outstanding at the Valuation
        Time. The exchange ratio shall be appropriately adjusted if, between the Valuation Time and the Effective Time, the respective outstanding Target Fund Common Shares or Acquiring Fund Common Shares shall have been increased or decreased or changed
        into or exchanged for a different number or kind of shares or securities as a result of any reclassification, recapitalization, stock split, reverse stock split, split-up, combination or exchange of shares, or if a stock dividend or dividend
        payable in any other securities shall be authorized and declared with a record date within such period.&#160; Each valuation and determination contemplated by this Section 4 that is made in good faith by the Acquiring Fund shall be binding </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <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-top: 12pt; margin-bottom: 12pt;">on all persons and entities who receive Acquiring Fund Common Shares pursuant to this Agreement.</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund shall issue to each Target Fund Shareholder as of immediately prior to the Effective Time book entry interests for the Acquiring Fund Common Shares registered in the
                  name of each such holder of Target Fund Common Shares on the basis of each such holder&#8217;s proportionate interest in the aggregate net asset value of the Target Fund Common Shares as of immediately prior to the Effective Time. With respect
                  to any Target Fund Shareholders holding certificates evidencing ownership of Target Fund Common Shares as of the Closing Date, and subject to the Acquiring Fund being informed thereof in writing by the Target Fund, the Acquiring Fund will
                  not permit such Target Fund Shareholder to receive new book entry interests of the Acquiring Fund Common Shares, until notified by the Target Fund or its agent that such shareholder has surrendered his or her outstanding certificates
                  evidencing ownership of Target Fund Common Shares or, in the event of lost certificates, posted adequate bond.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No fractional shares of Acquiring Fund Common Shares will be issued to holders of Target Fund Common Shares unless such shares are held in a dividend reinvestment plan account. In lieu
                  thereof, the Acquiring Fund&#8217;s transfer agent will aggregate all fractional Acquiring Fund Common Shares to be issued in connection with the Merger (other than those issued to a dividend reinvestment plan account) and sell the resulting
                  full shares on the New York Stock Exchange at the then-current market price for Acquiring Fund Common Shares for the account of all holders of such fractional interests, and each such holder will receive such holder&#8217;s pro rata share of
                  the proceeds of such sale upon surrender of such holder&#8217;s certificates representing Target Fund Common Shares, if any.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All of the Target Fund Common Shares converted into the right to receive Acquiring Fund Common Shares pursuant to the Merger shall no longer be outstanding and shall automatically be
                  cancelled and shall cease to exist as of the Effective Time. The Acquiring Fund Common Shares issued in the Merger (and cash paid in lieu of fractional shares) shall be deemed to have been paid in full satisfaction of all rights
                  pertaining to Target Fund Common Shares.&#160; From and after the Effective Time, the stock transfer books of the Target Fund shall be closed, and there shall be no further transfers on the stock transfer books of the Target Fund of the Target
                  Fund Common Shares that were issued and outstanding immediately prior to the Effective Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">PAYMENT OF EXPENSES.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Regardless of whether the Merger is completed, neither Target Fund nor Acquiring Fund will bear expenses incurred in connection with the Merger, including but not limited to, costs related
                  to the preparation and distribution of materials to each Fund&#8217;s Board of Trustees, expenses incurred in connection with the preparation of the Agreement, the preparation and filing of any documents required by such Fund&#8217;s state of
                  organization, the preparation and filing of the N-14 Registration Statement with the U.S. Securities and Exchange Commission (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;), the printing and distribution of the Combined Proxy
                  Statement/Prospectus and any other materials required to be distributed to shareholders, the SEC, state securities commission and secretary of state filing fees and legal and audit fees in connection with the Merger, legal fees incurred
                  preparing each Fund&#8217;s board materials, attending each Fund&#8217;s board meetings and preparing the minutes, audit fees associated with each Fund&#8217;s financial statements, stock exchange fees, transfer agency fees, portfolio transfer taxes (if
                  any). Neither the Funds nor the investment adviser will pay any expenses of shareholders arising out of or in connection with the Merger. To the extent there are transaction costs associated with portfolio repositioning prior to the
                  Merger, such costs will be borne by the Fund. To the extent there are transaction costs associated with portfolio repositioning after the Merger, such costs will be borne by the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">If for any reason the Merger is not consummated, no party shall be liable to any other party for any damages resulting therefrom, including, without limitation, consequential damages, and
                  each</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;"> Fund shall be responsible, on a proportionate total assets basis, for all portfolio transaction expenses incurred in connection with the Merger as described in 5(a) above.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE FUNDS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF EACH FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Each of the Target Fund and the Acquiring Fund covenants to operate its business as presently conducted or as otherwise reported to the Fund&#8217;s Board of Trustees between the date hereof and
                  the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund agree that by the Closing Date all of its U.S. federal and other tax returns and reports required to be filed on or before such date shall have been
                  filed and all taxes shown as due on said returns either have been paid or adequate liability reserves have been provided for the payment of such taxes.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The intention of the parties is that the transaction contemplated by this Agreement will qualify as a &#8220;reorganization&#8221; within the meaning of Section 368(a) of the Code. Neither the
                  Acquiring Fund nor the Target Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any tax return) that is inconsistent with such treatment or results in the failure of the transaction
                  to qualify as a reorganization within the meaning of Section 368(a) of the Code. At or prior to the Closing Date, the Acquiring Fund and the Target Fund will take such action, or cause such action to be taken, as is reasonably necessary
                  to enable Dechert LLP (&#8220;<font style="font-weight: bold;">Dechert</font>&#8221;), counsel to the Funds, to render the tax opinion required herein (including, without limitation, each party&#8217;s execution of representations reasonably requested by
                  and addressed to Dechert).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iv)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">In connection with this covenant, the Funds agree to cooperate with each other in filing any tax return, amended return or claim for refund, determining a liability for taxes or a right to
                  a refund of taxes or participating in or conducting any audit or other proceeding in respect of taxes. The Acquiring Fund agrees to retain for a period of ten (10) years following the Closing Date all returns, schedules and work papers
                  and all material records or other documents relating to tax matters of the Target Fund for each of such Fund&#8217;s taxable periods ending on or before the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(v)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund shall use reasonable efforts to take, or cause to be taken, in good faith, all actions, and to do, or cause to be done, all things, including to
                  promptly obtain all requisite consents and approvals, necessary or advisable to consummate the Merger in the most expeditious manner practicable.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE ACQUIRING FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund will file the N-14 Registration Statement with the Securities and Exchange Commission and will use its best efforts to provide that the N-14 Registration Statement
                  becomes effective as promptly as practicable. Each Fund agrees to cooperate fully with the other, and each will furnish to the other the information relating to itself to be set forth in the N-14 Registration Statement as required by the
                  1933 Act, the 1934 Act and the 1940 Act, and the rules and regulations thereunder and the state securities laws.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Following the consummation of the Merger, the Acquiring Fund intends to continue its business as a diversified, closed-end management investment company registered under the 1940 Act.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund shall use reasonable efforts to cause the Acquiring Fund Common Shares to be issued in the Merger to be approved for listing on the New York Stock Exchange prior to the
                  Closing Date.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iv)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund agrees to mail to its shareholders of record entitled to vote at the special meeting of shareholders at which action is to be considered regarding this Agreement, in
                  sufficient time to comply with requirements as to notice thereof, the Combined Proxy Statement/Prospectus which complies in all material respects with the applicable provisions of Section 14(a) of the 1934 Act and Section 20(a) of the
                  1940 Act, and the rules and regulations, respectively, thereunder.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE TARGET FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund agrees to mail to its shareholders of record entitled to vote at the special meeting of shareholders at which action is to be considered regarding this Agreement, in
                  sufficient time to comply with requirements as to notice thereof, the Combined Proxy Statement/Prospectus which complies in all material respects with the applicable provisions of Section 14(a) of the 1934 Act and Section 20(a) of the
                  1940 Act, and the rules and regulations, respectively, thereunder.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CLOSING DATE.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The closing of the Merger (the &#8220;<font style="font-weight: bold;">Closing</font>&#8221;) shall occur prior to the opening of the New York Stock Exchange at the offices of Guggenheim Funds
                  Investment Advisers, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, or at such other time or location as may be mutually agreed to by the Funds, on the next full business day following the Valuation Time to occur after
                  the satisfaction or waiver of all of the conditions set forth in Sections 8 and 9 of this Agreement (other than the conditions that relate to actions to be taken, or documents to be delivered at the Closing, it being understood that the
                  occurrence of the Closing shall remain subject to the satisfaction or waiver of such conditions at Closing), or at such other time and date as may be mutually agreed to by the Funds (such date, the &#8220;<font style="font-weight: bold;">Closing

                    Date</font>&#8221;).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At the Valuation Time, the Target Fund shall deliver or make available to (including by electronic format) the Acquiring Fund a list of the names and addresses of all of the Target Fund
                  Shareholders of record at the Valuation Time and the number of Target Fund Common Shares owned by each such Target Fund Shareholder, certified to the best of its knowledge and belief by the transfer agent for the Target Fund Common Shares
                  or by the Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, or Secretary or any Assistant Secretary.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CONDITIONS OF THE TARGET FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The obligations of the Target Fund hereunder shall be subject to the following conditions:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That this Agreement and the transactions contemplated hereby shall have been approved by at least two-thirds of the members of the Board of Trustees of the Target Fund and by the
                  affirmative vote of the Target Fund Shareholders representing a 1940 Act Majority (as defined below) of the outstanding common shares entitled to vote on this Agreement. A &#8220;<font style="font-weight: bold;">1940 Act Majority</font>&#8221; means
                  the affirmative vote of either (i) 67% or more of the shares present or represented by proxy at the meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy at the meeting or (ii) more than
                  50% of the outstanding shares, whichever is less.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have delivered (including in electronic format) to the Target Fund a copy of the resolutions approving this Agreement adopted by the Board of Trustees of the
                  Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have provided or made available (including by electronic format) to the Target Fund the Acquiring Fund Closing Financial Statements, together with a schedule
                  of the Acquiring Fund&#8217;s investments, all as of the Valuation Time, certified on the Acquiring Fund&#8217;s behalf by its Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, and
                  a certificate signed by the Acquiring Fund&#8217;s Chief <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;">Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that as of the Valuation Time
                    and as of the Closing Date there has been no material adverse change in the financial position of the Acquiring Fund since the date of the Acquiring Fund&#8217;s most recent Annual or Semi-Annual Report, as applicable, other than changes in
                    its portfolio securities since that date or changes in the market value of its portfolio securities.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have furnished to the Target Fund a certificate signed by the Acquiring Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial
                  Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that, as of the Valuation Time and as of the Closing Date, all representations and warranties of the Acquiring Fund made in this Agreement are true
                  and correct in all material respects with the same effect as if made at and as of such dates, and that the Acquiring Fund has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied
                  at or prior to each of such dates.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement and no order issued by any court or agency of competent jurisdiction or
                  other law preventing, enjoining, restraining or making illegal the consummation of the Merger shall be in effect.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have obtained an opinion from Dechert, counsel for the Funds, dated as of the Closing Date, addressed to the Acquiring Fund, that the consummation of the
                  transactions set forth in this Agreement complies with the requirements of a reorganization as described in Section 368(a) of the Code, on the basis of facts, representations and assumptions, and subject to the qualifications and
                  limitations, set forth in such opinion.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That all proceedings taken by the Acquiring Fund and its counsel in connection with the Merger and all documents incidental thereto shall be reasonably satisfactory in form and substance
                  to the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the N-14 Registration Statement shall have become effective under the 1933 Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the
                  Acquiring Fund, be contemplated by the SEC.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund Common Shares to be issued in the Merger shall be approved for listing on the New York Stock Exchange, subject to official notice of issuance.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All regulatory approvals required by applicable law to consummate the Merger shall have been obtained and shall remain in full force and effect and all statutory waiting periods required
                  by applicable law in respect thereof shall have expired.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CONDITIONS OF THE ACQUIRING FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The obligations of the Acquiring Fund hereunder shall be subject to the following conditions:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That this Agreement and the transactions contemplated hereby including the issuance of additional Acquiring Fund Common Shares in connection with the Merger shall have been approved by the
                  Board of Trustees of the Acquiring Fund and by the affirmative vote of the Acquiring Fund Shareholders representing a 1940 Act Majority of the outstanding common shares entitled to vote on this Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have delivered (including in electronic format) to the Acquiring Fund a copy of the resolutions approving this Agreement adopted by the Board of Trustees of the
                  Target Fund.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have provided or made available (including by electronic format) to the Acquiring Fund the Target Fund Closing Financial Statements, together with a schedule of
                  the Target Fund Investments with their respective dates of acquisition and tax costs, all as of the Valuation Time, certified on the Target Fund&#8217;s behalf by its Chief Executive Officer, President, any Vice President, Chief Financial
                  Officer, Treasurer or any Assistant Treasurer, and a certificate signed by Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date,
                  certifying that as of the Valuation Time and as of the Closing Date there has been no material adverse change in the financial position of the Target Fund since the date of the Target Fund&#8217;s most recent Annual Report or Semi-Annual
                  Report, as applicable, other than changes in the Target Fund Investments since that date or changes in the market value of the Target Fund Investments.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have furnished to the Acquiring Fund a certificate signed by the Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer,
                  Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that as of the Valuation Time and as of the Closing Date all representations and warranties of the Target Fund made in this Agreement are true and correct in
                  all material respects with the same effect as if made at and as of such dates and the Target Fund has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied at or prior to such
                  dates.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement and no order issued by any court or agency of competent jurisdiction or
                  other law preventing, enjoining, restraining or making illegal the consummation of the Merger shall be in effect.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have obtained an opinion from Dechert, counsel for the Funds, dated as of the Closing Date, addressed to the Target Fund, that the consummation of the
                  transactions set forth in this Agreement complies with the requirements of a reorganization as described in Section 368(a) of the Code, on the basis of facts, representations and assumptions, and subject to the qualifications and
                  limitations, set forth in such opinion.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That all proceedings taken by the Target Fund and its counsel in connection with the Merger and all documents incidental thereto shall be reasonably satisfactory in form and substance to
                  the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the N-14 Registration Statement shall have become effective under the 1933 Act and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the
                  Target Fund, be contemplated by the SEC.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That prior to the Closing Date, the Target Fund shall have declared a dividend or dividends which, together with all such previous dividends, shall have the effect of distributing to its
                  shareholders with respect to the taxable year ending with the Closing Date and all previous taxable years (i) all of its investment company taxable income to and including the Closing Date, if any (computed without regard to any deduction
                  for dividends paid), (ii) all of its net capital gain, if any, recognized to and including the Closing Date and (iii) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its
                  deductions disallowed under Sections 265 and 171(a)(2) of the Code for the period to and including the Closing Date. The Acquiring Fund may pay amounts in respect of such Final Distributions to the persons and entities who were Target
                  Fund Shareholders (as of the record date fixed to determine the entitlement to Final Distributions) after the Closing Date out of cash or other short-term liquid assets that have matured prior to the payment date of the Final
                  Distributions and that were acquired by the Acquiring Fund as a result of the Merger, segregated for this purpose and maintained in an amount at least equal to the remaining payment obligations in respect of the Final Distributions.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund Common Shares to be issued in the Merger shall be approved for listing on the New York Stock Exchange, subject to official notice of issuance.</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All regulatory approvals required by applicable law to consummate the Merger shall have been obtained and shall remain in full force and effect and all statutory waiting periods required
                  by applicable law in respect thereof shall have expired.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">10.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">TERMINATION, POSTPONEMENT AND WAIVERS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be terminated and the Merger abandoned at any time (whether before or after adoption thereof by the
                  shareholders of the Target Fund and the Acquiring Fund) prior to the Closing Date, or the Closing Date may be postponed, (i) by mutual consent of the Boards of Trustees of the Acquiring Fund and the Target Fund; (ii) by the Board of
                  Trustees of the Target Fund if any condition of Target Fund&#8217;s obligations set forth in Section 8 of this Agreement has not been fulfilled or waived by such Board of Trustees; and (iii) by the Board of Trustees of the Acquiring Fund if any
                  condition of the Acquiring Fund&#8217;s obligations set forth in Section 9 of this Agreement has not been fulfilled or waived by such Board of Trustees.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">If the transactions contemplated by this Agreement have not been consummated by June 30, 2021, this Agreement automatically shall terminate on that date, unless a later date is mutually
                  agreed to by the Boards of Trustees of the Acquiring Fund and the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">In the event of termination of this Agreement pursuant to the provisions hereof, the same shall become void and have no further effect, and there shall not be any liability on the part of
                  any Fund or its respective directors, trustees, officers, agents or shareholders in respect of this Agreement and payment by each Fund of its respective expenses incurred in connection with the Merger as provided herein.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At any time prior to the Closing Date, any of the terms or conditions of this Agreement may be waived by the Board of Trustees of the Acquiring Fund or the Target Fund (whichever is
                  entitled to the benefit thereof), except as prohibited by law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The respective representations and warranties contained in Sections 1 and 2 of this Agreement shall expire with, and be terminated by, the consummation of the Merger, and neither the
                  Funds, nor any of their respective officers, directors, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. This provision shall not protect any officer,
                  director, trustee, agent or shareholder of either of the Funds against any liability to the entity for which that officer, director, trustee, agent or shareholder so acts or to its shareholders, to which that officer, director, trustee,
                  agent or shareholder otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of his or her duties in the conduct of such office.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">11.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">OTHER MATTERS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All covenants, agreements, representations and warranties made under this Agreement and any certificates delivered pursuant to this Agreement shall be deemed to have been material and
                  relied upon by each of the parties, notwithstanding any investigation made by them or on their behalf.</div>
              </td>
            </tr>

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

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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally or sent by registered mail or certified mail, postage prepaid. Notice to
                  the Target Fund shall be addressed to Guggenheim Enhanced Equity Income Fund, c/o Guggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
                  Floor, Chicago, Illinois 60606, Attention: Mark E. Mathiasen, Secretary of the Target Fund, or at such other address as the Target Fund may designate by written notice to the Acquiring Fund. Notice to the Acquiring Fund shall be addressed
                  to Guggenheim Strategic Opportunities Fund, c/o Guggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>Floor, Chicago, Illinois 60606,
                  Attention: Mark E. Mathiasen, Secretary of the Acquiring Fund, or at such other address and to the attention of such other person as the Acquiring Fund may designate by written notice to the Target Fund. Any <br>
                </div>
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                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
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                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;">notice shall be deemed to have been served or given as of the date such notice is delivered personally or mailed.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement supersedes all previous correspondence and oral communications between the Funds regarding the Merger, constitutes the only understanding with respect to the Merger, and
                  shall be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be performed in said state.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement may be amended or modified by the parties hereto by an instrument in writing signed on behalf of each of the Funds except as prohibited by law.</div>
              </td>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement is not intended to confer upon any person other than the parties hereto (or their respective successors and assigns) any rights, remedies, obligations or liabilities
                  hereunder. If any provision of this Agreement shall be held or made invalid by statute rule, regulation, decision of a tribunal or otherwise, the remainder of this Agreement shall not be affected thereby and, to such extent, the
                  provisions of this Agreement shall be deemed severable provided that this Agreement shall be deemed modified to give effect to the fullest extent permitted under applicable law to the intentions of the party as reflected by this Agreement
                  prior to the invalidity of such provision.</div>
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        </table>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">It is expressly agreed that the obligations of the Funds hereunder shall not be binding upon any of their respective directors, trustees, shareholders, nominees, officers, agents, or
                  employees personally, but shall bind only the property of the respective Fund. The execution and delivery of this Agreement has been authorized by the Boards of Trustees of the Acquiring Fund and the Target Fund and signed by an
                  authorized officer of each of the Acquiring Fund and the Target Fund, acting as such, and neither such authorization by such Board of Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of
                  them individually or to impose any liability on any of them personally, but shall bind only the trust property of each Fund.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original but all such counterparts together shall
                  constitute but one instrument.</div>
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      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties have hereunto caused this Agreement to be executed and delivered by their duly authorized officers as of the day and year first written above.</div>
      <div style="margin-left: 252pt; margin-top: 24pt; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND, a Delaware statutory trust</div>
      <div style="margin-left: 252pt; margin-top: 24pt;">By:&#160; <u>/s/Mark E. Mathiasen</u><br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Name: Mark E. Mathiasen<br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Title: Secretary</div>
      <div style="margin-left: 252pt; margin-top: 24pt; font-weight: bold;">GUGGENHEIM ENHANCED EQUITY INCOME FUND, a Delaware statutory trust</div>
      <div style="margin-left: 252pt; margin-top: 24pt;">By:&#160; <u>/s/Mark E. Mathiasen</u><br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Name: Mark E. Mathiasen<br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Title: Secretary</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(4)(B)
<SEQUENCE>3
<FILENAME>ex994b.htm
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER WITH RESPECT TO GGM AND GOF
<TEXT>
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      <div style="text-align: center; text-indent: 36pt; margin-top: 10pt; margin-bottom: 10pt; font-weight: bold;">AGREEMENT AND PLAN OF MERGER</div>
      <div style="text-align: right; margin-top: 12pt;">October 21, 2021</div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In order to consummate the Merger (as defined in Section 3(a) herein) and in consideration of the promises and the covenants and agreements hereinafter set forth, and intending to
        be legally bound, Guggenheim Credit Allocation Fund, a Delaware statutory trust and a registered diversified closed-end investment company, File No. 811-22715 (the &#8220;<font style="font-weight: bold;">Target Fund</font>&#8221;) and Guggenheim Strategic
        Opportunities Fund, a Delaware statutory trust and a registered diversified closed-end investment company, File No. 811-21982 (the &#8220;<font style="font-weight: bold;">Acquiring Fund</font>&#8221; and together with the Target Fund, the &#8220;<font style="font-weight: bold;">Funds</font>&#8221;), each hereby agree as follows.</div>
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                <div style="margin-top: 10pt; margin-bottom: 10pt;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">REPRESENTATIONS AND WARRANTIES OF THE ACQUIRING FUND.</div>
              </td>
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      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Acquiring Fund represents and warrants to, and agrees with, the Target Fund that:</div>
      <div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is a statutory trust duly formed, validly existing and in good standing in conformity with the Delaware Statutory Trust Act (the &#8220;<font style="font-weight: bold;">DSTA</font>&#8221;),



                  and has the power to own all of its assets and to carry out this Agreement. The Acquiring Fund has all necessary federal, state and local authorizations to carry on its business as it is now being conducted and to carry out this
                  Agreement.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is duly registered under the Investment Company Act of 1940, as amended (the &#8220;<font style="font-weight: bold;">1940 Act</font>&#8221;), as a diversified, closed-end management
                  investment company and such registration has not been revoked or rescinded and is in full force and effect.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has full power and authority to enter into and perform its obligations under this Agreement subject, in the case of the consummation of the Merger, to the approval of
                  this Agreement and the transactions contemplated hereby by the common shareholders of the Acquiring Fund (the &#8220;<font style="font-weight: bold;">Acquiring Fund Shareholders</font>&#8221;) as described in Section 9(a) hereof. The execution,
                  delivery and performance of this Agreement have been duly authorized by all necessary action of the Acquiring Fund&#8217;s Board of Trustees, and this Agreement constitutes a valid and binding contract of the Acquiring Fund enforceable against
                  the Acquiring Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting creditors&#8217; rights generally and court decisions with respect
                  thereto.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has provided or made available (including by electronic format) to the Target Fund the most recent audited annual financial statements of the Acquiring Fund, which have
                  been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;<font style="font-weight: bold;">US GAAP</font>&#8221;) consistently applied and have been audited by Ernst &amp; Young LLP, each Fund&#8217;s
                  independent registered public accounting firm, and such statements fairly present the financial condition and the results of operations of the Acquiring Fund as of the respective dates indicated and the results of operations and changes
                  in net assets for the periods indicated, and there are no liabilities of the Acquiring Fund whether actual or contingent and whether or not determined or determinable as of such date that are required to be disclosed but are not disclosed
                  in such statements.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">An unaudited statement of assets, capital and liabilities of the Acquiring Fund and an unaudited schedule of investments of the Acquiring Fund, each as of the Valuation Time (as defined in
                  Section 3(f) herein) (together, the &#8220;<font style="font-weight: bold;">Acquiring Fund Closing Financial Statements</font>&#8221;), will be provided or made available (including by electronic format) to the Target Fund, at or prior to the Closing
                  Date (as defined in Section 7(a) herein), for the purpose of determining the number of Acquiring Fund Common Shares (as defined in Section 1(m) herein) to be issued to the holders of Target Fund Common Shares (as defined in Section 2(n)
                  herein) (the &#8220;<font style="font-weight: bold;">Target Fund Shareholders</font>&#8221;) pursuant to Section 3 of this Agreement; the Acquiring Fund Closing Financial</div>
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                  <div style="margin-top: 10pt; margin-bottom: 10pt;">Statements will fairly present the financial position of the Acquiring Fund as of the Valuation Time in conformity US GAAP consistently applied.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material legal, administrative or other proceedings pending or, to the knowledge of the Acquiring Fund, threatened against it which assert liability on the part of the
                  Acquiring Fund or which materially affect its financial condition or its ability to consummate the Merger. The Acquiring Fund is not charged with or, to the best of its knowledge, threatened with any violation or investigation of any
                  possible violation of any provisions of any federal, state or local law or regulation or administrative ruling relating to any aspect of its business.</div>
              </td>
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      </div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material contracts outstanding to which the Acquiring Fund is a party that have not been disclosed in the N-14 Registration Statement (as defined in Section 1(k) herein) or
                  that will not otherwise be disclosed to the Target Fund prior to the Valuation Time.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is not obligated under any provision of its agreement and declaration of trust (&#8220;<font style="font-weight: bold;">Declaration of Trust</font>&#8221;) or by-laws (&#8220;<font style="font-weight: bold;">By-Laws</font>&#8221;), each as amended to the date hereof, and is not a party to any contract or other commitment or obligation, and is not subject to any order or decree, which would be violated by its execution
                  of or performance under this Agreement, except insofar as the Funds have mutually agreed to amend such contract or other commitment or obligation to cure any potential violation as a condition precedent to the Merger.</div>
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      <div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has no known liabilities of a material amount, contingent or otherwise, other than those shown on the Acquiring Fund&#8217;s Annual Report for the year ended May 31, 2021,
                  those incurred since the date thereof in the ordinary course of its business as an investment company, and those incurred in connection with the Merger. As of the Valuation Time, the Acquiring Fund will advise the Target Fund of all known
                  liabilities, contingent or otherwise, whether or not incurred in the ordinary course of business, existing or accrued as of such time, except to the extent disclosed in the Acquiring Fund Closing Financial Statements or to the extent
                  already known by the Target Fund.</div>
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      <div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No consent, approval, authorization or order of any court or government authority is required for the consummation by the Acquiring Fund of the Merger, except such as may be required under
                  the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;">1933 Act</font>&#8221;), the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">1934 Act</font>&#8221;), and the 1940 Act or state
                  securities laws (which term as used herein shall include the laws of the District of Columbia) or the rules of the New York Stock Exchange, each of which will have been obtained on or prior to the Closing Date.</div>
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                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The registration statement filed by the Acquiring Fund on Form N-14, which includes the proxy statement of the Target Fund and the Acquiring Fund with respect to the transactions
                  contemplated herein (the &#8220;<font style="font-weight: bold;">Combined Proxy Statement/Prospectus</font>&#8221;), and any supplement or amendment thereto or to the documents included or incorporated by reference therein (collectively, as so
                  amended or supplemented, the &#8220;<font style="font-weight: bold;">N-14 Registration Statement</font>&#8221;), on its effective date, at the time of the shareholder meeting called to vote on this Agreement and on the Closing Date, insofar as it
                  relates to the Acquiring Fund, (i) complied or will comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder and (ii) did not or will not contain any
                  untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Combined Proxy Statement/Prospectus included therein did not or will
                  not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the
                  representations and warranties in this subsection only shall apply to statements in or omissions from the N-14 Registration Statement made in reliance upon and in conformity with information furnished by the Acquiring Fund for use in the
                  N-14 Registration Statement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(l)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has filed, or intends to file, or has obtained extensions to file, all material federal, state and local tax returns which are required to be filed by it, and has paid
                  or has obtained</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;">extensions to pay, all federal, state and local taxes shown on said returns to be due and owing and all assessments received by it, up to and including the taxable year in which the
                    Closing Date occurs. All tax liabilities of the Acquiring Fund have been adequately provided for on its books, and no tax deficiency or liability of the Acquiring Fund has been asserted and no question with respect thereto has been
                    raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid, up to and including the taxable year in which the Closing Date occurs.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(m)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (the &#8220;<font style="font-weight: bold;">Acquiring Fund
                    Common Shares</font>&#8221;). Each outstanding Acquiring Fund Common Share is fully paid and nonassessable, except as provided by the Acquiring Fund&#8217;s Declaration of Trust, and has the voting rights provided by the Acquiring Fund&#8217;s
                  Declaration of Trust and applicable law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(n)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The books and records of the Acquiring Fund made available to the Target Fund and/or its counsel are substantially true and correct and contain no material misstatements or omissions with
                  respect to the operations of the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(o)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to this Agreement will have been duly authorized and, when issued and delivered pursuant to this
                  Agreement, will be legally and validly issued and will be fully paid and nonassessable and will have full voting rights, except as provided by the Acquiring Fund&#8217;s Declaration of Trust or applicable law, and no Acquiring Fund Shareholder
                  will have any preemptive right of subscription or purchase in respect thereof.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(p)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At or prior to the Closing Date, the Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to this Agreement on the Closing Date will be duly qualified for
                  offering to the public in all states of the United States in which the sale of shares of the Funds presently are qualified, and there will be a sufficient number of such Acquiring Fund Common Shares registered under the 1933 Act and, as
                  may be necessary, with each pertinent state securities commission to permit the issuance contemplated by this Agreement to be consummated.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(q)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At or prior to the Closing Date, the Acquiring Fund will have obtained any and all regulatory, board and shareholder approvals necessary to issue the Acquiring Fund Common Shares to the
                  Target Fund Shareholders.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(r)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund has elected to qualify and has qualified as a regulated investment company (&#8220;<font style="font-weight: bold;">RIC</font>&#8221;) within the meaning of Section 851 of the
                  Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-weight: bold;">Code</font>&#8221;), for each of its taxable years since its inception, and the Acquiring Fund has satisfied or intends to satisfy the distribution requirements
                  imposed by Section 852 of the Code and the qualification requirements of Section 851 of the Code to maintain RIC status for each of its taxable years including the taxable year in which the Closing Date occurs.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">REPRESENTATIONS AND WARRANTIES OF THE TARGET FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Target Fund represents and warrants to, and agrees with, the Acquiring Fund that:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is a statutory trust duly formed, validly existing and in good standing in conformity with the DSTA, and has the power to own all of its assets and to carry out this
                  Agreement. The Target Fund has all necessary federal, state and local authorizations to carry on its business as it is now being conducted and to carry out this Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is duly registered under the 1940 Act as a diversified, closed-end management investment company, and such registration has not been revoked or rescinded and is in full
                  force and effect.</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has full power and authority to enter into and perform its obligations under this Agreement subject, in the case of consummation of the Merger, to the approval and adoption
                  of this Agreement by the Target Fund Shareholders as described in Section 8(a) hereof. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action of the Target Fund&#8217;s Board of Trustees and
                  this Agreement constitutes a valid and binding contract of the Target Fund enforceable against the Target Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar
                  laws relating to or affecting creditors&#8217; rights generally and court decisions with respect thereto.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has provided or made available (including by electronic format) to the Acquiring Fund the most recent audited annual financial statements of the Target Fund which have been
                  prepared in accordance with US GAAP consistently applied and have been audited by Ernst &amp; Young LLP, and such statements fairly present the financial condition and the results of operations of the Target Fund as of the respective
                  dates indicated and the results of operations and changes in net assets for the periods indicated, and there are no liabilities of the Target Fund whether actual or contingent and whether or not determined or determinable as of such date
                  that are required to be disclosed but are not disclosed in such statements.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">An unaudited statement of assets, capital and liabilities of the Target Fund and an unaudited schedule of investments of the Target Fund, each as of the Valuation Time (together, the &#8220;<font style="font-weight: bold;">Target Fund Closing Financial Statements</font>&#8221;), will be provided or made available (including by electronic format) to the Acquiring Fund at or prior to the Closing Date, for the purpose of determining the
                  number of Acquiring Fund Common Shares to be issued to the Target Fund Shareholders pursuant to Section 3 of this Agreement; the Target Fund Closing Financial Statements will fairly present the financial position of the Target Fund as of
                  the Valuation Time in conformity with US GAAP consistently applied.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material legal, administrative or other proceedings pending or, to the knowledge of the Target Fund, threatened against it which assert liability on the part of the Target
                  Fund or which materially affect its financial condition or its ability to consummate the Merger. The Target Fund is not charged with or, to the best of its knowledge, threatened with any violation or investigation of any possible
                  violation of any provisions of any federal, state or local law or regulation or administrative ruling relating to any aspect of its business.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">There are no material contracts outstanding to which the Target Fund is a party that have not been disclosed in the N-14 Registration Statement or will not otherwise be disclosed to the
                  Acquiring Fund prior to the Valuation Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is not obligated under any provision of its Declaration of Trust or By-Laws or a party to any contract or other commitment or obligation, and is not subject to any order or
                  decree, which would be violated by its execution of or performance under this Agreement, except insofar as the Funds have mutually agreed to amend such contract or other commitment or obligation to cure any potential violation as a
                  condition precedent to the Merger.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has no known liabilities of a material amount, contingent or otherwise, other than those shown on the Target Fund&#8217;s Annual Report for the year ended May 31, 2021, those
                  incurred since the date thereof in the ordinary course of its business as an investment company and those incurred in connection with the Merger. As of the Valuation Time, the Target Fund will advise the Acquiring Fund of all known
                  liabilities, contingent or otherwise, whether or not incurred in the ordinary course of business, existing or accrued as of such time, except to the extent disclosed in the Target Fund Closing Financial Statements or to the extent already
                  known by the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At both the Valuation Time and immediately prior to the Effective Time (as defined in Section 3(b) herein), the Target Fund will have full right, power and authority to effect the transfer
                  of the Target Fund Investments pursuant to the Merger. As used in this Agreement, the term &#8220;<font style="font-weight: bold;">Target Fund Investments</font>&#8221; shall mean (i) the investments of the Target Fund shown on the schedule of</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;">its investments as of the Valuation Time furnished to the Acquiring Fund; and (ii) all other assets owned by the Target Fund or liabilities incurred as of the Valuation Time. Immediately
                    prior to the Effective Time, the Target Fund will have good and marketable title to all of the Target Fund Investments, and upon the Effective Time the Acquiring Fund will own all of the Target Fund Investments free and clear of any
                    encumbrances, liens or security interests and without any restrictions upon the transfer thereof (except those imposed by the federal or state securities laws and those imperfections of title or encumbrances as do not materially detract
                    from the value or use of the Target Fund Investments or materially affect title thereto).</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Target Fund of the Merger, except such as may be required under
                  the 1933 Act, the 1934 Act and the 1940 Act or state securities laws (which term as used herein shall include the laws of the District of Columbia) or the rules of the New York Stock Exchange, each of which will have been obtained on or
                  prior to the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(l)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The N-14 Registration Statement, on its effective date, at the time of the Target Fund Shareholders meeting called to vote on this Agreement and on the Closing Date, insofar as it relates
                  to the Target Fund (i) complied or will comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder and (ii) did not or will not contain any untrue statement
                  of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Combined Proxy Statement/Prospectus included therein did not or will not contain any
                  untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; provided, however, that the representations and warranties in this subsection shall apply only to statements
                  in or omissions from the N-14 Registration Statement made in reliance upon and in conformity with information furnished by the Target Fund for use in the N-14 Registration Statement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(m)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has filed, or intends to file, or has obtained extensions to file, all material federal, state and local tax returns which are required to be filed by it, and has paid or
                  has obtained extensions to pay, all federal, state and local taxes shown on said returns to be due and owing and all assessments received by it, up to and including the taxable year ending with the Closing Date. All tax liabilities of the
                  Target Fund have been adequately provided for on its books, and no tax deficiency or liability of the Target Fund has been asserted and no question with respect thereto has been raised by the Internal Revenue Service or by any state or
                  local tax authority for taxes in excess of those already paid, up to and including the taxable year ending with the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(n)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (the &#8220;<font style="font-weight: bold;">Target Fund Common
                    Shares</font>&#8221;). Each outstanding Target Fund Common Share is fully paid and nonassessable, except as provided by the Target Fund&#8217;s agreement and declaration of trust, and has the voting rights provided by the Target Fund&#8217;s agreement
                  and declaration of trust and applicable law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(o)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All of the issued and outstanding Target Fund Common Shares were offered for sale and sold in conformity with all applicable federal and state securities laws.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(p)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The books and records of the Target Fund made available to the Acquiring Fund and/or its counsel are substantially true and correct and contain no material misstatements or omissions with
                  respect to the operations of the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(q)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund has elected to qualify and has qualified as a RIC within the meaning of Section 851 of the Code for each of its taxable years since its inception, and the Target Fund has
                  satisfied or intends to satisfy the distribution requirements imposed by Section 852 of the Code and the qualification requirements of Section 851 of the Code to maintain RIC status for each of its taxable years including the taxable year
                  ending with the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">THE MERGER.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Subject to receiving the requisite approvals of Target Fund Shareholders and the Acquiring Fund Shareholders, and to the other terms and conditions contained herein, and in accordance
                  with&#160;the DSTA, at the Effective Time the Target Fund shall be merged with and into the Acquiring Fund (the &#8220;<font style="font-weight: bold;">Merger</font>&#8221;), the separate existence of the Target Fund as a Delaware statutory trust and
                  registered investment company shall cease and the Acquiring Fund shall continue as the surviving entity following the Merger. The existence of the Acquiring Fund shall continue unaffected and unimpaired by the Merger and it shall be
                  governed by the DSTA.&#160; Each Acquiring Fund Common Share outstanding immediately prior to the Effective Time shall remain outstanding upon the Effective Time and shall be unaffected by the Merger.&#160; Each of the certificate of trust, the
                  Declaration of Trust and the By-Laws of the Acquiring Fund shall be, respectively, the certificate of trust, the Declaration of Trust and the By-Laws of the Acquiring Fund as the entity surviving the Merger.&#160; The Trustees and officers of
                  the Acquiring Fund shall remain the Trustees and officers of the Acquiring Fund as the entity surviving the Merger.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Upon the terms and subject to the conditions of this Agreement, on the Closing Date, the parties shall cause the Merger to be consummated by filing a certificate of merger (the &#8220;<font style="font-weight: bold;">Certificate of Merger</font>&#8221;) with the Secretary of State of the State of Delaware in accordance with the DSTA. The Merger shall become effective at such time as the Certificate of Merger is duly filed with
                  the Secretary of State of the State of Delaware, or at such subsequent date or time as the Funds shall agree and specify in the Certificate of Merger (the &#8220;<font style="font-weight: bold;">Effective Time</font>&#8221;).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At the Effective Time, the effect of the Merger shall be as provided in the applicable provisions of the DSTA. Without limiting the generality of the foregoing, and subject thereto, at the
                  Effective Time, except as otherwise provided herein, all the property, rights, privileges, powers and franchises of the Target Fund shall vest in the Acquiring Fund, and all debts, liabilities, obligations, and duties of the Target Fund
                  shall become the debts, liabilities, obligations, and duties of the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Prior to the Closing Date, the Target Fund shall declare a dividend or dividends which, together with all such previous dividends, shall have the effect of distributing to its shareholders
                  with respect to the taxable year ending with the Closing Date and all previous taxable years (i) all of its investment company taxable income recognized up to and including the Closing Date, if any (computed without regard to any
                  deduction for dividends paid), (ii) all of its net capital gain, if any, recognized up to and including the Closing Date and (iii) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any,
                  over its deductions disallowed under Sections 265 and 171(a)(2) of the Code recognized up to and including the Closing Date (collectively referred to as &#8220;<font style="font-weight: bold;">Final Distributions</font>&#8221;). The Acquiring Fund
                  may pay amounts in respect of Final Distributions to the persons and entities who were Target Fund Shareholders (as of the record date fixed to determine the entitlement to the Final Distributions) after the Closing Date out of cash or
                  other short-term liquid assets that have matured prior to the payment date of the Final Distributions and that were acquired by the Acquiring Fund as a result of the Merger, segregated for this purpose and maintained in an amount at least
                  equal to the remaining payment obligations in respect of the Final Distributions.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Pursuant to this Agreement, as soon as practicable after the Closing Date, the Acquiring Fund will issue and deliver Acquiring Fund Common Shares to the persons or entities who were Target
                  Fund Shareholders as of immediately prior to the Effective Time in accordance with the provisions of this Agreement. Such delivery shall be accomplished by the opening of shareholder accounts on the share ledger records of the Acquiring
                  Fund in the names of and in the amounts due to such former Target Fund Shareholders based on their respective holdings in the Target Fund as of the Valuation Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Valuation Time shall be at the close of business of the New York Stock Exchange on the business day immediately preceding the Closing Date, or such earlier or later day and time as may
                  be mutually agreed upon in writing by the Funds (the &#8220;<font style="font-weight: bold;">Valuation Time</font>&#8221;).</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund covenant and agree to dispose of certain assets prior to the Closing Date, but only if and to the extent necessary, so that at Closing (as defined in
                  Section 7(a) herein), when the Target Fund&#8217;s assets are added to the Acquiring Fund&#8217;s portfolio, the resulting portfolio will meet the Acquiring Fund&#8217;s investment objective, policies and restrictions. Notwithstanding the foregoing,
                  nothing herein will require the Target Fund to dispose of any portion of its assets if, in the reasonable judgment of the Target Fund&#8217;s Board of Trustees or officers, such disposition would create more than an insignificant risk that the
                  Merger would not be treated as a &#8220;reorganization&#8221; described in Section 368(a) of the Code.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">For U.S. federal income tax purposes, the parties to this Agreement intend that (i) the Merger qualify as a reorganization within the meaning of Section 368(a) of the Code, (ii) this
                  Agreement constitutes a plan of reorganization within the meaning of U.S. Treasury Regulations Section 1.368-2(g), and (iii) the parties to this Agreement will each be a party to such reorganization within the meaning of Section 368(b) of
                  the Code.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">ISSUANCE AND VALUATION OF ACQUIRING FUND COMMON SHARES IN THE MERGER.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Upon the Effective Time, the Target Fund Common Shares issued and outstanding immediately prior to the Effective Time, in the aggregate, shall be converted into an aggregate number of
                  fully paid and non-assessable Acquiring Fund Common Shares that have an aggregate net asset value that is equal to the aggregate net asset value of the Target Fund Common Shares.&#160; Pursuant to paragraph (c) of this Section 4, such
                  aggregate number of fully paid and non-assessable Acquiring Fund Common Shares shall be allocated pro rata to the former holders of Target Fund Common Shares, as determined in good faith by the Acquiring Fund and subject to paragraph (d)
                  of this Section 4.&#160; Each person or entity who receives Acquiring Fund Common Shares pursuant to the foregoing shall be bound by all the terms and provisions of the Declaration of Trust and By-Laws of the Acquiring Fund. The aggregate net
                  asset value of Target Fund Common Shares and Acquiring Fund Common Shares, respectively, shall be determined as set forth below.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The net asset value of the Acquiring Fund and the Target Fund shall be determined as of the Valuation Time in accordance with the regular procedures of the Acquiring Fund (subject to the
                  procedures set forth in this Agreement), and no formula will be used to adjust the net asset value so determined of any Fund to take into account differences in realized and unrealized gains and losses. For purposes of determining the net
                  asset value of Target Fund Common Shares and the Acquiring Fund Common Shares, the value of the securities held by the applicable Fund plus any cash or other assets (including interest accrued but not yet received) minus all liabilities
                  (including accrued expenses) and in the case of the Target Fund minus the amount of all assets that will be paid as Final Distributions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 72pt; margin-top: 12pt; margin-bottom: 12pt;">Such valuation and determination shall be made by the Acquiring Fund in cooperation with the Target Fund and shall be confirmed in writing by the Acquiring Fund to the Target
        Fund. The net asset value per share of the Acquiring Fund Common Shares and Target Fund Common Shares shall be determined in accordance with such procedures.</div>
      <div style="margin-left: 72pt; margin-top: 12pt; margin-bottom: 12pt;">For purposes of determining the net asset value per share of Target Fund Common Shares and the Acquiring Fund Common Shares, the net asset value of the Acquiring Fund and the
        Target Fund determined as of the Valuation Time in accordance with the procedures described above shall be divided by the total number of Target Fund Common Shares or Acquiring Fund Common Shares, as the case may be, outstanding at the Valuation
        Time. The exchange ratio shall be appropriately adjusted if, between the Valuation Time and the Effective Time, the respective outstanding Target Fund Common Shares or Acquiring Fund Common Shares shall have been increased or decreased or changed
        into or exchanged for a different number or kind of shares or securities as a result of any reclassification, recapitalization, stock split, reverse stock split, split-up, combination or exchange of shares, or if a stock dividend or dividend
        payable in any other securities shall be authorized and declared with a record date within such period.&#160; Each valuation and determination contemplated by this Section 4 that is made in good faith by the Acquiring Fund shall be binding</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <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-top: 12pt; margin-bottom: 12pt;"> on all persons and entities who receive Acquiring Fund Common Shares pursuant to this Agreement.</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund shall issue to each Target Fund Shareholder as of immediately prior to the Effective Time book entry interests for the Acquiring Fund Common Shares registered in the
                  name of each such holder of Target Fund Common Shares on the basis of each such holder&#8217;s proportionate interest in the aggregate net asset value of the Target Fund Common Shares as of immediately prior to the Effective Time. With respect
                  to any Target Fund Shareholders holding certificates evidencing ownership of Target Fund Common Shares as of the Closing Date, and subject to the Acquiring Fund being informed thereof in writing by the Target Fund, the Acquiring Fund will
                  not permit such Target Fund Shareholder to receive new book entry interests of the Acquiring Fund Common Shares, until notified by the Target Fund or its agent that such shareholder has surrendered his or her outstanding certificates
                  evidencing ownership of Target Fund Common Shares or, in the event of lost certificates, posted adequate bond.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">No fractional shares of Acquiring Fund Common Shares will be issued to holders of Target Fund Common Shares unless such shares are held in a dividend reinvestment plan account. In lieu
                  thereof, the Acquiring Fund&#8217;s transfer agent will aggregate all fractional Acquiring Fund Common Shares to be issued in connection with the Merger (other than those issued to a dividend reinvestment plan account) and sell the resulting
                  full shares on the New York Stock Exchange at the then-current market price for Acquiring Fund Common Shares for the account of all holders of such fractional interests, and each such holder will receive such holder&#8217;s pro rata share of
                  the proceeds of such sale upon surrender of such holder&#8217;s certificates representing Target Fund Common Shares, if any.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All of the Target Fund Common Shares converted into the right to receive Acquiring Fund Common Shares pursuant to the Merger shall no longer be outstanding and shall automatically be
                  cancelled and shall cease to exist as of the Effective Time. The Acquiring Fund Common Shares issued in the Merger (and cash paid in lieu of fractional shares) shall be deemed to have been paid in full satisfaction of all rights
                  pertaining to Target Fund Common Shares.&#160; From and after the Effective Time, the stock transfer books of the Target Fund shall be closed, and there shall be no further transfers on the stock transfer books of the Target Fund of the Target
                  Fund Common Shares that were issued and outstanding immediately prior to the Effective Time.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">PAYMENT OF EXPENSES.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Regardless of whether the Merger is completed, neither Target Fund nor Acquiring Fund will bear expenses incurred in connection with the Merger, including but not limited to, costs related
                  to the preparation and distribution of materials to each Fund&#8217;s Board of Trustees, expenses incurred in connection with the preparation of the Agreement, the preparation and filing of any documents required by such Fund&#8217;s state of
                  organization, the preparation and filing of the N-14 Registration Statement with the U.S. Securities and Exchange Commission (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;), the printing and distribution of the Combined Proxy
                  Statement/Prospectus and any other materials required to be distributed to shareholders, the SEC, state securities commission and secretary of state filing fees and legal and audit fees in connection with the Merger, legal fees incurred
                  preparing each Fund&#8217;s board materials, attending each Fund&#8217;s board meetings and preparing the minutes, audit fees associated with each Fund&#8217;s financial statements, stock exchange fees, transfer agency fees, portfolio transfer taxes (if
                  any). Neither the Funds nor the investment adviser will pay any expenses of shareholders arising out of or in connection with the Merger. To the extent there are transaction costs associated with portfolio repositioning prior to the
                  Merger, such costs will be borne by the Fund. To the extent there are transaction costs associated with portfolio repositioning after the Merger, such costs will be borne by the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">If for any reason the Merger is not consummated, no party shall be liable to any other party for any damages resulting therefrom, including, without limitation, consequential damages, and
                  each<br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;"> Fund shall be responsible, on a proportionate total assets basis, for all portfolio transaction expenses incurred in connection with the Merger as described in 5(a) above.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE FUNDS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF EACH FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Each of the Target Fund and the Acquiring Fund covenants to operate its business as presently conducted or as otherwise reported to the Fund&#8217;s Board of Trustees between the date hereof and
                  the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund agree that by the Closing Date all of its U.S. federal and other tax returns and reports required to be filed on or before such date shall have been
                  filed and all taxes shown as due on said returns either have been paid or adequate liability reserves have been provided for the payment of such taxes.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The intention of the parties is that the transaction contemplated by this Agreement will qualify as a &#8220;reorganization&#8221; within the meaning of Section 368(a) of the Code. Neither the
                  Acquiring Fund nor the Target Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any tax return) that is inconsistent with such treatment or results in the failure of the transaction
                  to qualify as a reorganization within the meaning of Section 368(a) of the Code. At or prior to the Closing Date, the Acquiring Fund and the Target Fund will take such action, or cause such action to be taken, as is reasonably necessary
                  to enable Dechert LLP (&#8220;<font style="font-weight: bold;">Dechert</font>&#8221;), counsel to the Funds, to render the tax opinion required herein (including, without limitation, each party&#8217;s execution of representations reasonably requested by
                  and addressed to Dechert).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iv)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">In connection with this covenant, the Funds agree to cooperate with each other in filing any tax return, amended return or claim for refund, determining a liability for taxes or a right to
                  a refund of taxes or participating in or conducting any audit or other proceeding in respect of taxes. The Acquiring Fund agrees to retain for a period of ten (10) years following the Closing Date all returns, schedules and work papers
                  and all material records or other documents relating to tax matters of the Target Fund for each of such Fund&#8217;s taxable periods ending on or before the Closing Date.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(v)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund and the Acquiring Fund shall use reasonable efforts to take, or cause to be taken, in good faith, all actions, and to do, or cause to be done, all things, including to
                  promptly obtain all requisite consents and approvals, necessary or advisable to consummate the Merger in the most expeditious manner practicable.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE ACQUIRING FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund will file the N-14 Registration Statement with the Securities and Exchange Commission and will use its best efforts to provide that the N-14 Registration Statement
                  becomes effective as promptly as practicable. Each Fund agrees to cooperate fully with the other, and each will furnish to the other the information relating to itself to be set forth in the N-14 Registration Statement as required by the
                  1933 Act, the 1934 Act and the 1940 Act, and the rules and regulations thereunder and the state securities laws.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Following the consummation of the Merger, the Acquiring Fund intends to continue its business as a diversified, closed-end management investment company registered under the 1940 Act.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund shall use reasonable efforts to cause the Acquiring Fund Common Shares to be issued in the Merger to be approved for listing on the New York Stock Exchange prior to the
                  Closing Date.</div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(iv)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Acquiring Fund agrees to mail to its shareholders of record entitled to vote at the special meeting of shareholders at which action is to be considered regarding this Agreement, in
                  sufficient time to comply with requirements as to notice thereof, the Combined Proxy Statement/Prospectus which complies in all material respects with the applicable provisions of Section 14(a) of the 1934 Act and Section 20(a) of the
                  1940 Act, and the rules and regulations, respectively, thereunder.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">COVENANTS OF THE TARGET FUND.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The Target Fund agrees to mail to its shareholders of record entitled to vote at the special meeting of shareholders at which action is to be considered regarding this Agreement, in
                  sufficient time to comply with requirements as to notice thereof, the Combined Proxy Statement/Prospectus which complies in all material respects with the applicable provisions of Section 14(a) of the 1934 Act and Section 20(a) of the
                  1940 Act, and the rules and regulations, respectively, thereunder.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CLOSING DATE.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The closing of the Merger (the &#8220;<font style="font-weight: bold;">Closing</font>&#8221;) shall occur prior to the opening of the New York Stock Exchange at the offices of Guggenheim Funds
                  Investment Advisers, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, or at such other time or location as may be mutually agreed to by the Funds, on the next full business day following the Valuation Time to occur after
                  the satisfaction or waiver of all of the conditions set forth in Sections 8 and 9 of this Agreement (other than the conditions that relate to actions to be taken, or documents to be delivered at the Closing, it being understood that the
                  occurrence of the Closing shall remain subject to the satisfaction or waiver of such conditions at Closing), or at such other time and date as may be mutually agreed to by the Funds (such date, the &#8220;<font style="font-weight: bold;">Closing

                    Date</font>&#8221;).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At the Valuation Time, the Target Fund shall deliver or make available to (including by electronic format) the Acquiring Fund a list of the names and addresses of all of the Target Fund
                  Shareholders of record at the Valuation Time and the number of Target Fund Common Shares owned by each such Target Fund Shareholder, certified to the best of its knowledge and belief by the transfer agent for the Target Fund Common Shares
                  or by the Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, or Secretary or any Assistant Secretary.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CONDITIONS OF THE TARGET FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The obligations of the Target Fund hereunder shall be subject to the following conditions:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That this Agreement and the transactions contemplated hereby shall have been approved by at least two-thirds of the members of the Board of Trustees of the Target Fund and by the
                  affirmative vote of the Target Fund Shareholders representing a 1940 Act Majority (as defined below) of the outstanding common shares entitled to vote on this Agreement. A &#8220;<font style="font-weight: bold;">1940 Act Majority</font>&#8221; means
                  the affirmative vote of either (i) 67% or more of the shares present or represented by proxy at the meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy at the meeting or (ii) more than
                  50% of the outstanding shares, whichever is less.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have delivered (including in electronic format) to the Target Fund a copy of the resolutions approving this Agreement adopted by the Board of Trustees of the
                  Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have provided or made available (including by electronic format) to the Target Fund the Acquiring Fund Closing Financial Statements, together with a schedule
                  of the Acquiring Fund&#8217;s investments, all as of the Valuation Time, certified on the Acquiring Fund&#8217;s behalf by its Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, and
                  a certificate signed by the Acquiring Fund&#8217;s Chief</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;"> Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that as of the Valuation Time
                    and as of the Closing Date there has been no material adverse change in the financial position of the Acquiring Fund since the date of the Acquiring Fund&#8217;s most recent Annual or Semi-Annual Report, as applicable, other than changes in
                    its portfolio securities since that date or changes in the market value of its portfolio securities.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have furnished to the Target Fund a certificate signed by the Acquiring Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial
                  Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that, as of the Valuation Time and as of the Closing Date, all representations and warranties of the Acquiring Fund made in this Agreement are true
                  and correct in all material respects with the same effect as if made at and as of such dates, and that the Acquiring Fund has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied
                  at or prior to each of such dates.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement and no order issued by any court or agency of competent jurisdiction or
                  other law preventing, enjoining, restraining or making illegal the consummation of the Merger shall be in effect.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund shall have obtained an opinion from Dechert, counsel for the Funds, dated as of the Closing Date, addressed to the Acquiring Fund, that the consummation of the
                  transactions set forth in this Agreement complies with the requirements of a reorganization as described in Section 368(a) of the Code, on the basis of facts, representations and assumptions, and subject to the qualifications and
                  limitations, set forth in such opinion.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That all proceedings taken by the Acquiring Fund and its counsel in connection with the Merger and all documents incidental thereto shall be reasonably satisfactory in form and substance
                  to the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the N-14 Registration Statement shall have become effective under the 1933 Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the
                  Acquiring Fund, be contemplated by the SEC.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund Common Shares to be issued in the Merger shall be approved for listing on the New York Stock Exchange, subject to official notice of issuance.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All regulatory approvals required by applicable law to consummate the Merger shall have been obtained and shall remain in full force and effect and all statutory waiting periods required
                  by applicable law in respect thereof shall have expired.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">CONDITIONS OF THE ACQUIRING FUND.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The obligations of the Acquiring Fund hereunder shall be subject to the following conditions:</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That this Agreement and the transactions contemplated hereby including the issuance of additional Acquiring Fund Common Shares in connection with the Merger shall have been approved by the
                  Board of Trustees of the Acquiring Fund and by the affirmative vote of the Acquiring Fund Shareholders representing a 1940 Act Majority of the outstanding common shares entitled to vote on this Agreement.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have delivered (including in electronic format) to the Acquiring Fund a copy of the resolutions approving this Agreement adopted by the Board of Trustees of the
                  Target Fund.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have provided or made available (including by electronic format) to the Acquiring Fund the Target Fund Closing Financial Statements, together with a schedule of
                  the Target Fund Investments with their respective dates of acquisition and tax costs, all as of the Valuation Time, certified on the Target Fund&#8217;s behalf by its Chief Executive Officer, President, any Vice President, Chief Financial
                  Officer, Treasurer or any Assistant Treasurer, and a certificate signed by Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer, Treasurer or any Assistant Treasurer, dated as of the Closing Date,
                  certifying that as of the Valuation Time and as of the Closing Date there has been no material adverse change in the financial position of the Target Fund since the date of the Target Fund&#8217;s most recent Annual Report or Semi-Annual
                  Report, as applicable, other than changes in the Target Fund Investments since that date or changes in the market value of the Target Fund Investments.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have furnished to the Acquiring Fund a certificate signed by the Target Fund&#8217;s Chief Executive Officer, President, any Vice President, Chief Financial Officer,
                  Treasurer or any Assistant Treasurer, dated as of the Closing Date, certifying that as of the Valuation Time and as of the Closing Date all representations and warranties of the Target Fund made in this Agreement are true and correct in
                  all material respects with the same effect as if made at and as of such dates and the Target Fund has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied at or prior to such
                  dates.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement and no order issued by any court or agency of competent jurisdiction or
                  other law preventing, enjoining, restraining or making illegal the consummation of the Merger shall be in effect.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Target Fund shall have obtained an opinion from Dechert, counsel for the Funds, dated as of the Closing Date, addressed to the Target Fund, that the consummation of the
                  transactions set forth in this Agreement complies with the requirements of a reorganization as described in Section 368(a) of the Code, on the basis of facts, representations and assumptions, and subject to the qualifications and
                  limitations, set forth in such opinion.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That all proceedings taken by the Target Fund and its counsel in connection with the Merger and all documents incidental thereto shall be reasonably satisfactory in form and substance to
                  the Acquiring Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the N-14 Registration Statement shall have become effective under the 1933 Act and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the
                  Target Fund, be contemplated by the SEC.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That prior to the Closing Date, the Target Fund shall have declared a dividend or dividends which, together with all such previous dividends, shall have the effect of distributing to its
                  shareholders with respect to the taxable year ending with the Closing Date and all previous taxable years (i) all of its investment company taxable income to and including the Closing Date, if any (computed without regard to any deduction
                  for dividends paid), (ii) all of its net capital gain, if any, recognized to and including the Closing Date and (iii) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its
                  deductions disallowed under Sections 265 and 171(a)(2) of the Code for the period to and including the Closing Date. The Acquiring Fund may pay amounts in respect of such Final Distributions to the persons and entities who were Target
                  Fund Shareholders (as of the record date fixed to determine the entitlement to Final Distributions) after the Closing Date out of cash or other short-term liquid assets that have matured prior to the payment date of the Final
                  Distributions and that were acquired by the Acquiring Fund as a result of the Merger, segregated for this purpose and maintained in an amount at least equal to the remaining payment obligations in respect of the Final Distributions.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">That the Acquiring Fund Common Shares to be issued in the Merger shall be approved for listing on the New York Stock Exchange, subject to official notice of issuance.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All regulatory approvals required by applicable law to consummate the Merger shall have been obtained and shall remain in full force and effect and all statutory waiting periods required
                  by applicable law in respect thereof shall have expired.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">10.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">TERMINATION, POSTPONEMENT AND WAIVERS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be terminated and the Merger abandoned at any time (whether before or after adoption thereof by the
                  shareholders of the Target Fund and the Acquiring Fund) prior to the Closing Date, or the Closing Date may be postponed, (i) by mutual consent of the Boards of Trustees of the Acquiring Fund and the Target Fund; (ii) by the Board of
                  Trustees of the Target Fund if any condition of Target Fund&#8217;s obligations set forth in Section 8 of this Agreement has not been fulfilled or waived by such Board of Trustees; and (iii) by the Board of Trustees of the Acquiring Fund if any
                  condition of the Acquiring Fund&#8217;s obligations set forth in Section 9 of this Agreement has not been fulfilled or waived by such Board of Trustees.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">If the transactions contemplated by this Agreement have not been consummated by June 30, 2021, this Agreement automatically shall terminate on that date, unless a later date is mutually
                  agreed to by the Boards of Trustees of the Acquiring Fund and the Target Fund.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">In the event of termination of this Agreement pursuant to the provisions hereof, the same shall become void and have no further effect, and there shall not be any liability on the part of
                  any Fund or its respective directors, trustees, officers, agents or shareholders in respect of this Agreement and payment by each Fund of its respective expenses incurred in connection with the Merger as provided herein.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">At any time prior to the Closing Date, any of the terms or conditions of this Agreement may be waived by the Board of Trustees of the Acquiring Fund or the Target Fund (whichever is
                  entitled to the benefit thereof), except as prohibited by law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">The respective representations and warranties contained in Sections 1 and 2 of this Agreement shall expire with, and be terminated by, the consummation of the Merger, and neither the
                  Funds, nor any of their respective officers, directors, trustees, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. This provision shall not protect any officer,
                  director, trustee, agent or shareholder of either of the Funds against any liability to the entity for which that officer, director, trustee, agent or shareholder so acts or to its shareholders, to which that officer, director, trustee,
                  agent or shareholder otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of his or her duties in the conduct of such office.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">11.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">OTHER MATTERS.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All covenants, agreements, representations and warranties made under this Agreement and any certificates delivered pursuant to this Agreement shall be deemed to have been material and
                  relied upon by each of the parties, notwithstanding any investigation made by them or on their behalf.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally or sent by registered mail or certified mail, postage prepaid. Notice to
                  the Target Fund shall be addressed to Guggenheim Credit Allocation Fund, c/o Guggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor,
                  Chicago, Illinois 60606, Attention: Mark E. Mathiasen, Secretary of the Target Fund, or at such other address as the Target Fund may designate by written notice to the Acquiring Fund. Notice to the Acquiring Fund shall be addressed to
                  Guggenheim Strategic Opportunities Fund, c/o Guggenheim Funds Investment Advisers, LLC, 227 West Monroe Street, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>Floor, Chicago, Illinois 60606,
                  Attention: Mark E. Mathiasen, Secretary of the Acquiring Fund, or at such other address and to the attention of such other person as the Acquiring Fund may designate by written notice to the Target Fund. Any</div>
              </td>
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        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 10pt; margin-bottom: 10pt;">notice shall be deemed to have been served or given as of the date such notice is delivered personally or mailed.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement supersedes all previous correspondence and oral communications between the Funds regarding the Merger, constitutes the only understanding with respect to the Merger, and
                  shall be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be performed in said state.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement may be amended or modified by the parties hereto by an instrument in writing signed on behalf of each of the Funds except as prohibited by law.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement is not intended to confer upon any person other than the parties hereto (or their respective successors and assigns) any rights, remedies, obligations or liabilities
                  hereunder. If any provision of this Agreement shall be held or made invalid by statute rule, regulation, decision of a tribunal or otherwise, the remainder of this Agreement shall not be affected thereby and, to such extent, the
                  provisions of this Agreement shall be deemed severable provided that this Agreement shall be deemed modified to give effect to the fullest extent permitted under applicable law to the intentions of the party as reflected by this Agreement
                  prior to the invalidity of such provision.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">It is expressly agreed that the obligations of the Funds hereunder shall not be binding upon any of their respective directors, trustees, shareholders, nominees, officers, agents, or
                  employees personally, but shall bind only the property of the respective Fund. The execution and delivery of this Agreement has been authorized by the Boards of Trustees of the Acquiring Fund and the Target Fund and signed by an
                  authorized officer of each of the Acquiring Fund and the Target Fund, acting as such, and neither such authorization by such Board of Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of
                  them individually or to impose any liability on any of them personally, but shall bind only the trust property of each Fund.</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; margin-top: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 10pt; margin-bottom: 10pt;">This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original but all such counterparts together shall
                  constitute but one instrument.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;">[Remainder of Page Intentionally Left Blank]</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">IN WITNESS WHEREOF, the parties have hereunto caused this Agreement to be executed and delivered by their duly authorized officers as of the day and year first written above.</div>
      <div style="margin-left: 252pt; margin-top: 24pt; font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND, a Delaware statutory trust</div>
      <div style="margin-left: 252pt; margin-top: 24pt;">By:&#160; <u>/s/Mark E. Mathiasen</u><br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Name: Mark E. Mathiasen<br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Title: Secretary</div>
      <div style="margin-left: 252pt; margin-top: 24pt; font-weight: bold;">GUGGENHEIM CREDIT ALLOCATION FUND, a Delaware statutory trust</div>
      <div style="margin-left: 252pt; margin-top: 24pt;">By:&#160; <u>/s/Mark E. Mathiasen</u><br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Name: Mark E. Mathiasen<br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt">&#160;</font>Title: Secretary</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageFooter">
        <div><br>
        </div>
      </div>
    </div>
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(12)(A)
<SEQUENCE>4
<FILENAME>ex9912a.htm
<DESCRIPTION>TAX OPINION OF DECHERT LLP WITH RESPECT TO GPM AND GOF
<TEXT>
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          <tr>
            <td style="width: 50.00%;">
              <div>&#160;<img src="image_004.jpg"></div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;
                <div style="text-align: left;">Three Bryant Park</div>
                <div style="text-align: left;">1095 Avenue of the Americas<br>
                  New York, NY&#160; 10036-6797</div>
                <div style="text-align: left;">+1&#160; 212&#160; 698&#160; 3500&#160; Main</div>
                <div style="text-align: left;">+1&#160; 212&#160; 698&#160; 3599&#160; Fax</div>
                <div style="text-align: left;">www.dechert.com</div>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div style="margin-top: 12pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">October 25, 2021</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z417e17b95f6147e787a6e155ba8af77a">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Board of Trustees</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Guggenheim Enhanced
                  Equity Income Fund</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">227 West Monroe Street</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Chicago, Illinois 60606</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Board of Trustees</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Guggenheim Strategic
                  Opportunities Fund</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">227 West Monroe Street</div>
                <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Chicago, Illinois 60606</div>
              </td>
            </tr>
            <tr>
              <td style="width: 100%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
            </tr>

        </table>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Dear Ladies and Gentlemen:</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">You have requested our opinion regarding certain federal income tax consequences to Guggenheim Enhanced Equity Income Fund&#160;(&#8220;Acquired Fund&#8221;), a Delaware statutory trust, and to Guggenheim Strategic Opportunities Fund (&#8220;Acquiring Fund&#8221;),
          also a Delaware statutory trust, in connection with the merger of the Acquired Fund with and into the Acquiring Fund, pursuant to the Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) dated as of October 21, 2021, executed by the Acquiring
          Fund and the Acquired Fund, with the Acquiring Fund being the surviving entity and holders of common shares of beneficial interest in the Acquired Fund (the &#8220;Acquired Fund Shareholders&#8221;) receiving, in cancellation of their Acquired Fund shares,
          solely common shares of beneficial interest in the Acquiring Fund (the &#8220;Merger&#8221;).</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">For purposes of this opinion, we have examined and relied upon (1) the Merger Agreement, (2) the Registration Statement, (3) facts and representations contained in the letter dated on or about the date hereof addressed to us from the
          Acquiring Fund, (4) the facts and representations </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </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-indent: 72pt; margin-bottom: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">contained
          in the letter dated on or about the date hereof addressed to us from the Acquired Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">This opinion is based upon the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect
          on the date hereof.&#160; This opinion is conditioned upon the Merger taking place in the manner described in the Merger Agreement.</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Based upon the foregoing, it is our opinion that for federal income tax purposes, the Merger will constitute a &#8220;reorganization&#8221; within the meaning of Section 368(a) of the Code.</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="text-indent: 72pt; margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">We express no opinion as to the federal income tax consequences of the Merger except as expressly set forth above, or as to any transaction except those consummated in accordance with the Merger Agreement.&#160; Without limiting the foregoing,
          we express no opinion as to the federal income tax consequences of the Merger to Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of
          the Code.</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="margin-bottom: 12pt;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
          </font> </div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">Very truly
          yours,</div>
        <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </font>
        <div style="margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">&#160;/s/
          Dechert LLP</div>
      </div>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(12)(B)
<SEQUENCE>5
<FILENAME>ex9912b.htm
<DESCRIPTION>TAX OPINION OF DECHERT LLP WITH RESPECT TO GGM AND GOF
<TEXT>
<html>
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    <title></title>
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        <tr>
          <td style="width: 50.00%;">
            <div>&#160;<img src="image_004.jpg"></div>
          </td>
          <td style="width: 50.00%;">
            <div>&#160;
              <div style="text-align: left;">Three Bryant Park</div>
              <div style="text-align: left;">1095 Avenue of the Americas<br>
                New York, NY&#160; 10036-6797</div>
              <div style="text-align: left;">+1&#160; 212&#160; 698&#160; 3500&#160; Main</div>
              <div style="text-align: left;">+1&#160; 212&#160; 698&#160; 3599&#160; Fax</div>
              <div style="text-align: left;">www.dechert.com</div>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">October 25, 2021</div>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z16e215127ce34b15a1f26b94f36b1356" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Board of
                Trustees</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Guggenheim
                Credit Allocation Fund</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">227 West
                Monroe Street</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Chicago,
                Illinois 60606</div>
              <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Board of
                Trustees</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Guggenheim
                Strategic Opportunities Fund</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">227 West
                Monroe Street</div>
              <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Chicago,
                Illinois 60606</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
          </tr>

      </table>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
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      <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Dear Ladies and
        Gentlemen:</div>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">You have requested our opinion regarding certain federal income tax consequences to Guggenheim Credit Allocation Fund&#160;(&#8220;Acquired Fund&#8221;), a Delaware statutory trust, and to Guggenheim Strategic Opportunities Fund (&#8220;Acquiring
        Fund&#8221;), also a Delaware statutory trust, in connection with the merger of the Acquired Fund with and into the Acquiring Fund, pursuant to the Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) dated as of October 21, 2021, executed by the
        Acquiring Fund and the Acquired Fund, with the Acquiring Fund being the surviving entity and holders of common shares of beneficial interest in the Acquired Fund (the &#8220;Acquired Fund Shareholders&#8221;) receiving, in cancellation of their Acquired Fund
        shares, solely common shares of beneficial interest in the Acquiring Fund (the &#8220;Merger&#8221;).</div>
      <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">For purposes of this opinion, we have examined and relied upon (1) the Merger Agreement, (2) the Registration Statement, (3) facts and representations contained in the letter dated on or about the date hereof addressed to us
        from the Acquiring Fund, (4) the facts and representations </div>
      <div style="text-indent: 72pt; margin-bottom: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <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: 72pt; margin-bottom: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
        </font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">contained in the letter dated on or about the date hereof addressed to us from the Acquired Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.</div>
      <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">This opinion is based upon the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all
        as in effect on the date hereof.&#160; This opinion is conditioned upon the Merger taking place in the manner described in the Merger Agreement.</div>
      <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Based upon the foregoing, it is our opinion that for federal income tax purposes, the Merger will constitute a &#8220;reorganization&#8221; within the meaning of Section 368(a) of the Code.</div>
      <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">We express no opinion as to the federal income tax consequences of the Merger except as expressly set forth above, or as to any transaction except those consummated in accordance with the Merger Agreement.&#160; Without limiting
        the foregoing, we express no opinion as to the federal income tax consequences of the Merger to Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section
        1297(a) of the Code.</div>
      <div style="margin-bottom: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Very truly yours,</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">&#160;/s/ Dechert LLP</div>
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