<SEC-DOCUMENT>0001821268-22-000066.txt : 20220304
<SEC-HEADER>0001821268-22-000066.hdr.sgml : 20220304
<ACCEPTANCE-DATETIME>20220304164215
ACCESSION NUMBER:		0001821268-22-000066
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20220407
FILED AS OF DATE:		20220304
DATE AS OF CHANGE:		20220304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust
		CENTRAL INDEX KEY:			0001495825
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22437
		FILM NUMBER:		22714732

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Guggenheim Taxable Municipal Managed Duration Trust
		DATE OF NAME CHANGE:	20160729

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		22714733

	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>DEF 14A
<SEQUENCE>1
<FILENAME>gug83723-def14a.htm
<DESCRIPTION>GBAB GOF
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES SECURITIES
AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Proxy Statement Pursuant
to Section 14(a) of the</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Securities Exchange Act
of 1934 </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 30.25pt; text-indent: -12.25pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 30.25pt; text-indent: -12.25pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt; text-indent: -12.25pt; background-color: white">Check the appropriate
box:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 20pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 20pt; width: 99%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 20pt; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 20pt; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 20pt; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9746;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 20pt; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 20pt; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt/9.7pt Times New Roman, Times, Serif; margin: 9.75pt 0 8pt; text-align: center"><B>GUGGENHEIM TAXABLE MUNICIPAL BOND
&amp; INVESTMENT GRADE DEBT TRUST (NYSE: GBAB)<BR>
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)</B></P>


<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Name of Registrant as Specified
In Its Charter)</B></P>

<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30.25pt; text-indent: -12.25pt; background-color: white">Payment of Filing
Fee (Check the appropriate box):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt"><SUP>&#9744;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total fee paid:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt"><SUP>&#9744;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 9pt"><SUP>&#9744;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount Previously Paid:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Filing Party:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Date Filed:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 0in 1pt 15.1pt"><DIV STYLE="border-top: black 0.25pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><IMG SRC="gofgbabproxy-1x1x1.gif" ALT=""></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>GUGGENHEIM TAXABLE MUNICIPAL BOND &amp;
INVESTMENT GRADE DEBT TRUST (NYSE: GBAB)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>227 West Monroe Street, 7th Floor<BR>
Chicago, Illinois 60606</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>To be held on April 7, 2022</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Notice
is hereby given to the holders of common shares of beneficial interest, par value $0.01 per share (&ldquo;Shares&rdquo;), of each of Guggenheim
Taxable Municipal Bond &amp; Investment Grade Debt Trust (&ldquo;GBAB&rdquo;) and Guggenheim Strategic Opportunities Fund (&ldquo;GOF&rdquo;)
(GBAB and GOF are each referred to herein as a &ldquo;Fund&rdquo; and together as the &ldquo;Funds&rdquo;) that the joint annual meeting
of shareholders of the Funds (the &ldquo;Annual Meeting&rdquo;) will be held in a virtual meeting format only, on Thursday, April 7, 2022,
at 10:00 a.m. (Central time).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">The Annual Meeting is being held for the following
purposes:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">1. To elect Trustees in the following manner:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt"><I>(a) With respect to GBAB only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 40pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class III Trustees, the Trustee nominees named in the accompanying proxy statement
(Ms. Amy J. Lee, Ms. Sandra G. Sponem and Mr. Ronald E. Toupin, Jr.) to serve until each Fund&rsquo;s 2025 annual meeting of shareholders
or until their respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt"><I>(b) With respect to GOF only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 40pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class I Trustees, the Trustee nominees named in the accompanying proxy statement
(Mr. Randall C. Barnes, Ms. Angela Brock-Kyle and Ms. Amy J. Lee) to serve until the Fund&rsquo;s 2024 annual meeting of shareholders
or until their respective successors shall have been elected and qualified.</TD>
</TR></TABLE>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">To transact such other business as may properly come before the Annual Meeting or any adjournments,
postponements, or delays thereof.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>THE BOARD OF TRUSTEES (THE &ldquo;BOARD&rdquo;) OF EACH FUND
UNANIMOUSLY RECOMMENDS THAT YOU VOTE &ldquo;FOR&rdquo; EACH OF THE NOMINEES OF THE BOARD OF YOUR FUND LISTED IN THE ACCOMPANYING PROXY
STATEMENT.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Further
information regarding the purpose of the Annual Meeting is included in the accompanying Proxy Statement dated March 4, 2022.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Annual Meeting will be held in a virtual meeting format only. Shareholders of record on the Record Date (as defined below) for the Annual
Meeting may participate in and vote at the Annual Meeting on the Internet by virtual means. To participate in the Annual Meeting, shareholders
must register in advance by visiting https://www.viewproxy.com/Guggenheim/broadridgevsm/ and submitting the requested required information
to Broadridge Financial Solutions, Inc. (&ldquo;Broadridge&rdquo;), the Funds&rsquo; proxy tabulator. Only shareholders of record at the
close of business on February 18, 2022 (the &ldquo;Record Date&rdquo;) are entitled to notice of, and to vote at, the Annual Meeting or
any postponement or adjournment thereof. Proxies are being solicited on behalf of the Board of each Fund.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Shareholders
whose shares are registered directly with a Fund in the shareholder&rsquo;s name will be asked to submit their name and control number
found on the shareholder&rsquo;s proxy card in order to register to participate in and vote at the Annual Meeting. Shareholders whose
shares are held by a broker, bank or other nominee must first obtain a &ldquo;legal proxy&rdquo; from the applicable nominee/record holder,
who will then provide the shareholder with a newly-issued control number.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">We
note that obtaining a legal proxy may take several days. Requests for registration should be received no later than 3:00 p.m., Eastern
Time, on Wednesday, April 6, 2022, but in any event must be received by the scheduled time for commencement of the Annual Meeting, as
indicated above. Once shareholders have obtained a new control number, they must visit https://www.viewproxy.com/Guggenheim/broadridgevsm/
and submit their name and newly issued control number in order to register to participate in and vote at the Annual Meeting. After shareholders
have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request
has been received and is under review by Broadridge. Once shareholders&rsquo; registration requests have been accepted, they will receive
(i) an email containing an event link and dial-in information to participate in the Annual Meeting and (ii) an email with a password to
enter at the event link in order to access the Annual Meeting. Shareholders may vote before or during the Annual Meeting at</FONT></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">proxyvote.com. All shareholders are encouraged to submit their
proxy voting instructions prior to the Annual Meeting. Only shareholders of the Fund present or represented by proxy will be able to vote,
or otherwise exercise the powers of a shareholder, at the Annual Meeting.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Board of each Fund has fixed the close of business on February&nbsp;18, 2022, as the Record Date for the determination of shareholders
entitled to notice of, and to vote at, the Annual Meeting and any adjournments, postponements, or delays thereof.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">It
is important that your Shares be represented at the Annual Meeting by attendance or by proxy. Whether or not you plan to attend the Annual
Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone
or the Internet pursuant to the instructions on the enclosed proxy card so you will be represented at the Annual Meeting. If you attend
the Annual Meeting and wish to vote during the Annual Meeting, you will be able to do so and your vote at the Annual Meeting will revoke
any proxy you may have submitted. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 120pt; text-align: left">By order of the<BR>
Board of each Fund:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 120pt; text-align: left"><IMG SRC="bindersig2.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0 120pt; text-align: left">Brian E. Binder</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 120pt; text-align: left">Chief Executive Officer and President of each
Fund</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Chicago, Illinois<BR>
March 4, 2022</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B><U>YOUR VOTE IS IMPORTANT</U></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD
IN THE POSTAGE-PAID ENVELOPE PROVIDED OR VOTE VIA TELEPHONE OR THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. IN
ORDER TO SAVE THE FUNDS ANY ADDITIONAL EXPENSE OF FURTHER SOLICITATION, PLEASE MAIL YOUR PROXY CARD OR VOTE VIA TELEPHONE OR THE INTERNET
PROMPTLY. THE ANNUAL MEETING WILL BE HELD IN A VIRTUAL MEETING FORMAT ONLY. FOR ADDITIONAL INFORMATION ON HOW YOU CAN ATTEND AND PARTICIPATE
IN THE ANNUAL MEETING, PLEASE SEE INSTRUCTIONS IN THE ACCOMPANYING PROXY STATEMENT.</B></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><BR></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><IMG SRC="gofgbabproxy-1x5x1.gif" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>GUGGENHEIM TAXABLE MUNICIPAL BOND &amp;
INVESTMENT GRADE DEBT TRUST (NYSE: GBAB)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>PROXY STATEMENT</B></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>TO BE HELD ON APRIL 7, 2022</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">This
proxy statement (&ldquo;Proxy Statement&rdquo;) is furnished to the holders of common shares of beneficial interest, par value $0.01 per
share (&ldquo;Shares&rdquo;), of Guggenheim Taxable Municipal Bond &amp; Investment Grade Debt Trust (&ldquo;GBAB&rdquo;) and Guggenheim
Strategic Opportunities Fund (&ldquo;GOF&rdquo;) (GBAB and GOF are each referred to herein as a &ldquo;Fund&rdquo; and together as the
&ldquo;Funds&rdquo;) in connection with the solicitation by the Board of Trustees (the &ldquo;Board&rdquo;) of each Fund of proxies to
be voted at the joint annual meeting of shareholders of the Funds to be held on Thursday, April 7, 2022, and any adjournments, postponements
or delays thereof (the &ldquo;Annual Meeting&rdquo;). The Annual Meeting will be held in a virtual meeting format only, on Thursday, April
7, 2022, at 10:00 a.m. (Central time).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Annual Meeting will be held in a virtual meeting format only. For additional information on how you can attend and participate in the
Annual Meeting, please see the instructions in this Proxy Statement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">This
Proxy Statement will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Annual Meeting
of Shareholders (&ldquo;Notice of Joint Annual Meeting&rdquo;). Much of the information in this Proxy Statement is required under rules
of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;). If you have any questions, please contact us at our toll-free number,
(800) 345-7999.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Notice
of the Annual Meeting, this Proxy Statement, and the enclosed proxy card(s) are being sent on or about March 9, 2022 to shareholders of
record as of February 18, 2022 (the &ldquo;Record Date&rdquo;).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><B>Each
Fund will furnish to any shareholder, without charge, a copy of such Fund&rsquo;s most recent annual report and/or semi-annual report
to shareholders upon request. Requests should be directed to Guggenheim Funds Distributors, LLC, 227 West Monroe Street, 7th Floor, Chicago,
Illinois 60606, (800) 345-7999.</B></FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">1</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>Why is a shareholder meeting being held?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Shares of each Fund are listed on the New York Stock Exchange
(&ldquo;NYSE&rdquo;), and the rules of the NYSE require each Fund to hold an annual meeting of shareholders each fiscal year.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>What Proposal will be voted on?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">To elect Trustees in the following manner:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt"><I>(a) With respect to GBAB only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 50pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class III Trustees, the Trustee nominees named in this proxy statement (Ms.
Amy J. Lee, Ms. Sandra G. Sponem and Mr. Ronald E. Toupin, Jr.) to serve until each Fund&rsquo;s 2025 annual meeting of shareholders
or until their respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt"><I>(b) With respect to GOF only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 50pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall
C. Barnes, Ms. Angela Brock-Kyle and Ms. Amy J. Lee) to serve until the Fund&rsquo;s 2024 annual meeting of shareholders or until their
respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>Will my vote make a difference?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt"><B>Yes!&nbsp;</B>Your vote is important and could make a difference
in the governance of the Fund(s), no matter how many Shares you own.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>Who is asking for my vote?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The enclosed proxy card is solicited by the Board of each Fund
for use at the Annual Meeting to be held on Thursday, April 7, 2022, and any adjournments, postponements, or delays thereof, for the purposes
stated in the Notice of Annual Meeting.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>How does the Board recommend that shareholders vote on the Proposal?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Board unanimously recommends that you vote &ldquo;FOR&rdquo;
each of the nominees of the Board of your Fund.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Board of each Fund has reviewed the qualifications and backgrounds
of the Board&rsquo;s nominees and believes that they are experienced in overseeing investment companies and are familiar with the Funds,
their investment strategies and operations, and the investment adviser and investment sub-adviser of the Funds. The Board has approved
the nominees named in this Proxy Statement and believes their election is in the best interests of the shareholders of each Fund.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">2</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><BR>
<BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>Who is eligible to vote?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Shareholders of record of each Fund at the close of business on
February 18, 2022 (the &ldquo;Record Date&rdquo;), are entitled to attend and to vote at the Annual Meeting or any adjournments, postponements,
or delays thereof. Each Share is entitled to one vote on the Proposal for the applicable Fund and a fractional vote with respect to fractional
Shares, with no cumulative voting. Shares represented by duly executed proxies will be voted in accordance with your instructions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>How do I vote my Shares?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Whether or not you plan to attend the Annual Meeting, we urge you
to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet
so your Shares will be represented at the Annual Meeting. Instructions regarding how to vote via telephone or the Internet are included
on the enclosed proxy card. The required control number for Internet and telephone voting is printed on the enclosed proxy card. The control
number is used to match proxy cards with shareholders&rsquo; respective accounts and to ensure that, if multiple proxy cards are executed,
Shares are voted in accordance with the proxy card bearing the latest date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Annual Meeting will be held in a virtual meeting format only.
Shareholders of record on the Record Date for the Annual Meeting may participate in and vote at the Annual Meeting on the Internet by
virtual means. To participate in the Annual Meeting, shareholders must register in advance by visiting https://www.viewproxy.com/Guggenheim/broadridgevsm/
and submitting the requested required information to Broadridge Financial Solutions, Inc. (&ldquo;Broadridge&rdquo;), the Funds&rsquo;
proxy tabulator. Only shareholders of record on the Record Date are entitled to notice of, and to vote at, the Annual Meeting or any postponement
or adjournment thereof. Proxies are being solicited on behalf of the Board of each Fund.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Shareholders whose shares are registered directly with a Fund in
the shareholder&rsquo;s name will be asked to submit their name and control number found on the shareholder&rsquo;s proxy card in order
to register to participate in and vote at the Annual Meeting. Shareholders whose shares are held by a broker, bank or other nominee must
first obtain a &ldquo;legal proxy&rdquo; from the applicable nominee/record holder, who will then provide the shareholder with a newly-issued
control number.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">3</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;<BR>
<BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">We note that obtaining a legal proxy may take several days. Requests
for registration should be received no later than 3:00 p.m., Eastern Time, on Wednesday, April 6, 2022, but in any event must be received
by the scheduled time for commencement of the Annual Meeting, as indicated above. Once shareholders have obtained a new control number,
they must visit https://www.viewproxy.com/Guggenheim/broadridgevsm/ and submit their name and newly issued control number in order to
register to participate in and vote at the Annual Meeting. After shareholders have submitted their registration information, they will
receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once
shareholders&rsquo; registration requests have been accepted, they will receive (i) an email containing an event link and dial-in information
to participate in the Annual Meeting and (ii) an email with a password to enter at the event link in order to access the Annual Meeting.
Shareholders may vote before or during the Annual Meeting at proxyvote.com. All shareholders are encouraged to submit their proxy voting
instructions prior to the Annual Meeting. Only shareholders of the Fund present or represented by proxy will be able to vote, or otherwise
exercise the powers of a shareholder, at the Annual Meeting.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">If you have any questions regarding how to participate in and vote
at the Annual Meeting, you may contact the Funds at (800) 345-7999.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">All Shares represented by properly executed proxies received prior
to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided
therein.&nbsp;<B>If you sign the proxy card, but don&rsquo;t fill in a vote, your Shares will be voted in accordance with the Board&rsquo;s
recommendation (i.e., &ldquo;FOR&rdquo; each of the nominees).&nbsp;</B>If any other business is brought before the Annual Meeting, your
Shares will be voted in the proxies&rsquo; best judgment or discretion.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Shareholders who execute proxy cards or record their voting instructions
via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Funds a written notice
of revocation, by delivering (including via telephone or the Internet) a duly executed proxy bearing a later date or by attending the
Annual Meeting and voting. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">4</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Broker-dealer firms holding Shares of a Fund in &ldquo;street name&rdquo;
for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their Shares
on the Proposal before the Annual Meeting. The Funds understand that, under the rules of the NYSE, such broker-dealer firms may for certain
&ldquo;routine&rdquo; matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated
by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm&rsquo;s request for voting
instructions. Each Proposal is a &ldquo;routine&rdquo; matter and beneficial owners who do not provide proxy instructions or who do not
return a proxy card may have their Shares voted by broker-dealer firms in favor of the Proposal. A properly executed proxy card or other
authorization by a beneficial owner of Shares that does not specify how the beneficial owner&rsquo;s Shares should be voted on the Proposal
may be deemed an instruction to vote such Shares in favor of the Proposal. Broker-dealers who are not members of the NYSE may be subject
to other rules, which may or may not permit them to vote your Shares without instruction. We urge you to provide instructions to your
bank, broker or other nominee so that your votes may be counted.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>What vote is required to elect a Trustee nominee?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">With respect to each Fund, the affirmative vote of a majority of
the Shares present at the Annual Meeting or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum
is present is necessary to elect a Trustee nominee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>Why does this Proxy Statement list multiple funds?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Funds have similar proposals and it is cost-efficient to have
a joint Proxy Statement and joint Annual Meeting. The Annual Meeting is scheduled as a joint meeting of the Funds, whose votes on similar
proposals applicable to such Funds are being solicited separately, because the shareholders of the Funds are expected to consider and
vote on similar matters. In the event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and
moves for the adjournment of an applicable Fund&rsquo;s meeting to a time immediately after the Annual Meeting so that each Fund&rsquo;s
meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Shareholders of each Fund will vote
separately on the respective proposal relating to the applicable Fund. In any event, an unfavorable vote on any Proposal by the shareholders
of one Fund will not affect the implementation of such Proposal by another Fund if the Proposal is approved by the shareholders of that
Fund.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">5</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: left"><B><I>&bull;</I></B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left"><B><I>How many shares of each Fund were outstanding as of the record date?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">At the close of business on February 18, 2022, the Funds had the
following Shares outstanding:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Number of Shares Outstanding</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GBAB</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,692,803</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GOF</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">99,349,795</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">6</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>




<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0"><B><I>THE PROPOSAL: ELECTION OF TRUSTEES</I></B></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B><I></I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Introduction</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
rules of the NYSE require each Fund to hold an annual meeting of shareholders to elect Trustees each fiscal year. Shareholders of the
Funds are being asked to elect to Trustees in the following manner:</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt"><I>(a) With respect to GBAB only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 50pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class III Trustees, the Trustee nominees named in this proxy statement (Ms.
Amy J. Lee, Ms. Sandra G. Sponem and Mr. Ronald E. Toupin, Jr.) to serve until each Fund&rsquo;s 2025 annual meeting of shareholders
or until their respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt"><I>(b) With respect to GOF only:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 50pt; width: 15pt; text-align: left">(i)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall
C. Barnes, Ms. Angela Brock-Kyle and Ms. Amy J. Lee) to serve until the Fund&rsquo;s 2024 annual meeting of shareholders or until their
respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Composition of the Board of Trustees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>GBAB:</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Trustees of GBAB are classified into three classes of Trustees,
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Class I Trustee*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Class II Trustees**</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Class III Trustees***</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Thomas F. Lydon, Jr.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amy J. Lee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Angela Brock-Kyle</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sandra G. Sponem</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald E. Toupin, Jr.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">_______</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0">* Class I Trustees are expected to next stand for election in 2023.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0">** Class II Trustees are expected to next stand for election in
2024.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">*** Class III Trustees are standing for election at the Annual
Meeting and are expected to next stand for election in 2025.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">7</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>




<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>GOF:</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The Trustees of GOF are classified into two classes of Trustees,
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font: 9pt Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; width: 48%"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Class
                                            I Trustee*</U></FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Randall
C. Barnes</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Angela Brock-Kyle</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amy J. Lee</FONT></P></TD>
    <TD STYLE="text-align: center; font: 9pt Calibri, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 10pt; width: 52%"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><U>Class
                                            II Trustees**</U>&nbsp;</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Thomas F. Lydon Jr.</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald A. Nyberg</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sandra G. Sponem</FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald E. Toupin, Jr.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0">__________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0">* Class I Trustees are standing for election at the Annual Meeting
and are expected to next stand for election in 2024.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">** Class II Trustees are expected to next stand for election in
2023.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Election of Trustees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Each
Trustee nominee, if elected at the Annual Meeting, will hold office for a term in accordance with his or her respective Class or until
his or her respective successor shall have been elected and shall have qualified or until he or she resigns or is otherwise removed. The
other Trustees of the Funds will continue to serve under their current terms and will stand for election at subsequent annual meetings
of shareholders as stated above.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Unless
authority is withheld or other instructions are provided, it is the intention of the persons named in the proxy card to vote &ldquo;FOR&rdquo;
each of the Trustee nominees named above. Each Trustee nominee has consented to serve as a Trustee of each Fund if elected at the Annual
Meeting. If a designated Trustee nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary
power on the persons named therein to vote in favor of a substitute Trustee nominee or nominees.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Certain
information concerning the Trustees and the officers of each of the Funds is set forth in the table below. Independent Trustees are those
who are not interested persons of (i) the Funds, (ii) Guggenheim Funds Investment Advisors, LLC (&ldquo;Guggenheim Funds&rdquo; or the
&ldquo;Adviser&rdquo;), each Fund&rsquo;s investment adviser, or (iii) Guggenheim Partners Investment Management, LLC (&ldquo;GPIM&rdquo;
or the &ldquo;Sub-Adviser&rdquo;), each Fund&rsquo;s investment sub-adviser, and who satisfy the requirements contained in the definition
of &ldquo;independent&rdquo; as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the &ldquo;Independent Trustees&rdquo;).
The Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds or its affiliates. As of February 28, 2022 the Fund
Complex is composed of six closed-end funds (including the Funds) and 150 open-end funds advised or serviced by the Adviser or its affiliates.</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">8</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9in; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Directorships</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Number of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>held by</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Portfolios in</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Position(s)</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund Complex</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Held with</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Overseen by</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>the Past</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Funds</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Served</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During The Past Five Years</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Five Years</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>INDEPENDENT TRUSTEES:</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Private Investor (2001-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Advent</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1951</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Convertible and</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Senior Vice President &amp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer, PepsiCo, Inc. (1993-1997),</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-Present);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President, Pizza Hut International</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Purpose</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1991-1993) and Senior Vice President,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Strategic Planning and New Business</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Funds</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Development, PepsiCo, Inc. (1987-1990).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2013-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Angela Brock-Kyle</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Founder and Chief Executive</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of Birth: 1959</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer, B.O.A.R.D.S. (consulting firm)</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bowhead</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2013-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Insurance GP,</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">LLC (2020-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Senior Leader, TIAA (financial</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present); </FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">services firm) (1987-2012).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Hunt Companies,</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inc (2019-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021); Infinity</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Property &amp;</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Casualty Corp.</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2014-2018).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Thomas F.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: President, Global Trends</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: US</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lydon, Jr.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments (registered investment adviser)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Global Investors</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of Birth: 1960</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1996-present); Co-CEO, ETF Flows, LLC</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(GROW) (1995-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(financial education and media company) (2019-present);</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present).</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CEO, Lydon Media (2016-present); Director, </FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GDX
    Index Partners, LLC (2021-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021); Harvest</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Volatility Edge</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trust (3) (2017-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019).</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">9</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9in; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Directorships</B></FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Number of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>held by</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Portfolios in</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Position(s) </B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund Complex</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Held with</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Overseen by</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>the Past</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Funds</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Served</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During The Past Five Years</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Five Years</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>INDEPENDENT TRUSTEES: (continued)</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current:
    Of Counsel, (formerly partner) </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Advent</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1953</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Momkus LLP (2016-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Convertible and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Partner, Nyberg &amp; Cassioppi,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-Present);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">LLC (2000-2016); Executive Vice President,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PPM Funds (3)</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">General Counsel and Corporate Secretary</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2018 - present);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of Van Kampen Investments (1982-1999).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">NorthShore-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Edward-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Elmhurst Health</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2012-present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021); Western</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Asset Inflation-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Linked</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Opportunities &amp;</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2004-2020);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Western Asset</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inflation-Linked</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2003-2020).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sandra G. Sponem</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Retired.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: SPDR</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of Birth: 1958</FONT></TD>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Series Trust (81)</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Senior Vice President and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2018-present);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief Financial Officer, M.A.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SPDR Index</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mortenson-Companies, Inc.(construction</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares Funds (30)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and real estate development company)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2018-present);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2007-2017).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SSGA Active</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trust (14) (2018-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021); SSGA</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Master Trust (1)</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2018-2020).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">10</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9in; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Directorships</B></FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Number of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>held by</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Portfolios in</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Position(s) </B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund Complex</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Held with</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Overseen by</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>the Past</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During The Past Five Years</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Five Years</B></FONT></TD></TR>
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    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>INDEPENDENT TRUSTEES: (continued)</I></FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald E.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Portfolio Consultant (2010-</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Toupin, Jr.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present); Member, Governing Council,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1958</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Independent Directors Council (2013-</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present); Governor, Board of Governors,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment Company Institute</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2018-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Member, Executive Committee,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Independent Directors Council (2016-2018);</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021); Western</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Vice President, Manager and Portfolio</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Asset Inflation-</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Manager, Nuveen Asset Management (1998-</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Linked</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1999); Vice President, Nuveen Investment</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Opportunities &amp;</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Advisory Corp. (1992-1999); Vice President</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Manager, Nuveen Unit Investment</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2004-2020);</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trusts (1991-1999); and Assistant Vice</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Western Asset</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President and Portfolio Manager, Nuveen</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inflation-Linked</FONT></TD></TR>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unit Investment Trusts (1988-1999), each</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of John Nuveen &amp; Co., Inc. (1982-1999).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2003-2020).</FONT></TD></TR>
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    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>INTERESTED TRUSTEE:</I></FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amy J.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interested</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Interested Trustee, certain other</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former:</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lee*</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">funds in the Fund Complex (2018-present);</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1961</FONT></TD>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief Legal Officer, certain other funds in</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Enhanced Equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">the Fund Complex (2014-present); Vice</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President, certain other funds in the Fund</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2021);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Complex (2007-present); Senior Managing</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Director, Guggenheim Investments</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Credit Allocation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2012-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fund (2013-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: President and Chief Executive</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer, certain other funds in the Fund</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Complex (2017- 2019); Vice President,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Associate General Counsel and Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secretary, Security Benefit Life Insurance</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Company and Security Benefit Corporation</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2004-2012).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0">_____________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(1)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">The business address of each Trustee is Guggenheim Investments, 227 West Monroe Street, 7th
Floor, Chicago, Illinois 60606.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">*</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">Ms. Lee is deemed to be an &ldquo;interested person&rdquo; of the Funds under the 1940 Act
by reason of her position with the Adviser and/or affiliates of the Adviser.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">&dagger;</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">Each Trustee is generally expected to serve a term as set forth herein under &ldquo;Composition
of the Board of Trustees.&rdquo; Each Trustee has served as a Trustee of each respective Fund since the year shown below:</TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>GBAB</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>GOF</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Independent Trustees</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2010</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2007</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brock-Kyle</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lydon</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2010</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2007</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sponem</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Toupin</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2010</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2007</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Interested Trustee</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2018</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2018</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">11</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>





<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Qualifications</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Trustees were selected to serve on the Board based upon their skills, experience, judgment, analytical ability, diligence, ability to
work effectively with other Trustees, availability and commitment to attend meetings and perform the responsibilities of a Trustee and
a willingness to take an independent and questioning view of management.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the
date of the date hereof, that each Trustee should serve as a Trustee in light of the Funds&rsquo; business and structure. References to
the qualifications, attributes and skills of Trustees do not constitute the holding out of any Trustee as being an expert under Section
7 of the Securities Act of 1933.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Randall
C. Barnes.&nbsp;</I>Mr. Barnes has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee
of the Funds and a trustee of other funds in the Fund Complex, as well as Chair of the Valuation Oversight Committee, his service on other
registered investment company boards, prior employment experience as President of Pizza Hut International and as Treasurer of PepsiCo,
Inc. and his personal investment experience. Mr. Barnes is experienced in financial, accounting, regulatory and investment matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Angela
Brock-Kyle.&nbsp;</I>Ms. Brock-Kyle has served as a trustee of certain funds in the Fund Complex since 2016. Through her service as a
Trustee of the Funds and a trustee of other funds in the Fund Complex, prior employment experience, including at TIAA where she spent
25 years in leadership roles, and her experience serving on the boards of public, private and non-profit organizations, including service
as audit committee chair and as a member of governance and nominating committees, Ms. Brock-Kyle is experienced in financial, accounting,
governance and investment matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Amy
J. Lee.&nbsp;</I>Ms. Lee has served as a trustee of certain funds in the Fund Complex since 2018. Through her service as a Trustee of
the Funds and a trustee of other funds in the Fund Complex, her service as Chief Legal Officer of the Fund Complex, her service as Senior
Managing Director of Guggenheim Investments, as well as her prior experience as Associate General Counsel, Vice President and Assistant
Secretary of Security Benefit Corporation, Ms. Lee is experienced in financial, legal, regulatory and governance matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Thomas
F. Lydon, Jr.&nbsp;</I>Mr. Lydon has served as a trustee of certain funds in the Fund Complex since 2005. Through his service as a Trustee
of the Funds and a trustee of other funds in the Fund Complex, his service as Chair of the Contracts Review Committee, his experience
as President of Global Trends Investments, a registered investment adviser, his service on the board of U.S. Global Investors, Inc. (GROW),
an investment adviser and transfer agent, as well as his prior service on another registered investment company board and his authorship
and editorial experience regarding exchange-traded funds, Mr. Lydon is experienced in financial, investment and governance matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">12</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Ronald
A. Nyberg.&nbsp;</I>Mr. Nyberg has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee
of the Funds and a trustee of other funds in the Fund Complex, as well as Chair of the Nominating &amp; Governance Committee, his service
on other registered investment company boards, his professional training and experience as an attorney and his former experience as partner
of the law firm, Momkus LLC, and Nyberg &amp; Cassioppi, LLC, and Executive Vice President and General Counsel of Van Kampen Investments,
an asset management firm, Mr. Nyberg is experienced in financial, regulatory and governance matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Sandra
G. Sponem.&nbsp;</I>Ms. Sponem has served as a trustee of certain funds in the Fund Complex since 2016. Through her service as a Trustee
of the Funds and a trustee of other funds in the Fund Complex, her service as Chair of the Audit Committee, her service on other registered
investment company boards, her prior employment experience, including as Chief Financial Officer of Piper Jaffray Companies, Inc. (now
Piper Sandler Companies) and its predecessor, U.S. Bancorp Piper Jaffray, Inc., and as Senior Vice President and Chief Financial Officer
of M.A. Mortenson Company, a construction and real estate development company, her Certified Public Accountant designation and previously
held securities licenses and extensive knowledge of accounting and finance and the financial services industry, Ms. Sponem is experienced
in accounting, financial, governance and investment matters. The Board has determined that Ms. Sponem is an &ldquo;audit committee financial
expert&rdquo; as defined by the SEC.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Ronald
E. Toupin, Jr.&nbsp;</I>Mr. Toupin has served as a trustee of certain funds in the Fund Complex since 2003. Mr. Toupin currently serves
on the Governing Council of the Independent Directors Council (IDC) of the Investment Company Institute (ICI) and on the Board of Governors
of the ICI. Through his service as a Trustee of the Funds and a trustee of other funds in the Fund Complex, as well as the Independent
Chair of the Board, his prior service on other registered investment company boards, and his professional training and prior employment
experience, including Vice President and Portfolio Manager for Nuveen Asset Management, an asset management firm, Mr. Toupin is experienced
in financial, regulatory and investment matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Each
Trustee also has considerable familiarity with the Funds, the Funds&rsquo; investment advisers and other service providers, and their
operations, as well as the special regulatory requirements governing registered investment companies and the special responsibilities
of investment company trustees as a result of his/her substantial prior service as a Trustee of the Funds and/or other funds in the Fund
Complex, or with respect to Ms. Lee, her extensive experience in the financial industry, including her experience with the parent of the
investment advisers of the funds of the Fund Complex.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">13</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Executive Officers</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
following information relates to the executive officers of the Funds who are not Trustees. Fund officers receive no compensation from
the Funds but may also be officers or employees of the Adviser, a Sub-Adviser or affiliates of the Adviser or a Sub-Adviser and may receive
compensation in such capacities.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Title</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Served<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During the Past Five Years</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brian E. Binder</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2018</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: President and Chief Executive Officer,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1972</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">certain other funds in the Fund Complex (2018-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present); President, Chief Executive Officer and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Executive</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chairman of the Board of Managers, Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Funds Investment Advisors, LLC (2018-present);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President and Chief Executive Officer, Security</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investors, LLC (2018-present); Board Member of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim Partners Fund Management</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Europe) Limited (2018-present); Senior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Managing Director and Chief Administrative</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer, Guggenheim Investments (2018-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Managing Director and President,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deutsche Funds, and Head of US Product,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trading and Fund Administration, Deutsche Asset</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Management (2013-2018); Managing Director,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Head of Business Management and Consulting,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Invesco Ltd. (2010-2012).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bryan Stone</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Vice</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2014</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Vice President, certain other funds in</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1979</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">the Fund Complex (2014-present); Managing</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Director, Guggenheim Investments (2013-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Senior Vice President, Neuberger</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Berman Group LLC (2009-2013); Vice President,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Morgan Stanley (2002-2009).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Joanna Catalucci</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2012</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Chief Compliance Officer, certain funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1966</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Compliance</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">in the Fund Complex (2012-present); Senior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Managing Director, Guggenheim Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2014-present).</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Anti-Money Laundering Compliance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer, certain funds in the Fund Complex (2016-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present); Chief Compliance Officer &amp; Secretary,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">certain other funds in the Fund Complex (2008-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2012); Senior Vice President &amp; Chief Compliance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer, Security Investors, LLC and certain</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">affiliates (2010-2012); Chief Compliance Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Senior Vice President, Rydex Advisors, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and certain affiliates (2010-2011).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">14</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><BR>
<BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Title</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Served<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During the Past Five Years</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">John Sullivan</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2010</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Chief Financial Officer, Chief</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1955</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accounting Officer and Treasurer of certain funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer,</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">in the Fund Complex (2010-present); Senior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chief</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Managing Director, Guggenheim Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accounting</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2010-present).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer and</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Managing Director and Chief</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Compliance Officer, each of the funds in the Van</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Kampen Investments fund complex (2004-2010);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Managing Director and Head of Fund Accounting</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Administration, Morgan Stanley Investment</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Management (2002-2004); Chief Financial</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Officer and Treasurer, Van Kampen Funds (1996-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2004).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mark E. Mathiasen</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secretary</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2007</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Secretary, certain other funds in the Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1978</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Complex (2007-present); Managing Director,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guggenheim Investments (2007-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Michael P. Megaris</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2014</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Assistant Secretary, certain other funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1984</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secretary</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">in
    the Fund Complex (2014-present); Managing </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Director, Guggenheim Investments (2012-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">James Howley</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2007</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Managing Director, Guggenheim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1972</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments (2004-present); Assistant Treasurer,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">certain other funds in the Fund Complex (2006-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Manager, Mutual Fund Administration of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Van Kampen Investments, Inc. (1996-2004).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Kimberly Scott</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2012</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Director, Guggenheim Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of Birth: 1974</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2012-present); Assistant Treasurer, certain other</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">funds in the Fund Complex (2012-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Financial Reporting Manager for</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Invesco, Ltd. (2010-2011); Vice</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">President/Assistant Treasurer, Mutual Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Administration for Van Kampen Investments,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inc./Morgan Stanley Investment Management</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2009-2010); Manager- Mutual Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Administration for Van Kampen Investments,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inc./Morgan Stanley Investment Management</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2005-2009).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Glenn McWhinnie</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2016</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Vice President, Guggenheim Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1969</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2009-present); Assistant Treasurer, certain other</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">funds in the Fund Complex (2016-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Tax Compliance Manager, Ernst &amp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Young LLP (1996-2009).</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">15</P>

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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Term of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Office and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Name,</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Length</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Principal Occupation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and Age</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Title</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Served<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>During the Past Five Years</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Jon Szafran</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Since 2017</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current: Vice President, Guggenheim Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year of birth: 1989</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2017-present); Assistant Treasurer, certain other</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">funds in the Fund Complex (2017-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Former: Assistant Treasurer of Henderson Global</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Funds and Manager of US Fund Administration,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Henderson Global Investors (North America) Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(&ldquo;HGINA&rdquo;) (2017); Senior Analyst of US Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Administration, HGINA (2014-2017); Senior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Associate of Fund Administration, Cortland</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capital Market Services, LLC (2013-2014);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Experienced Associate, PricewaterhouseCoopers</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">LLP (2012-2013).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">_______</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(1)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">The business address of each officer of the Funds is Guggenheim Investments, 227 West Monroe
Street, 7th Floor, Chicago, Illinois 60606.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(2)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">Officers serve at the pleasure of the Board and until his or her successor is appointed and
qualified or until his or her resignation or removal. The year set forth above is the earliest year in which the officer was appointed
as an officer of any Fund.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Leadership Structure</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
primary responsibility of the Board is to represent the interests of the Funds and to provide oversight of the management of the Funds.
The Funds&rsquo; day-to-day operations are managed by the Adviser, the Sub-Adviser and other service providers who have been approved
by the Board. The Board is currently comprised of seven Trustees, six of whom (including the chairperson) are Independent Trustees. Generally,
the Board acts by majority vote of all the Trustees and, if required by applicable laws, also by a majority vote of the Independent Trustees.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Board has appointed an Independent Chair, Ronald E. Toupin, Jr., who presides at Board meetings and who is responsible for, among other
things, participating in the planning of Board meetings, setting the tone of Board meetings and seeking to encourage open dialogue and
independent inquiry among the Trustees and management. In addition, the Independent Chair acts as a liaison with officers, counsel and
other Trustees between meetings of the Board. The Independent Chair may also perform such other functions as may be delegated by the Board
from time to time. The Board has established five standing committees (as described below) and has delegated certain responsibilities
to those committees, each of which is comprised solely of Independent Trustees. The Board and its committees meet periodically throughout
the year to oversee the Funds&rsquo; activities, including through the review of the Funds&rsquo; contractual arrangements with service
providers and the Funds&rsquo; financial statements, compliance with regulatory requirements, and performance. The Board may also establish
informal working groups from time to time to review and address the policies and practices of the Trust or the Board with respect to certain
specified matters. The Independent Trustees are advised by independent legal counsel experienced in Investment Company Act of 1940 (&ldquo;1940
Act&rdquo;) matters and are represented by such</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">16</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">independent legal counsel at Board and committee meetings. The
Board has determined that this leadership structure, including an Independent Chair, a supermajority of Independent Trustees and committee
membership limited to Independent Trustees, is appropriate in light of the characteristics and circumstances of the Funds because it allocates
responsibilities among the Committees and the Board in a manner that further enhances effective oversight. The Board considered, among
other things: the number of portfolios that comprise the trusts in the Guggenheim Family of Funds overseen by members of the Board; the
variety of asset classes those portfolios include; the net assets of each Fund and the Guggenheim Family of Funds; and the management,
distribution and other service arrangements of each Fund and the Guggenheim Family of Funds. The Board may at any time and in its discretion
change this leadership structure.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Committees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Trustees have determined that the efficient conduct of the Funds&rsquo; affairs makes it desirable to delegate responsibility for certain
specific matters to committees of the Board. The committees meet as often as necessary, either in conjunction with regular meetings of
the Trustees or otherwise. The committees of the Board are the Executive Committee, the Audit Committee, the Nominating and Governance
Committee, the Contracts Review Committee and the Valuation Oversight Committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Executive
Committee.&nbsp;</I>The Board has an Executive Committee, which is composed of Sandra G. Sponem and Ronald E. Toupin, Jr., each an Independent
Trustee. In between meetings of the full Board, the Executive Committee generally may exercise all the powers of the full Board in the
management of the business of the Funds. Mr. Toupin serves as Chair of the Executive Committee. However, the Executive Committee cannot,
among other things, authorize dividends or distributions on shares, amend the bylaws or recommend to the shareholders any action which
requires shareholder approval.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Audit
Committee.&nbsp;</I>The Board has an Audit Committee, which is composed of Randall C. Barnes, Angela Brock-Kyle, Thomas F. Lydon, Jr.,
Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr., each of whom is an Independent Trustee (as defined herein) and is &ldquo;independent&rdquo;
as defined by NYSE listing standards. Ms. Sponem serves as Chair of the Audit Committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Audit Committee is generally responsible for certain oversight matters, such as reviewing the Funds&rsquo; systems for accounting, financial
reporting and internal controls and, as appropriate, the internal controls of certain service providers, overseeing the integrity of the
Funds&rsquo; financial statements (and the audit thereof), as well as the qualifications, independence and performance of the Funds&rsquo;
independent registered public accounting firm. The Audit Committee is also responsible for recommending to the Board the appointment,
retention and termination of the Funds&rsquo; independent registered public accounting firm and acting as a liaison between the Board
and the Funds&rsquo; independent registered public accounting firm. The Audit Committee is governed by a written charter (the &ldquo;Audit</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">17</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Committee Charter&rdquo;). The Audit Committee Charter is available
under &ldquo;News &amp; Literature&rdquo; on each Fund&rsquo;s page at www.guggenheiminvestments.com/cef.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Audit Committee presents the following report on behalf of
each Fund:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Audit Committee of the Board is charged with selecting an independent
registered public accounting firm for the Funds and reviewing accounting matters with the independent accountants. The Audit Committee
reviews the Funds&rsquo; annual financial statements with both management and the Funds&rsquo; independent registered public accounting
firm and the Audit Committee meets periodically with the independent accountants to consider their evaluation of the Funds&rsquo; financial
and internal controls. In addition to being Independent Trustees as defined above, each member of the Audit Committee also meets the additional
independence requirements of the New York Stock Exchange.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Audit Committee, in discharging its duties, has met with and
held discussions with management and the Funds&rsquo; independent accountants. The Audit Committee has reviewed and discussed the audited
financial statements with management. Management has represented to the independent accountants that the Funds&rsquo; financial statements
were prepared in accordance with generally accepted accounting principles.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">The Audit Committee has also discussed with the independent accountants
the matters required to be discussed by Statement on Auditing Standards No. 114 (The Auditor&rsquo;s Communications With Those Charged
With Governance) and the applicable requirements of the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) and the SEC. The
independent accountants provided to the Audit Committee the written disclosure required by PCAOB regarding the independent accountant&rsquo;s
communications with the Audit Committee concerning independence , and the Audit Committee discussed with representatives of the independent
registered public accounting firm their firm&rsquo;s independence.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 40pt">Based on the Audit Committee&rsquo;s review and discussions with
management and the independent accountants, the representations of management and the reports of the independent registered public accounting
firm to the Audit Committee, the Audit Committee recommended and approved, pursuant to authority delegated by Board of Trustees of the
Funds, that the audited financial statements be included in the Funds&rsquo; annual reports. The members of the Audit Committee are Randall
C. Barnes, Angela Brock-Kyle, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Nominating
and Governance Committee.&nbsp;</I>The Board has a Nominating and Governance Committee, which is composed of Randall C. Barnes, Angela
Brock-Kyle, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr., each of whom is an Independent Trustee
and is &ldquo;independent&rdquo; as</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">18</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">defined by NYSE listing standards. Mr. Nyberg serves as Chair of
the Nominating and Governance Committee.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Nominating and Governance Committee is governed by a written charter (the &ldquo;Nominating and Governance Committee Charter&rdquo;).
The Nominating and Governance Committee Charter is available under &ldquo;News &amp; Literature&rdquo; on each Fund&rsquo;s page at&nbsp;<U>www.guggenheiminvestments.com/cef</U>.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
purpose of the Nominating and Governance Committee is to review matters pertaining to the composition, committees, and operations of the
Board. The Nominating and Governance Committee is responsible for recommending qualified candidates to the Board in the event that a position
is vacated or created. The Nominating and Governance Committee would consider recommendations by shareholders if a vacancy were to exist
and shall assess shareholder recommendations in the same manner as it reviews its own candidates. The Board does not have a standing compensation
committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">In
considering Trustee nominee candidates, the Nominating and Governance Committee requires that Trustee candidates have a college degree
or equivalent experience and may take into account a wide variety of factors in considering Trustee candidates, including (but not limited
to): availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, relevant industry
and related experience, educational background, financial expertise, the candidate&rsquo;s ability, judgment and expertise and overall
diversity of the Board&rsquo;s composition. The Nominating and Governance Committee may consider candidates recommended by various sources,
including (but not limited to): such Fund&rsquo;s current Trustees, officers, investment advisers and shareholders. The Nominating and
Governance Committee will not nominate a person for election to the Board as an Independent Trustee in contravention of its Independent
Trustee Retirement Policy. The Nominating and Governance Committee may, but is not required to, retain a third party search firm to identify
potential candidates.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">A
Trustee candidate must (i) be prepared to submit written answers to a questionnaire seeking professional and personal information that
will assist the Nominating and Governance Committee to evaluate the candidate and to determine, among other matters, whether the candidate
would qualify as a Trustee who is not an &ldquo;interested person&rdquo; of the Funds as such term is defined under the 1940 Act; (ii)&nbsp;be
prepared to submit character references and agree to appropriate background checks; and (iii) be prepared to meet with one or more members
of the Nominating and Governance Committee at a time and location convenient to those Nominating and Governance Committee members in order
to discuss the nominee&rsquo;s qualifications.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Nominating and Governance Committee will consider Trustee candidates recommended by shareholders of the Funds. The Nominating and Governance
Committee will consider and evaluate trustee nominee candidates</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">19</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">properly submitted by shareholders on the same basis as it considers
and evaluates candidates recommended by other sources.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">In
considering Trustee nominee candidates, the Nominating and Governance Committee takes into account a wide variety of factors, including
the overall diversity of the Board&rsquo;s composition. The Nominating and Governance Committee believes the Board generally benefits
from diversity of background, experience and views among its members, and considers this a factor in evaluating the composition of the
Board, but has not adopted any specific policy in this regard.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">To
have a candidate considered by the Nominating and Governance Committee, a shareholder must submit the recommendation in writing and must
include the information required by the &ldquo;Procedures for Shareholders to Submit Nominee Candidates&rdquo; that are set forth as Appendix
B to the Nominating and Governance Committee Charter. Shareholder recommendations must be sent to the Funds&rsquo; Secretary, c/o Guggenheim
Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
nominees for election at the Annual Meeting currently serve as Trustees and were unanimously nominated by the Board of Trustees and the
Nominating and Governance Committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Contracts
Review Committee.&nbsp;</I>The Board has a Contracts Review Committee, which is composed of Randall C. Barnes, Angela Brock-Kyle, Thomas
F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem, and Ronald E. Toupin, Jr., each of whom is an Independent Trustee. Mr. Lydon serves
as Chair of the Contracts Review Committee. The purpose of the Contracts Review Committee is to assist the Board in overseeing the evaluation
of certain contracts to which a Fund is or is proposed to be a party to ensure that the interests of the Fund and its shareholders are
served by the terms of these contracts. The Committee&rsquo;s primary function is to oversee the process of evaluating existing investment
advisory and subadvisory agreements, administration agreements, and distribution agreements. In addition, at its discretion or at the
request of the Board, the Committee reviews and makes recommendations to the Board with respect to any contract to which a Fund is or
is proposed to be a party.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Valuation
Oversight Committee.&nbsp;</I>The Board has a Valuation Oversight Committee, which is composed of Randall C. Barnes, Angela Brock-Kyle
and Sandra G. Sponem, each of whom is an Independent Trustee. Mr. Barnes serves as Chair of the Valuation Oversight Committee. The Valuation
Oversight Committee assists the Board in overseeing the activities of Guggenheim&rsquo;s Valuation Committee and the valuation of securities
and other assets held by the Funds. Duties of the Valuation Oversight Committee include reviewing the Funds&rsquo; valuation procedures,
evaluating pricing services that are being used for the Funds, and receiving reports relating to actions taken by Guggenheim&rsquo;s Valuation
Committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">20</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board and Committee Meetings</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Information
regarding the number of meetings of the Board, Audit Committee, Nominating and Governance Committee, Contracts Review Committee and Valuation
Oversight Committee of each Fund during such Fund&rsquo;s most recently completed fiscal year is set forth in the table below (The Executive
Committee did not meet during the fiscal year end shown):</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Nominating</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Contract</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Valuation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>and</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Review</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Oversight</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal Year</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Board</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Committee</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Governance</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Committee</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Committee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>End</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Meetings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Meetings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Meetings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Meetings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Meetings</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GBAB</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31/2021</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GOF</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31/2021</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Each
Trustee attended at least 75% of the meetings of the Board (and any committee thereof on which he or she serves) held during the portion
of each Fund&rsquo;s fiscal year ended in 2021.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board&rsquo;s Role in Risk Oversight</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
day-to-day business of the Funds, including the day-to-day management and administration of the Funds and of the risks that arise from
the Funds&rsquo; investments and operations, is performed by third-party service providers, primarily the Adviser or its affiliates. Consistent
with its responsibility for oversight of the Funds, the Board is responsible for overseeing the service providers and thus, has oversight
responsibility with respect to the risk management functions performed by those service providers. Risks to the Funds include, among others,
investment risk, credit risk, valuation risk, compliance risk and operational risk, as well as the overall business risk relating to the
Funds. Risk management seeks to identify and mitigate the potential effects of risks, i.e., events or circumstances that could have material
adverse effects on the business, operations, investment performance or reputation of the Funds. Under the oversight of the Board, the
service providers to the Funds employ a variety of processes, procedures and controls to seek to identify risks relevant to the operations
of the Funds and to lessen the probability of the occurrence of such risks and/or to mitigate the effects of such events or circumstances
if they do occur. Each service provider is responsible for one or more discrete aspects of the Funds&rsquo; business and consequently,
for managing risks associated with that activity. Each of the Adviser and other service providers has its own independent interest in
risk management, and its policies and methods of carrying out risk management functions will depend, in part, on its analysis of the risks,
functions and business models. Accordingly, Board oversight of different types of risks may be handled in different ways. As part of the
Board&rsquo;s periodic review of each Fund&rsquo;s advisory and other service provider agreements, the Board may consider risk management
aspects of the service providers&rsquo; operations and the functions for which they are responsible.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Board oversees risk management for the Funds directly and through the committee structure it has established. The Board has established
the Audit</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">21</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>




<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Committee, the Nominating and Governance Committee, the Contracts
Review Committee and the Valuation Oversight Committee to assist in its oversight functions, including its oversight of the risks each
Fund faces. For instance, the Audit Committee receives reports from the Funds&rsquo; independent registered public accounting firm on
internal control and financial reporting matters. In addition, the Board has established an Executive Committee to act on the Board&rsquo;s
behalf, to the extent permitted and as necessary, in between meetings of the Board. Each committee reports its activities to the Board
on a regular basis. The Board also oversees the risk management of the Funds&rsquo; operations by requesting periodic reports from and
otherwise communicating with various personnel of the Funds and their service providers, including, in particular, the Funds&rsquo; Chief
Compliance Officer, their independent registered public accounting firm and Guggenheim Investments&rsquo; Chief Risk Officer and internal
auditors for the Adviser or its affiliates, as applicable. In this connection, the Board requires officers of the Funds to report a variety
of matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to risk management.
On at least a quarterly basis, the Board meets with the Funds&rsquo; Chief Compliance Officer, including separate meetings with the Independent
Trustees in executive session, to discuss compliance matters and, on at least an annual basis, receives a report from the Chief Compliance
Officer regarding the adequacy of the policies and procedures of the Funds and certain service providers and the effectiveness of their
implementation. The Board, with the assistance of Fund management, reviews investment policies and risks in connection with its review
of the Funds&rsquo; performance. In addition, the Board receives reports from the Adviser and Sub-Adviser, as applicable, on the investments
and securities trading of the Funds. With respect to valuation, the Valuation Oversight Committee oversees a pricing committee comprised
of Fund officers and personnel of the Adviser. The Board has approved valuation procedures applicable to valuing the Funds&rsquo; securities
and other assets, which the Valuation Oversight Committee and the Audit Committee periodically review. The Board also requires the Adviser
and Sub-Adviser, as applicable, to report to the Board on other matters relating to risk management on a regular and as-needed basis.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Board recognizes that not all risks that may affect the Funds can be identified, that it may not be practical or cost-effective to eliminate
or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to seek to achieve the Funds&rsquo;
investment objectives, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.
As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these
matters with appropriate management and other personnel. Moreover, despite the periodic reports the Board receives, it may not be made
aware of all of the relevant information of a particular risk. Most of the Funds&rsquo; investment management and business affairs are
carried out by or through the Adviser or its affiliates and other service providers, most of whom employ professional personnel who have
risk management responsibilities and each of whom has an independent interest in risk</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">22</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">management, which interest could differ from or conflict with that
of the other funds that are advised by Adviser. The role of the Board and of any individual Trustee is one of oversight and not of management
of the day-to-day affairs of the Funds and its oversight role does not make the Board a guarantor of the Funds&rsquo; investments, operations
or activities. As a result of the foregoing and other factors, the Board&rsquo;s risk management oversight is subject to limitations.
The Board may at any time and in its discretion change how it administers its risk oversight function.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Communications</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Shareholders
and other interested parties may contact the Board or any Trustee by mail. To communicate with the Board or any Trustee, correspondence
should be addressed to the Board or the Board members with whom you wish to communicate by either name or title. All such correspondence
should be sent c/o the Secretary of the Fund or Funds at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Beneficial Ownership of Securities</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
table below states the dollar range of equity securities of each Fund and funds in the Fund Complex beneficially owned by the Trustees
as of December&nbsp;31, 2021:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 30%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 27%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 24%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>dollar range</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Dollar</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Dollar</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>securities in</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Range of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Range of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>all funds in the</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund Complex</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Securities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Securities</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Overseen by</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>in GBAB</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>in GOF</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>the Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Independent Trustees</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brock-Kyle</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0-10,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10-001-$50,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lydon</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over
    $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sponem</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Toupin</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$50,001-$100,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Interested Trustee</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lee</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">As
of December 31, 2021, the Trustees and officers of the Fund as a group owned less than 1% of the outstanding Shares of each Fund.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Compensation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Independent Trustees receive from the Fund Complex a general annual retainer for service on covered boards. Additional annual retainer
fees are paid to: the Independent Chair of the Board; the Chair (and Vice Chair, if any) of each of the Audit Committee, the Contracts
Review Committee, the Nominating and Governance Committee, and the Valuation Oversight Committee; and each</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">23</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>




<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">other member of the Valuation Oversight Committee. In addition,
fees are paid for special Board or Committee meetings, whether telephonic or in-person. No per meeting fee applies to meetings of the
Valuation Oversight Committee. The Funds also reimburse each Independent Trustee for reasonable travel and other out-of-pocket expenses
incurred in attending in-person meetings, which are not included in the compensation amounts shown below. Each Fund pays proportionately
its respective share of Independent Trustees&rsquo; fees and expenses based in part on a per capita allocation and in part based on relative
net assets. The amounts for the Independent Trustees changed and a retainer was added for the Valuation Oversight Committee Chair effective
January 1, 2022. The following table sets forth the compensation paid to each Independent Trustee by each Fund during its most recently
completed fiscal year and the total compensation paid to each Independent Trustee by the Fund Complex during the most recently completed
calendar year ended December 31, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 27%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Retirement</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 19%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Benefits</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Estimated</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Accrued</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Annual</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Compensation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Compensation</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>as Part</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Benefits</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>From</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>from each</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Fund</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Upon</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>the Fund</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Retirement<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Complex<SUP>(2)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$324,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Angela Brock-Kyle</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$324,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Thomas F. Lydon, Jr</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$330,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$330,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sandra G. Sponem</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$374,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ronald E. Toupin, Jr</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">None</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$418,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">_______</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(1)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">The Funds do not accrue or pay retirement or pension benefits to Trustees as of the date
hereof.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(2)</TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">The amounts shown in this column represent the aggregate compensation paid by all of the
funds in the Fund Complex for the calendar year ended December 31, 2021. Because the funds in the Fund Complex have different fiscal
year ends, the amounts shown in this column are presented on a calendar year basis.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">&dagger; The amount of aggregate compensation payable by each Fund
for the calendar year ended December&nbsp;31, 2021 is shown in the table below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>GBAB</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>GOF</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Independent Trustees</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9,690</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$14,180</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brock-Kyle</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9,690</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$14,180</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lydon</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9,870</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$14,443</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9,870</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$14,443</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sponem</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$11,201</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$16,376</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Toupin</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$12,511</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$18,309</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Shareholder Approval</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">With
respect to each Fund, the affirmative vote of a majority of the Shares present in person at the Annual Meeting or represented by proxy
and entitled to vote on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee. Abstentions
will have the same effect as votes against the election of a Trustee nominee. &ldquo;Broker non-votes&rdquo; (i.e., Shares held by brokers
or nominees as to which (i) instructions have not been received from the beneficial owner or the persons entitled to vote and (ii) the
broker does not have discretionary</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">24</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>





<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">voting power on a particular matter) will have no effect on the
outcome of the vote on a Trustee nominee.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
holders of the Shares will have equal voting rights (i.e., one vote per Share).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Recommendation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Board unanimously recommends that shareholders vote &ldquo;FOR&rdquo; each of the nominees of the Board of your Fund.</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">25</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B><I></I></B></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0"><B><I>ADDITIONAL INFORMATION</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B><I></I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Further Information About Voting and the Annual Meeting</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Quorum.&nbsp;</I>With
respect to each Fund, the holders of a majority of the Shares entitled to vote on any matter at a meeting present in person or by proxy
shall constitute a quorum at such meeting of the shareholders for purposes of conducting business on such matter. Votes withheld, abstentions
and broker non-votes (i.e., Shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial
owner or the persons entitled to vote and (ii) the broker does not have discretionary voting power on a particular matter) will be counted
as Shares present at the Annual Meeting for quorum purposes.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Record
Date.&nbsp;</I>The Board has fixed the close of business on February 18, 2022, as the Record Date for the determination of shareholders
of each Fund entitled to notice of, and to vote at, the Annual Meeting. Shareholders of each Fund as of the close of business on the Record
Date will be entitled to one vote on each matter to be voted on by such Fund for each Share held and a fractional vote with respect to
fractional Shares with no cumulative voting rights.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Joint
Meeting.&nbsp;</I>The Annual Meeting is scheduled as a joint meeting of the Funds, whose votes on similar proposals applicable to such
Funds are being solicited separately, because the shareholders of the Funds are expected to consider and vote on similar matters. In the
event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and moves for the adjournment of his
or her Fund&rsquo;s meeting to a time immediately after the Annual Meeting so that each Fund&rsquo;s meeting may be held separately, the
persons named as proxies will vote in favor of such adjournment. Shareholders of each Fund will vote separately on the respective Proposal
relating to their Fund. In any event, an unfavorable vote on any Proposal by the shareholders of one Fund will not affect the implementation
of such Proposal by another Fund if the Proposal is approved by the shareholders of that Fund.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>How
to Vote Your Shares.&nbsp;</I>Whether or not you plan to attend the Annual Meeting, we urge you to complete, sign, date, and return the
enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet so your Shares will be represented at
the Annual Meeting. Instructions regarding how to vote via telephone or the Internet are included on the enclosed proxy card. The required
control number for Internet and telephone voting is printed on the enclosed proxy card. The control number is used to match proxy cards
with shareholders&rsquo; respective accounts and to ensure that, if multiple proxy cards are executed, Shares are voted in accordance
with the proxy card bearing the latest date.</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">26</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">All
Shares represented by properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance
with the instructions marked thereon or otherwise as provided therein.&nbsp;<B>If you sign the proxy card, but don&rsquo;t fill in a vote,
your Shares will be voted in accordance with the Board&rsquo;s recommendation (i.e., &ldquo;FOR&rdquo; each of the nominees).&nbsp;</B>If
any other business is brought before the Annual Meeting, your Shares will be voted in the proxies&rsquo; best judgment or discretion.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Shareholders
who execute proxy cards or record voting instructions via telephone or the Internet may revoke them at any time before they are voted
by filing with the Secretary of the Funds a written notice of revocation, by delivering (including via telephone or the Internet) a duly
executed proxy bearing a later date or by attending the Annual Meeting and voting. Merely attending the Annual Meeting, however, will
not revoke any previously submitted proxy.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Attending
the Annual Meeting.&nbsp;</I>The Annual Meeting will be held in a virtual meeting format only. Shareholders of record on the Record Date
for the Annual Meeting may participate in and vote at the Annual Meeting on the Internet by virtual means. To participate in the Annual
Meeting, shareholders must register in advance by visiting&nbsp;<U>https://www.viewproxy.com/Guggenheim/broadridgevsm</U>/ and submitting
the requested required information to Broadridge Financial Solutions, Inc. (&ldquo;Broadridge&rdquo;), the Funds&rsquo; proxy tabulator.
Only shareholders of record on the Record Date are entitled to notice of, and to vote at, the Annual Meeting or any postponement or adjournment
thereof. For additional information on how you can attend and participate in the Annual Meeting, please see How do I vote my Shares? on
page 3 of this Proxy Statement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">If
you have any questions regarding how to participate in and vote at the Annual Meeting, you may contact the Funds at (800) 345-7999.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Additional
Information Regarding Voting.&nbsp;</I>Broker-dealer firms holding Shares of a Fund in &ldquo;street name&rdquo; for the benefit of their
customers and clients will request the instructions of such customers and clients on how to vote their shares on the Proposal before the
Annual Meeting. The Funds understand that, under the rules of the NYSE, such broker-dealer firms may for certain &ldquo;routine&rdquo;
matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated by the Board to
vote if no instructions have been received prior to the date specified in the broker-dealer firm&rsquo;s request for voting instructions.
Each Proposal is a &ldquo;routine&rdquo; matter and beneficial owners who do not provide proxy instructions or who do not return a proxy
card may have their Shares voted by broker-dealer firms in favor of the Proposal. A properly executed proxy card or other authorization
by a beneficial owner of Shares that does not specify how the beneficial owner&rsquo;s Shares should be voted on the Proposal may be deemed
an instruction to vote such Shares in favor of the Proposal. Broker-dealers who are not members of the NYSE may be subject to other rules,
which may or may not permit them to vote your Shares without instruction. We urge you to provide instructions to your bank, broker or
other nominee so that your votes may be counted.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">27</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Funds will update certain data regarding the Funds, including performance data, on a monthly basis on its website at&nbsp;<U>www.guggenheiminvestments.com</U>.
Investors and others are advised to periodically check the website for updated performance information and the release of other material
information about the Funds.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Investment Adviser and Investment Sub-Adviser</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Guggenheim
Funds, a subsidiary of Guggenheim Partners, LLC (&ldquo;Guggenheim Partners&rdquo;), acts as each Fund&rsquo;s investment adviser pursuant
to an investment advisory agreement between each Fund and Guggenheim Funds. Guggenheim Funds is a registered investment adviser and acts
as investment adviser to a number of closed-end investment companies. Guggenheim Funds is a Delaware limited liability company with principal
offices located at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Guggenheim
Partners is a diversified financial services firm with wealth management, capital markets, investment management and proprietary investing
businesses, whose clients are a mix of individuals, family offices, endowments, foundations, insurance companies and other institutions
that have entrusted Guggenheim Partners with the supervision of more than $331 billion of assets as of September 30, 2021. Guggenheim
Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Guggenheim
Partners Investment Management, LLC (&ldquo;GPIM&rdquo;), an affiliate of Guggenheim Partners, acts as each Fund&rsquo;s investment sub-adviser
pursuant to separate sub-advisory agreements among each such Fund, the Adviser and GPIM. GPIM is a Delaware limited liability company,
with its principal offices located at 100 Wilshire Boulevard, Santa Monica, California 90401.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Administrator</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">MUFG
Investor Services (US) (&ldquo;MUFG&rdquo;) serves as the Funds&rsquo; administrator. MUFG is located at 805 King Farm Boulevard, Rockville,
Maryland 20850. Pursuant to an administration agreement with each Fund, MUFG provides certain administrative, bookkeeping and accounting
services to the Funds. MUFG also provides certain fund accounting services to the Funds pursuant to a fund accounting agreement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Ernst
&amp; Young LLP (&ldquo;E&amp;Y&rdquo;) has been selected as the independent registered public accounting firm for the Funds by the Audit
Committees of the Funds and approved by a majority of each Fund&rsquo;s Board, including a majority of the Independent Trustees, to audit
the accounts of the Funds for and during each Fund&rsquo;s current fiscal year. The Funds do not know of any direct or indirect financial
interest of E&amp;Y in the Funds.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">28</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Representatives
of E&amp;Y will be available to attend the Annual Meeting, will have the opportunity to make a statement if they desire to do so and will
be available to answer questions if necessary.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit and Other Fees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Audit
Fees.&nbsp;</I>For each Fund&rsquo;s two most recently completed fiscal years, the aggregate fees billed to each Fund by E&amp;Y for professional
services rendered for the audit of such Fund&rsquo;s annual financial statements are set forth on&nbsp;<U>Annex A</U>.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Audit-Related
Fees.&nbsp;</I>For each Fund&rsquo;s two most recently completed fiscal years, the aggregate fees billed by E&amp;Y and approved by the
Audit Committee of each Fund for assurance and related services reasonably related to the performance of the audit of such Fund&rsquo;s
annual financial statements (such fees relate to services rendered, and out of pocket expenses incurred, in connection with the Funds&rsquo;
registration statements, comfort letters and consents) are set forth on Annex A.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">E&amp;Y
did not perform any other assurance and related services that were required to be approved by the Funds&rsquo; Audit Committees for such
fiscal years.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Tax
Fees.&nbsp;</I>For each Fund&rsquo;s two most recently completed fiscal years, the aggregate fees billed by E&amp;Y and approved by the
Audit Committee of each Fund for professional services rendered for tax compliance, tax advice, and tax planning (such fees relate to
tax services provided by E&amp;Y in connection with the Fund&rsquo;s excise tax calculations and review of the Fund&rsquo;s tax returns)
are set forth on&nbsp;<U>Annex&nbsp;A</U>.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">E&amp;Y
did not perform any other tax compliance or tax planning services or render any tax advice that were required to be approved by the Funds&rsquo;
Audit Committee for such period.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>All
Other Fees.&nbsp;</I>For each Fund&rsquo;s two most recently completed fiscal years, the aggregate fees billed for products and services
provided by E&amp;Y, other than the services reported above in Audit Fees, Audit-Related Fees, and Tax Fees are set forth on&nbsp;<U>Annex
A</U>.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><I>Aggregate
Non-Audit Fees.&nbsp;</I>For each Fund&rsquo;s two most recently completed fiscal years, the aggregate non-audit fees billed by E&amp;Y
for services rendered to each Fund, Guggenheim Funds, and any entity controlling, controlled by or under common control with Guggenheim
Funds that provides ongoing services to the Fund (not including an investment sub-adviser whose primary role is portfolio management and
is sub-contracted with or overseen by another investment adviser) that directly related to the operations and financial reporting of the
Fund are set forth on&nbsp;<U>Annex A</U>.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit Committee&rsquo;s Pre-Approval Policies and Procedures</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">As
noted above, the Audit Committee is governed by the Audit Committee Charter, which includes Pre-Approval Policies and Procedures in Section
V of such Charter. Specifically, sections V.B.2 and V.B.3 of the Audit Committee Charter</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">29</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">contain the Pre-Approval Policies and Procedures and such sections
are included below reformatted for this Proxy.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>V.B.2.</B></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left; width: 85%"><I>Pre-Approval Policy (Trusts).&nbsp;</I>Pre-approve any engagement of the independent auditors
to provide any services, other than &ldquo;prohibited non-audit services,&rdquo; to the Trust, including the fees and other compensation
to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X).</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(a)</FONT>  <FONT STYLE="font-size: 9pt">The categories of services to be reviewed and considered for pre-approval include the following (collectively, &ldquo;Identified Services&rdquo;):</FONT></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">Audit Services</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Annual financial statement audits</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Seed audits (related to new product filings, as required)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; SEC and regulatory filings and consents</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">Audit-Related Services</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Accounting consultations</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Fund merger/reorganization support services</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Other accounting
related matters</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Agreed upon procedures reports</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Attestation reports</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Other internal control reports</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">Tax Services</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">&bull; Recurring tax services:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 10pt; width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of Federal and state income tax returns, including extensions</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of calculations of taxable income, including fiscal year tax designations</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of annual Federal excise tax returns (if applicable)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of calendar year excise distribution calculations</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; width: 20%">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Calculation of tax equalization on an as-needed basis</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of monthly/quarterly estimates of tax undistributed position for closed-end funds</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of the estimated excise distribution calculations on an as-needed basis</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of calendar year shareholder reporting designations on Form 1099</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of quarterly Federal, state and local and franchise tax estimated tax payments
on an as-needed basis</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 75%">Preparation of state apportionment calculations to properly allocate Fund taxable income
among the states for state tax filing purposes</TD>
</TR></TABLE>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">30</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="text-align: left; font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;<BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with management&rsquo;s identification of passive foreign investment companies
(PFICs) for tax purposes</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt">&bull; Permissible non-recurring tax services upon request:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with determining ownership changes which impact a Fund&rsquo;s utilization of
loss carryforwards</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with corporate actions and tax treatment of complex securities and structured
products</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with IRS ruling requests and calculation of deficiency dividends</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Conduct training sessions for the Adviser&rsquo;s internal tax resources</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with Federal, state, local and international tax planning and advice regarding
the tax consequences of proposed or actual transactions</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax services related to amendments to Federal, state and local returns and sales and use
tax compliance</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">RIC qualification reviews</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax distribution analysis and planning</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax authority examination services</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax appeals support services</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax accounting methods studies</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Fund merger, reorganization and liquidation support services</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Tax compliance, planning and advice services and related projects</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Assistance with out of state residency status</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%; text-align: right">o</TD><TD STYLE="text-align: left; width: 5%"></TD><TD STYLE="text-align: left; width: 75%">Provision of tax compliance services in India for Funds with direct investments in India</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(b)
The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000.&nbsp;</FONT></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(c)
For Identified Services with estimated fees of $25,000 or more, but less than $50,000, the Chair or any member of the Committee designated
by the Chair is hereby authorized to pre-approve such services on behalf of the Committee.&nbsp;</FONT></P>





<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(d)
For Identified Services with estimated fees of $50,000 or more, such services require pre-approval by the Committee.&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(e)</FONT>  <FONT STYLE="font-size: 9pt">All requests for Identified Services to be provided by the independent auditor that were pre-approved by the Committee shall be submitted to the Principal/Chief Accounting Officer (&ldquo;CAO&rdquo;) of the Trust by the independent auditor using the pre-approval request form attached as Appendix C to the Audit Committee Charter. The Trust&rsquo;s CAO will determine whether such services are included</FONT></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt">31</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 80pt">within the list of services that have received the general pre-approval
of the Committee.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(f)</FONT>  <FONT STYLE="font-size: 9pt">The independent auditors or the CAO of the Trust (or an officer of the Trust who reports to the CAO) shall report to the Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee). The report shall include a general description of the services and projected fees, and the means by which such services were approved by the Committee (including the particular category of Identified Services under which pre-approval was obtained).</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>V.B.3.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify; width: 85%"><I>Pre-Approval Policy (Adviser or Any Control Affiliate)&nbsp;</I>Pre-approve any engagement
of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit
services to the Adviser (or any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust), if the engagement
relates directly to the operations and financial reporting of the Trust (unless an exception is available under Rule 2-01 of Regulation
S-X).</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(a)
The Chair or any member of the Committee designated by the Chair may grant the pre-approval for non-audit services to the Adviser (or
any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial
reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented to the
Committee no later than the next regularly scheduled Committee meeting.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 60pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">(b)
For non-audit services to the Adviser (or any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust)
relating directly to the operations and financial reporting of the Trust for which the estimated fees are $25,000 or more, such services
require pre-approval by the Committee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Audit Committee has pre-approved all audit and non-audit services provided by E&amp;Y to the Funds, and all non-audit services provided
by E&amp;Y to Guggenheim Funds, or any entity controlling, controlled by, or under common control with Guggenheim Funds that provides
ongoing services to the Funds that are related to the operations of the Funds for the Funds&rsquo; two most recently completed fiscal
years.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">None
of the services described above for the Funds&rsquo; two most recently completed fiscal years were approved by the Audit Committee pursuant
to the pre-approval exception under Rule 2-01(c)(7)(i)(C) of Regulation S-X promulgated by the SEC.</FONT></P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">32</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Principal Shareholders</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">As
of the Record Date, to the knowledge of each Fund, no person beneficially owned more than 5% of the voting securities of any class of
securities of any of the Funds.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Section
16(a) of the Securities Exchange Act of 1934, and Section 30(h) of the 1940 Act require each Fund&rsquo;s officers and Trustees, certain
officers of each Fund&rsquo;s investment adviser, affiliated persons of the investment adviser, and persons who beneficially own more
than ten percent of a Fund&rsquo;s shares to file certain reports of ownership (&ldquo;Section 16 filings&rdquo;) with the SEC and the
NYSE. Based upon each Fund&rsquo;s review of the copies of such forms effecting the Section 16 filings received by it, each Fund believes
that for its most recently completed fiscal year, all filings applicable to such persons were completed and filed in a timely manner.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Privacy Principles of the Funds</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Funds are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following
information is provided to help you understand what personal information the Funds collect, how the Funds protect that information and
why, in certain cases, the Funds may share information with select other parties.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Generally,
the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information
of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders
or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example,
to a transfer agent or third party administrator).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
Funds restrict access to non-public personal information about their shareholders to employees of Guggenheim Funds with a legitimate business
need for the information. The Funds maintain physical, electronic and procedural safeguards designed to protect the non-public personal
information of their shareholders.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Deadline and Requirements for Shareholder Proposals</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Each
Fund&rsquo;s Amended and Restated By-Laws (the &ldquo;By-Laws&rdquo;) require compliance with certain procedures for a shareholder to
properly make a nomination for election as a Trustee or to propose other business for the Fund. If a shareholder who is entitled to do
so under a Fund&rsquo;s By-Laws wishes to nominate a person or persons for election as a Trustee or propose other business for the Fund,
that shareholder must provide a written notice to the Secretary of the Fund at the Fund&rsquo;s principal executive offices. Such notice
must include certain information about the proponent and the proposal, or in the case of a nomination, the nominee.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">33</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">A copy of each Fund&rsquo;s By-Laws, which includes the provisions
regarding the requirements for shareholder nominations and proposals, may be obtained by writing to the Secretary of the Fund at 227 West
Monroe Street, 7th Floor, Chicago, Illinois 60606. Any shareholder considering making a nomination or other proposal should carefully
review and comply with those provisions of the Fund&rsquo;s By-Laws.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Shareholder
proposals intended for inclusion in a Fund&rsquo;s proxy statement in connection with the 2023 annual meeting of shareholders pursuant
to Rule 14a-8 under the Exchange Act must be received by the Fund at the Fund&rsquo;s principal executive offices by November 4, 2022
in order to be considered for inclusion in the Fund&rsquo;s proxy statement. Timely submission of a proposal does not necessarily mean
that such proposal will be included in the Fund&rsquo;s proxy statement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">A
proposal, other than a proposal submitted pursuant to Rule 14a-8, must be received by the Fund&rsquo;s Secretary at the Fund&rsquo;s principal
executive offices not earlier than November 8, 2022 and not later than December 8, 2022 (which is also the date after which shareholder
nominations and proposals made outside of Rule 14a-8 under the Exchange Act would not be considered &ldquo;timely&rdquo; within the meaning
of Rule 14a-4(c) under the Exchange Act). If a proposal is not &ldquo;timely&rdquo; within the meaning of Rule 14a-4(c), then the persons
named as proxies in the proxies solicited by the Board for the 2022 annual meeting of shareholders may exercise discretionary voting power
with respect to any such proposal.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Expenses of Proxy Solicitation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
cost of the Annual Meeting, including the costs of preparing and mailing the notice, proxy statement and proxy, and the solicitation of
proxies, including reimbursement to broker-dealers and others who forwarded proxy materials to their clients, will be borne by the Funds.
Costs will be borne by the Funds in proportion to the number of proxies solicited on behalf of a Fund to the total proxies solicited on
behalf of all of the Funds. Certain officers of the Fund and certain officers and employees of Guggenheim Funds or their respective affiliates
(none of whom will receive additional compensation therefore) may solicit proxies by telephone, mail, e-mail and/or personal interviews.
Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation materials to their principals to obtain authorization
for the execution of proxies, and will be reimbursed by the Funds for such out-of-pocket expenses.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Other Matters</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">The
management of the Funds knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not
now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such
proxy in accordance with their best judgment or discretion on such matters.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Failure
of a quorum to be present at the Annual Meeting may result in an adjournment. The chair of the Annual Meeting may also move for an adjournment
of to permit further solicitation of proxies with respect to a Proposal if he or she</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">34</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><BR></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">determines that adjournment and further solicitation are reasonable
and in the best interests of the applicable Fund&rsquo;s shareholders. Any adjourned meeting or meetings may be held without the necessity
of another notice.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt">Please
vote promptly by signing and dating each enclosed proxy card and returning it in the accompanying postage-paid return envelope or by following
the enclosed instructions to vote by telephone or over the Internet.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 9pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on April 7, 2022</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">This Proxy Statement is available on the Internet
at&nbsp;<U>www.proxyvote.com</U>.</P>

<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">35</P>

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<P STYLE="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">This page intentionally
left blank.</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt">&nbsp;<BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.5pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Annex A</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit and Other Fees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Fiscal Year ended 2021</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-Audit Fees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9.1pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Year End</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Related</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Tax</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-Audit</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GBAB</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$69,276</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,952</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,952</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$80,228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GOF</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$97,616</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$13,779</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$13,779</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$111,395</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Fiscal Year ended 2020</I></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-Audit Fees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Audit</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9.1pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Year End</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Related</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Tax</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-Audit</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GBAB</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$69,276</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,952</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$10,952</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$80,228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GOF</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5/31</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$97,616</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$13,779</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$0</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$13,779</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$111,395</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">A&ndash;1</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><I>PROXY TABULATOR</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><I>P.O. BOX 9112</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>FARMINGDALE, NY 11735</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><IMG SRC="image_001.gif" ALT="Text&#10;&#10;Description automatically generated" STYLE="height: 56px; width: 256px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt"><B>To vote by Internet</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">1) Read the Proxy Statement and have the proxy card below at hand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">2) Go to website <B>www.proxyvote.com or scan the QR Barcode above</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">3) Follow the instructions provided on the website.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt"><B>To vote by Telephone</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">1) Read the Proxy Statement and have the proxy card below at hand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">2) Call <B>1-800-690-6903</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">3) Follow the instructions.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt"><B>To vote by Mail</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">1) Read the Proxy Statement.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">2) Check the appropriate boxes on the proxy card below. 3) Sign
and date the proxy card.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">4) Return the proxy card in the envelope provided.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt"><B>Vote at the Virtual Annual Meeting</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 140pt">To attend and vote at the virtual meeting, please register at https://viewproxy.com/Guggenheim/broadridgevsm/</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="padding: 0.75pt; width: 49%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 24%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D66920-P66800</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Guggenheim Taxable Municipal Bond &amp; Investment Grade Debt
Trust</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 0.75pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To elect Trustees in the following manner:</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class III Nominees to serve until 2025 annual</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>meeting or until a successor is elected and</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>qualified:</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Against </B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Abstain</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1a. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amy J. Lee</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><P STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></P></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1b. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sandra G. Sponem</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1c. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ronald E. Toupin, Jr.</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">To transact such other business as may properly come before the Annual Meeting or any adjournments,
postponements or delays thereof.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><B>PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY
IN THE ENCLOSED ENVELOPE</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please sign here exactly as your name appears in the records of
the Trust and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee,
guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="border: Black 1pt solid">
    <TD STYLE="padding: 0.75pt; width: 81%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 19%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="border: Black 1pt solid">
    <TD STYLE="padding: 0.75pt; width: 69%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Signature [Joint Owners]</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>





<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT
IS AVAILABLE AT</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>www.proxyvote.com</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>You can register to attend the virtual
shareholder meeting at</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>https://www.viewproxy.com/Guggenheim/broadridge/vsm/</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">D66921-P66800</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>Solicited on behalf of the Board of Trustees</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>GUGGENHEIM TAXABLE MUNICIPAL BOND &amp; INVESTMENT
GRADE DEBT TRUST Annual Meeting of Shareholders April 7, 2022</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Annual Meeting of Shareholders of Guggenheim Taxable Municipal
Bond &amp; Investment Grade Trust (the &quot;Trust&quot;) will be held virtually, on Thursday, April 7, 2022, at 10:00 a.m. Central Time
(the &quot;Annual Meeting&quot;). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them
or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned
at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally
present, upon the matters specified on the reverse side.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF
NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY
OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</B></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><I>PROXY TABULATOR</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><I>P.O. BOX 9112</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt"><I>FARMINGDALE, NY 11735</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><IMG SRC="image_002.gif" ALT="Logo&#10;&#10;Description automatically generated with low confidence" STYLE="height: 62px; width: 237px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt"><B>To vote by Internet</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">1) Read the Proxy Statement and have the proxy card below at hand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">2) Go to website <B>www.proxyvote.com or scan the QR Barcode above</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">3) Follow the instructions provided on the website.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt"><B>To vote by Telephone</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">1) Read the Proxy Statement and have the proxy card below at hand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">2) Call <B>1-800-690-6903</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">3) Follow the instructions.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt"><B>To vote by Mail</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">1) Read the Proxy Statement.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">2) Check the appropriate boxes on the proxy card below. 3) Sign
and date the proxy card.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">4) Return the proxy card in the envelope provided.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt"><B>Vote at the Virtual Annual Meeting</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 180pt">To attend and vote at the virtual meeting, please register at https://viewproxy.com/Guggenheim/broadridgevsm/</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 0.75pt; width: 49%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 24%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">D66922-P66800</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Guggenheim Strategic Opportunities Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 0.75pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To elect Trustees in the following manner:</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I Nominees to serve until 2024 annual</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Abstain</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1a. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Randall C. Barnes</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Angela Brock-Kyle</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amy J. Lee</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">2. To transact such other business as may properly come before the
Annual Meeting or any adjournments, postponements or delays thereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY
IN THE ENCLOSED ENVELOPE</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please sign here exactly as your name appears in the records of
the Trust and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee,
guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="border: Black 1pt solid">
    <TD STYLE="padding: 0.75pt; width: 81%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 19%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="border: Black 1pt solid">
    <TD STYLE="padding: 0.75pt; width: 69%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Signature [Joint Owners]</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>





<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #A0A0A0">


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT
IS AVAILABLE AT</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>www.proxyvote.com</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>You can register to attend the virtual
shareholder meeting at</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B><U>https://www.viewproxy.com/Guggenheim/broadridge/vsm/</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">D66923-P66800</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>Solicited on behalf of the Board of Trustees<BR>
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND<BR>
Annual Meeting of Shareholders<BR>
April 7, 2022</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Annual Meeting of Shareholders of Guggenheim Strategic Opportunities
Fund (the &quot;Fund&quot;) will be held virtually, on Thursday, April 7, 2022, at 10:00 a.m. Central Time (the &quot;Annual Meeting&quot;).
The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees,
with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting
and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters
specified on the reverse side.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF
NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON ANY
OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</B></P>

<P STYLE="font: 9pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
