UNITED STATES | |||
SECURITIES AND EXCHANGE COMMISSION | |||
Washington, D.C. 20549 | |||
SCHEDULE 14A INFORMATION | |||
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) | |||
Filed by the Co-Registrants x | |||
Filed by a Party other than the Co-Registrants o | |||
Check the appropriate box: | |||
o | Preliminary Proxy Statement | ||
o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||
x | Definitive Proxy Statement | ||
o | Definitive Additional Materials | ||
o | Soliciting Material Pursuant to §240.14a-12 | ||
Fiduciary/Claymore MLP Opportunity Fund Guggenheim Build America Bonds Managed Duration Trust Guggenheim Credit Allocation Fund Guggenheim Enhanced Equity Income Fund Guggenheim Enhanced Equity Strategy Fund Guggenheim Equal Weight Enhanced Equity Income Fund Guggenheim Strategic Opportunities Fund | |||
(Name of Co-Registrants as Specified In Their Charters) | |||
(Name of Person(s) Filing Proxy Statement, if other than the Co-Registrants) | |||
Payment of Filing Fee (Check the appropriate box): | |||
x | No fee required. | ||
o | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | ||
(1) | Title of each class of securities to which transaction applies: | ||
(2) | Aggregate number of securities to which transaction applies: | ||
(3) | 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): | ||
(4) | Proposed maximum aggregate value of transaction: | ||
(5) | Total fee paid: | ||
o | Fee paid previously with preliminary materials. | ||
o | 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. | ||
(1) | Amount Previously Paid: | ||
(2) | Form, Schedule or Registration Statement No.: | ||
(3) | Filing Party: | ||
(4) | Date Filed: |
FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND (NYSE: FMO)
GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST (NYSE: GBAB)
GUGGENHEIM CREDIT ALLOCATION FUND (NYSE: GGM)
GUGGENHEIM ENHANCED EQUITY INCOME FUND (NYSE: GPM)
GUGGENHEIM ENHANCED EQUITY STRATEGY FUND (NYSE: GGE)
GUGGENHEIM EQUAL WEIGHT ENHANCED EQUITY INCOME FUND (NYSE: GEQ)
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)
227 West Monroe Street, 7th Floor
Chicago, Illinois 60606
To be held on April 6, 2016
Notice is hereby given to the holders of common shares of beneficial interest, par value $0.01 per share (“Shares”), of each of Fiduciary/Claymore MLP Opportunity Fund (“FMO”), Guggenheim Build America Bonds Managed Duration Trust (“GBAB”), Guggenheim Credit Allocation Fund (“GGM”), Guggenheim Enhanced Equity Income Fund (“GPM”), Guggenheim Enhanced Equity Strategy Fund (“GGE”), Guggenheim Equal Weight Enhanced Equity Income Fund (“GEQ”), and Guggenheim Strategic Opportunities Fund (“GOF”) (FMO, GGM, GBAB, GPM, GGE, GEQ and GOF are each referred to herein as a “Fund” and collectively as the “Funds”) that the joint annual meeting of shareholders of the Funds (the “Annual Meeting”) will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, on Wednesday, April 6, 2016, at 10:00 a.m. (Central time). The Annual Meeting is being held for the following purposes:
1. To elect Trustees in the following manner:
(a) With respect to each of FMO, GBAB, GGM, GPM, GGE and GEQ:
(i) | To elect, as Class III Trustees, the Trustee nominees named in the accompanying proxy statement (Mr. Robert B. Karn III, Mr. Maynard F. Oliverius and Mr. Ronald E. Toupin, Jr.) to serve until each Fund’s 2019 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
(b) With respect to GOF only:
(i) | To elect, as Class I Trustees, the Trustee nominees named in the accompanying proxy statement (Mr. Randall C. Barnes, Mr. Donald C. Cacciapaglia, Mr. Donald A. Chubb, Jr. and Mr. Roman Friedrich III) to serve until the Fund’s 2018 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
THE BOARD OF TRUSTEES (THE “BOARD”) OF EACH FUND, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THE NOMINEES OF THE BOARD OF YOUR FUND LISTED IN THE ACCOMPANYING PROXY STATEMENT.
The Board of each Fund has fixed the close of business on February 23, 2016, 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.
It is important that your Shares be represented at the Annual Meeting in person or by proxy. Whether or not you plan to attend the Annual Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet pursuant to the instructions on the enclosed proxy card so you will be represented at the Annual Meeting. If you attend the Annual Meeting and wish to vote in person, you will be able to do so and your vote at the Annual Meeting will revoke any proxy you may have submitted. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.
By order of the
Board of each Fund:
Donald C. Cacciapaglia
Chief Executive Officer and President of each Fund
Chicago, Illinois
March 4, 2016
YOUR VOTE IS IMPORTANT
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.
IF YOU WISH TO ATTEND THE ANNUAL MEETING AND VOTE IN PERSON, YOU WILL BE ABLE TO DO SO. IF YOU INTEND TO ATTEND THE ANNUAL MEETING IN PERSON AND YOU ARE A RECORD HOLDER OF A FUND’S SHARES, IN ORDER TO GAIN ADMISSION YOU MUST SHOW PHOTOGRAPHIC IDENTIFICATION, SUCH AS YOUR DRIVER’S LICENSE. IF YOU INTEND TO ATTEND THE ANNUAL MEETING IN PERSON AND YOU HOLD YOUR SHARES THROUGH A BANK, BROKER OR OTHER CUSTODIAN, IN ORDER TO GAIN ADMISSION YOU MUST SHOW PHOTOGRAPHIC IDENTIFICATION, SUCH AS YOUR DRIVER’S LICENSE, AND SATISFACTORY PROOF OF OWNERSHIP OF SHARES OF A FUND, SUCH AS YOUR VOTING INSTRUCTION FORM (OR A COPY THEREOF) OR BROKER’S STATEMENT INDICATING OWNERSHIP AS OF A RECENT DATE. IF YOU HOLD YOUR SHARES IN A BROKERAGE ACCOUNT OR THROUGH A BANK OR OTHER NOMINEE, YOU WILL NOT BE ABLE TO VOTE IN PERSON AT THE ANNUAL MEETING UNLESS YOU HAVE PREVIOUSLY REQUESTED AND OBTAINED A “LEGAL PROXY” FROM YOUR BROKER, BANK OR OTHER NOMINEE AND PRESENT IT AT THE ANNUAL MEETING.
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FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND (NYSE: FMO)
GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION
TRUST (NYSE: GBAB)
GUGGENHEIM CREDIT ALLOCATION FUND (NYSE: GGM)
GUGGENHEIM ENHANCED EQUITY INCOME FUND (NYSE: GPM)
GUGGENHEIM ENHANCED EQUITY STRATEGY FUND (NYSE: GGE)
GUGGENHEIM EQUAL WEIGHT ENHANCED EQUITY INCOME FUND
(NYSE: GEQ)
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (NYSE: GOF)
FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON APRIL 6, 2016
This proxy statement (“Proxy Statement”) is furnished to the holders of common shares of beneficial interest, par value $0.01 per share (“Shares”), of Fiduciary/Claymore MLP Opportunity Fund (“FMO”), Guggenheim Build America Bonds Managed Duration Trust (“GBAB”), Guggenheim Credit Allocation Fund (“GGM”), Guggenheim Enhanced Equity Income Fund (“GPM”), Guggenheim Enhanced Equity Strategy Fund (“GGE”), Guggenheim Equal Weight Enhanced Equity Income Fund (“GEQ”) and Guggenheim Strategic Opportunities Fund (“GOF”) (FMO, GGM, GBAB, GPM, GGE, GEQ and GOF are each referred to herein as a “Fund” and collectively as the “Funds”) in connection with the solicitation by the Board of Trustees (the “Board”) of each Fund of proxies to be voted at the joint annual meeting of shareholders of the Funds to be held on Wednesday, April 6, 2016, and any adjournments, postponements or delays thereof (the “Annual Meeting”). The Annual Meeting will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606 on Wednesday, April 6, 2016, at 10:00 a.m. (Central time).
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 (“Notice of Joint Annual Meeting”). Much of the information in this Proxy Statement is required under rules of the U.S. Securities and Exchange Commission (“SEC”). If there is anything you don’t understand, please contact us at our toll-free number, (800) 345-7999.
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Each Fund will furnish to any shareholder, without charge, a copy of such Fund’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.
The Notice of Annual Meeting, this Proxy Statement and the enclosed proxy card(s) are first being sent to the Funds’ shareholders on or about March 4, 2016.
• | Why is a shareholder meeting being held? |
The Shares of each Fund are listed on the New York Stock Exchange (“NYSE”) and the rules of the NYSE require each Fund to hold an annual meeting of shareholders to elect Trustees each fiscal year. |
• | What Proposal will be voted on? |
To elect Trustees in the following manner: | |
(a) With respect to each of FMO, GBAB, GGM, GPM, GGE and GEQ: |
(i) | To elect, as Class III Trustees, the Trustee nominees named in this proxy statement (Mr. Robert B. Karn III, Mr. Maynard F. Oliverius and Mr. Ronald E. Toupin, Jr.) to serve until each Fund’s 2019 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
(b) With respect to GOF only: |
(i) | To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall C. Barnes, Mr. Donald C. Cacciapaglia, Mr. Donald A. Chubb, Jr. and Mr. Roman Friedrich III) to serve until the Fund’s 2018 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
Will my vote make a difference? |
Yes! Your vote is important and could make a difference in the governance of the Fund(s), no matter how many Shares you own. | |
• | Who is asking for my vote? |
The enclosed proxy card is solicited by the Board of each Fund for use at the Annual Meeting to be held on Wednesday, April 6, 2016, and any adjournments, postponements or delays thereof, for thepurposes stated in the Notice of Joint Annual Meeting. |
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• | How does the Board recommend that shareholders vote on the Proposal? |
The Board unanimously recommends that you vote “FOR” the nominees of the Board of your Fund. | |
The Board has reviewed the qualifications and backgrounds of the Board’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-advisers of the Funds. The Board has approved the nominees named in this Proxy Statement and believes their election is in your best interests as shareholders. |
• | Who is eligible to vote? |
Shareholders of record of each Fund at the close of business on February 23, 2016 (the “Record Date”), are entitled to be present and to vote at the Annual Meeting or any adjournments, postponements or delays thereof. Each Share is entitled to one vote on the Proposal and a fractional vote with respect to fractional Shares, with no cumulative voting. Shares represented by duly executed proxies will be voted in accordance with your instructions. | |
• | How do I vote my Shares? |
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’ 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. | |
If you wish to attend the Annual Meeting and vote in person, you will be able to do so. If you intend to attend the Annual Meeting in person and you are a record holder of a Fund’s Shares, in order to gain admission you must show photographic identification, such as your driver’s license. If you intend to attend the Annual Meeting in person and you hold your Shares through a bank, broker or other custodian, in order to gain admission you must show photographic identification, such as your driver’s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a |
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recent date. If you hold your Shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the Annual Meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the Annual Meeting. You may contact the Funds at (800) 345-7999 to obtain directions to the site of the Annual Meeting. | |
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. If you sign the proxy card, but don’t fill in a vote, your Shares will be voted in accordance with the Board’s recommendation. If any other business is brought before the Annual Meeting, your Shares will be voted at the proxies’ discretion. | |
Shareholders who execute proxy cards or record their voting instructions via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Funds a written notice of revocation, by delivering (including via telephone or the Internet) a duly executed proxy bearing a later date or by attending the Annual Meeting and voting in person. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy. | |
Broker-dealer firms holding Shares of a Fund in “street name” 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 “routine” 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’s request for voting instructions. Each Proposal is a “routine” 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’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. |
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• | What vote is required to elect a Trustee nominee? |
For FMO, GBAB, GGM, GGE, GEQ and GOF the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee. | |
For GPM, the affirmative vote of a plurality of the shares voted is necessary to elect a Trustee nominee. |
• | Why does this Proxy Statement list multiple closed-end funds? |
The Funds have similar proposals and it is cost-efficient to have a joint Proxy Statement and joint Annual Meeting. The Annual Meeting is scheduled as a joint meeting of the Funds and certain affiliated funds, whose votes on similar proposals applicable to such funds are being solicited separately, because the shareholders of the 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’s meeting to a time immediately after the Annual Meeting so that each Fund’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. | |
• | How many shares of each Fund were outstanding as of the record date? |
At the close of business on February 23, 2016, the Funds had the following Shares outstanding: |
Fund | Number of Shares Outstanding |
FMO | 33,572,117 |
GBAB | 17,413,674 |
GGM | 6,629,724 |
GPM | 19,077,318 |
GGE | 4,993,991 |
GEQ | 8,774,050 |
GOF | 17,658,965 |
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Introduction
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:
(a) With respect to each of FMO, GBAB, GGM, GPM, GGE and GEQ: |
(i) | To elect, as Class III Trustees, the Trustee nominees named in this proxy statement (Mr. Robert B. Karn III, Mr. Maynard F. Oliverius and Mr. Ronald E. Toupin, Jr.) to serve until each Fund’s 2019 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
(b) With respect to GOF only: |
(i) | To elect, as Class I Trustees, the Trustee nominees named in this proxy statement (Mr. Randall C. Barnes, Mr. Donald C. Cacciapaglia, Mr. Donald A. Chubb, Jr. and Mr. Roman Friedrich III) to serve until the Fund’s 2018 annual meeting of shareholders or until their respective successors shall have been elected and qualified. |
Composition of the Board of Trustees
FMO, GBAB, GGM, GEQ, GGE and GPM:
The Trustees of FMO, GBAB, GGM, GEQ, GGE and GPM are classified into three classes of Trustees, as follows:
Class I Trustee* | Class II Trustees** | Class III Trustees*** |
Randall C. Barnes | Jerry B. Farley | Robert B. Karn III |
Donald C. Cacciapaglia | Roman Friedrich III | Maynard F. Oliverius |
Donald A. Chubb, Jr. | Ronald A. Nyberg | Ronald E. Toupin, Jr. |
_________________
* | Class I Trustees are expected to next stand for election in 2017. |
** | Class II Trustees are expected to next stand for election in 2018. |
*** | Class III Trustees are standing for election at the Annual Meeting, and are expected to next stand for election in 2019. |
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GOF:
The Trustees of GOF are classified into two classes of Trustees, as follows:
Class I Trustee* | Class II Trustees** |
Randall C. Barnes | Jerry B. Farley |
Donald C. Cacciapaglia | Robert B. Karn III |
Donald A. Chubb, Jr. | Ronald A. Nyberg |
Roman Friedrich III | Maynard F. Oliverius |
Ronald E. Toupin, Jr. |
_________________
* | Class I Trustees are standing for election at the Annual Meeting, and are expected to next stand for election in 2018. |
** | Class II Trustees are expected to next stand for election in 2017. |
Election of Trustees
Each Trustee nominee, if elected at the Annual Meeting, will hold office for a term in accordance with his respective Class or until his respective successor shall have been elected and qualified or until he resigns or is otherwise removed. The other Trustees of the Funds will continue to serve under their current terms and will stand for re-election at subsequent annual meetings of shareholders as indicated above.
Unless authority is withheld or other instructions are provided, it is the intention of the persons named in the proxy card to vote “FOR” 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.
Trustees
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 (“Guggenheim Funds” or the “Adviser”), each Fund’s investment adviser, (iii) Advisory Research, Inc., investment sub-adviser to FMO, (iv) Security Investors, LLC ("Security Investors"), investment sub-adviser to GEQ or (v) Guggenheim Partners Investment Management, LLC (“GPIM”) (each of GPIM and Security Investors, a "Sub-Adviser," and together, the "Sub-Advisers"), investment sub-adviser to GBAB, GGM, GPM, GGE, GEQ and GOF, and who satisfy the requirements contained in the definition of “independent” as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Independent Trustees”).
The Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds or its affiliates. The Fund Complex is composed of 14 closed-end funds (including the Funds), 65 exchange-traded funds and 162 open-end funds advised or serviced by the Adviser or its affiliates.
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Other | |||||
Term of | Directorships | ||||
Office | Number of | held by | |||
and | Portfolios in | Trustee | |||
Name, | Position(s) | Length | Fund Complex | During | |
Address(1) | Held with | of Time | Principal Occupation | Overseen by | the Past |
and Age | Funds | Served | During The Past Five Years | Trustee | Five Years |
INDEPENDENT TRUSTEES: | |||||
Randall C. Barnes | Trustee | † | Current: Private Investor (2001-present). | 105 | Current: Purpose |
Year of birth: 1951 | Former: Senior Vice President & | Investments, Inc. | |||
Treasurer, PepsiCo, Inc. (1993-1997), | (2014-present). | ||||
President, Pizza Hut International | |||||
(1991-1993) and Senior Vice President, | |||||
Strategic Planning and New Business | |||||
Development, PepsiCo, Inc. (1987-1990). | |||||
Donald A. | Trustee | † | Current: Business broker and manager | 101 | Current: Midland |
Chubb, Jr. | of commercial real estate, Griffith & | Care, Inc. | |||
Year of Birth: 1946 | Blair, Inc. (1997-present). | (2011-present). | |||
Jerry B. Farley | Trustee | † | Current: President, Washburn University | Current: Westar | |
Year of Birth: 1946 | (1997-present). | 101 | Energy, Inc. | ||
(2004-present); | |||||
CoreFirst Bank & | |||||
Trust (2000- | |||||
present). | |||||
Roman | Trustee and chairman of | † | Current: Founder and Managing Partner | 101 | Current: Zincore Metals, Inc. |
Friedrich III | Contracts Review | of Roman Friedrich & Company | (2009-present). | ||
Year of Birth: 1946 | Committee | (1998-present). | |||
Former: Senior Managing Director of | Former: Axiom | ||||
MLV & Co., LLC | Gold and | ||||
(2010-2011). | Silver Corp. | ||||
(2011-2012). | |||||
Robert B. Karn III | Trustee and chairman of the | † | Current: Consultant (1998-present). | 101 | Current: Peabody |
Year of birth: 1942 | Audit Committee | Former: Arthur Andersen, LLP (1965-1997) and | Energy Company | ||
Managing Partner, Financial and Economic | (2003 - present) | ||||
Consulting, St. Louis office (1987-1997). | and GP Natural | ||||
Resource Partners | |||||
LLC (2002 - | |||||
present). | |||||
Ronald A. Nyberg | Trustee and chairman of the | † | Current: Partner of Nyberg & Cassioppi, | 107 | Current: Edward- |
Year of birth: 1953 | Nominating and Governance | LLC, a law firm (2000-present). | Elmhurst | ||
Committee | System | ||||
Former: Executive Vice President, General | (2012-present). | ||||
Counsel and Corporate Secretary of Van | |||||
Kampen Investments (1982-1999). | |||||
Maynard F. | Trustee | † | Current: Retired. | 101 | Current: Fort |
Oliverius | Hays State | ||||
Year of Birth: 1943 | Former: President and Chief Executive | University | |||
Officer, Stormont-Vail HealthCare | (1999-present); | ||||
(1996- 2012). | Stormont-Vail | ||||
Foundation | |||||
(2013-present); | |||||
University of | |||||
Minnesota MHA | |||||
Alumni | |||||
Philanthropy | |||||
Committee | |||||
(2009-present). |
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Other | |||||
Term of | Directorships | ||||
Office | Number of | held by | |||
and | Portfolios in | Trustee | |||
Name, | Position(s) | Length | Fund Complex | During | |
Address(1) | Held with | of Time | Principal Occupation | Overseen by | the Past |
and Age | Funds | Served | During The Past Five Years | Trustee | Five Years |
INDEPENDENT TRUSTEES: (continued) | |||||
Ronald E. | Trustee and chairman of | † | Current: Portfolio Consultant | 104 | Former: Trustee, |
Toupin, Jr. | the Board | (2010-present). | Bennett Group | ||
Year of birth: 1958 | of Funds | ||||
Former: Vice President, Manager and | (2011-2013). | ||||
Portfolio Manager of Nuveen Asset | |||||
Management (1998-1999), Vice | |||||
President of Nuveen Investment | |||||
Advisory Corp. (1992-1999), Vice | |||||
President and Manager of Nuveen Unit | |||||
Investment Trusts (1991-1999) and | |||||
Assistant Vice President and Portfolio | |||||
Manager of Nuveen Unit Investment | |||||
Trusts (1988-1999), each of John Nuveen | |||||
& Co., Inc. (1982-1999). | |||||
INTERESTED TRUSTEES: | |||||
Donald C. | Interested | † | Current: President and CEO, certain other | 236 | Current: Clear |
Cacciapaglia | Trustee | funds in the Fund Complex (2012- | Spring Life | ||
Year of birth: 1951 | present); Vice Chairman of Guggenheim | Insurance | |||
Investments (2010-present). | Company | ||||
(2015-present); | |||||
Former: Chairman and CEO of Channel | Guggenheim | ||||
Capital Group Inc. (2002-2010). | Partners Japan, | ||||
Ltd. (2014- | |||||
present); | |||||
Delaware Life | |||||
(2013- | |||||
present);Guggenh | |||||
eim Life and | |||||
Annuity | |||||
Company (2011- | |||||
present); Paragon | |||||
Life Insurance | |||||
Company of | |||||
Indiana (2011- | |||||
present). |
_________________
(1) | The business address of each Trustee is Guggenheim Investments, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606. | ||||||||
† | Each Trustee is generally expected to serve a term as set forth herein under “Composition of the Board of Trustees.” Each Trustee has served as a Trustee of each respective Fund since the year shown below: |
FMO | GBAB | GGM | GPM | GGE | GEQ | GOF | |
Independent Trustees | |||||||
Barnes | 2004 | 2010 | 2013 | 2005 | 2010 | 2011 | 2007 |
Chubb | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
Farley | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
Friedrich | 2011 | 2010 | 2013 | 2011 | 2003 | 2011 | 2010 |
Karn | 2004 | 2010 | 2013 | 2011 | 2010 | 2011 | 2010 |
Nyberg | 2004 | 2010 | 2013 | 2005 | 2003 | 2011 | 2007 |
Oliverius | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
Toupin | 2004 | 2010 | 2013 | 2005 | 2003 | 2011 | 2007 |
Interested Trustee | |||||||
Cacciapaglia | 2012 | 2012 | 2013 | 2012 | 2012 | 2012 | 2012 |
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Trustee Qualifications
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.
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’ 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.
Randall C. Barnes. Mr. Barnes has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee of the Funds, employment experience as President of Pizza Hut International and as Treasurer of PepsiCo, Inc. and his personal investment experience. Mr. Barnes is experienced in financial, accounting, regulatory and investment matters.
Donald C. Cacciapaglia. Mr. Cacciapaglia has served as a trustee of certain funds in the Fund Complex since 2012. Mr. Cacciapaglia has over 25 years of experience in the financial industry and has experience in financial, regulatory, distribution and investment matters.
Donald A. Chubb, Jr. Mr. Chubb has served as a trustee of certain funds in the Fund Complex since 1994. Through his service as a Trustee of the Funds, his experience in the commercial brokerage and commercial real estate market, and his prior experience, including as a director of Fidelity State Bank and Trust Company (Topeka, KS), Mr. Chubb is experienced in financial, regulatory and investment matters.
Dr. Jerry B. Farley. Dr. Farley has served as a trustee of certain funds in the Fund Complex since 2005. Dr. Farley currently serves as President of Washburn University and previously served in various executive positions for the University of Oklahoma and Oklahoma State University. He has also been a Certified Public Accountant since 1972 and, although he has not practiced public accounting, his business responsibilities at education institutions have included all aspects of financial management and reporting. Through his service as a Trustee of the Funds and his experience in the administration of the academic, business and fiscal operations of educational institutions, including currently serving as President of Washburn University, and service on other boards, Dr. Farley is experienced in accounting, financial, regulatory and investment matters.
Roman Friedrich III. Mr. Friedrich has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as Chairman of the Contracts Review Committee, his service on other public company boards, his experience as Founder and Managing Partner of Roman
10
Friedrich & Company, a financial advisory firm, and his prior experience as a senior executive of various financial securities firms, Mr. Friedrich is experienced in financial, investment and regulatory matters.
Robert B. Karn III. Mr. Karn has served as a trustee of certain funds in the Fund Complex since 2004. Through his service as a Trustee of the Funds and as Chairman of the Audit Committee, his service on other public and private company boards, his experience as an accountant and consultant, and his prior experience, including Managing Partner of the Financial and Economic Consulting Practice of the St. Louis office of Arthur Andersen, LLP, Mr. Karn is experienced in accounting, financial, investment and regulatory matters.
Ronald A. Nyberg. Mr. Nyberg has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as Chairman of the Nominating & Governance Committee, his professional training and experience as an attorney and partner of a law firm, Nyberg & Cassioppi. LLC, and his prior employment experience, including Executive Vice President and General Counsel of Van Kampen Investments, an asset management firm, Mr. Nyberg is experienced in financial, regulatory and governance matters.
Maynard F. Oliverius. Mr. Oliverius has served as a trustee of certain funds in the Fund Complex since 1998. Through his service as a Trustee of the Funds and his prior experience as President and Chief Executive Officer of Stormont-Vail HealthCare and service on the Board of Trustees of the American Hospital Association, Mr. Oliverius is experienced in financial and regulatory matters.
Ronald E. Toupin, Jr. Mr. Toupin has served as a trustee of certain funds in the Fund Complex since 2003. Through his service as a Trustee of the Funds and as Chairman of the Board, and his professional training and prior employment experience, including Vice President and Portfolio Manager for Nuveen Asset Management, an asset management firm, Mr. Toupin is experienced in financial, regulatory and investment matters.
Each Trustee has considerable familiarity with fund management and the special regulatory requirements governing regulated investment companies and the special responsibilities of investment company trustees as a result of his substantial prior service as a Trustee of the Funds and/or other funds in the Fund Complex.
11
Executive Officers
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.
Term of | |||
Office and | |||
Name, | Length | ||
Address(1) | of Time | Principal Occupation | |
and Age | Title | Served(2) | During the Past Five Years |
Amy J. Lee | Chief | Since 2012 | Current: Chief Legal Officer, certain other funds |
Year of birth: 1961 | Legal | in the Fund Complex (2013-present); Senior | |
Officer | Managing Director, Guggenheim Investments | ||
(2012-present). | |||
Former: Vice President, Associate General | |||
Counsel & Assistant Secretary, Security Benefit | |||
Life Insurance Company and Security Benefit | |||
Corporation (2004-2012); | |||
Joanna Catalucci | Chief | Since 2012 | Current: Chief Compliance Officer, certain funds |
Year of birth: 1966 | Compliance | in the Fund Complex (2012-present); Senior | |
Officer | Managing Director, Guggenheim Investments | ||
(2012-present). | |||
Former: Chief Compliance Officer & Secretary, | |||
certain other funds in the Fund Complex (2008- | |||
2012); Senior Vice President & Chief Compliance | |||
Officer, Security Investors, LLC and certain | |||
affiliates (2010-2012); Chief Compliance Officer | |||
and Senior Vice President, Rydex Advisors, LLC | |||
and certain affiliates (2010-2011). | |||
John Sullivan | Chief | Since 2010 | Current: Chief Financial Officer, Chief |
Year of birth: 1955 | Financial | Accounting Officer and Treasurer of certain funds | |
Officer, Chief | in the Fund Complex (2010-present); Senior | ||
Accounting | Managing Director, Guggenheim Investments | ||
Officer and | (2010-present). | ||
Treasurer | |||
Former: Managing Director and Chief | |||
Compliance Officer, each of the funds in the Van | |||
Kampen Investments fund complex (2004-2010); | |||
Managing Director and Head of Fund Accounting | |||
and Administration, Morgan Stanley Investment | |||
Management (2002-2004); Chief Financial | |||
Officer and Treasurer, Van Kampen Funds | |||
(1996-2004). | |||
William H. Belden, III | Vice President | Since 2014 | Current: Vice President, certain other funds in the |
Year of birth: 1965 | Fund Complex (2006-present); Managing Director, | ||
Guggenheim Funds Investment Advisors, LLC | |||
(2005- present). | |||
Former: Vice President of Management, Northern | |||
Trust Global Investments (1999-2005). | |||
Bryan Stone | Vice President | Since 2014 | Current: Vice President, certain other funds in the |
Year of birth: 1979 | Fund Complex (2014-present); Director, Guggenheim | ||
Investments (2013-present). | |||
Former: Senior Vice President, Neuberger Berman | |||
Group LLC (2009-2013); Vice President, Morgan | |||
Stanley (2002-2009). | |||
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Term of | |||
Office and | |||
Name, | Length | ||
Address(1) | of Time | Principal Occupation | |
and Age | Title | Served(2) | During the Past Five Years |
Mark E. Mathiasen | Secretary | Since 2007 | Current: Secretary, certain other funds in the Fund |
Year of birth: 1978 | Complex (2007-present); Managing Director, | ||
Guggenheim Investments (2007-present). | |||
Michael P. Megaris | Assistant | Since 2014 | Current: Assistant Secretary, certain other funds |
Year of birth: 1984 | Secretary | in the Fund Complex (2014-present); Senior | |
Associate, Guggenheim Investments (2012- | |||
present). Former: J.D., University of Kansas | |||
School of Law (2009-2012). | |||
Joseph M. Arruda | Assistant | Since 2014 | Current: Assistant Treasurer, certain other funds |
Year of birth: 1966 | Treasurer | in the Fund Complex (2006-present); Vice President, | |
Security Investors, LLC (2010-present); CFO and | |||
Manager, Guggenheim Specialized Products, LLC | |||
(2009-present). | |||
Former: Vice President, Security Global Investors, | |||
LLC (2010-2011); Vice President, Rydex Advisors, | |||
LLC (2010); Vice President, Rydex Advisors II, | |||
LLC (2010). |
James Howley | Assistant | Since 2007 | Current: Director, Guggenheim Investments |
Year of birth: 1972 | Treasurer | (2004-present). Assistant Treasurer, certain other | |
funds in the Fund Complex (2006-present). | |||
Former: Manager, Mutual Fund Administration of | |||
Van Kampen Investments, Inc. (1996-2004). | |||
Kimberly Scott | Assistant | Since 2012 | Current: Vice President, Guggenheim Investments |
Year of birth: 1974 | Treasurer | (2012-present); Assistant Treasurer, certain other | |
funds in the Fund Complex (2012-present). | |||
Former: Financial Reporting Manager for | |||
Invesco, Ltd. (2010-2011); Vice | |||
President/Assistant Treasurer, Mutual Fund | |||
Administration for Van Kampen Investments, | |||
Inc./Morgan Stanley Investment Management | |||
(2009-2010); Manager- Mutual Fund | |||
Administration for Van Kampen Investments, | |||
Inc./Morgan Stanley Investment Management | |||
(2005-2009). | |||
Adam Nelson | Assistant | Since 2015 | Current: Vice President, Guggenheim Investments |
Year of birth: 1979 | Treasurer | (2015-present); Assistant Treasurer, certain other | |
funds in the Fund Complex (2015-present). | |||
Former: Assistant Vice President and Fund | |||
Administration Director, State Street Corporation | |||
(2013-2015); Fund Administration Assistant | |||
Director, State Street (2011-2013); Fund | |||
Administration Manager, State Street (2009-2011). |
_________________
(1) | The business address of each officer of the Funds is Guggenheim Investments, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606, unless otherwise noted. |
(2) | 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. |
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Board Leadership Structure
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’ day-to-day operations are managed by the Adviser, the applicable Sub-Adviser and other service providers who have been approved by the Board. The Board is currently comprised of nine Trustees, eight of whom (including the chairperson) are Independent Trustees. Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law.
The Board has appointed an Independent Chairman, Ronald E. Toupin, Jr., who presides at Board meetings and who is responsible for, among other things, participating in the planning of Board meetings, setting the tone of Board meetings and seeking to encourage open dialogue and independent inquiry among the Trustees and management. In addition, the Independent Chairman acts a liaison with officers, counsel and other Trustees between meetings of the Board. The Independent Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has established four standing committees (as described below) and has delegated certain responsibilities to those committees, each of which is comprised solely of Independent Trustees. The Board and its committees meet periodically throughout the year to oversee the Funds’ activities, review contractual arrangements with service providers, review the Funds’ financial statements, oversee compliance with regulatory requirements, and review performance. The Board may also establish informal working groups from time to time to review and address the policies and practices of the Trust or the Board with respect to certain specified matters. The Independent Trustees are represented by independent legal counsel experienced in Investment Company Act of 1940, as amended (“1940 Act”) matters and are represented by such independent legal counsel at Board and committee meetings. The Board has determined that this leadership structure, including an Independent Chairman, a supermajority of Independent Trustees and committee membership limited to Independent Trustees, is appropriate in light of the characteristics and circumstances of the Funds.
Board Committees
The Trustees have determined that the efficient conduct of the Funds’ 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, and the Contracts Review Committee.
Executive Committee. Donald A. Chubb, Jr. and Ronald E. Toupin, Jr., who are not “interested persons” of the Funds, as defined in the 1940 Act, serve on the Funds’ Executive Committee. The Executive Committee is authorized to act on behalf of and with the full authority of the Board of Trustees when necessary in the intervals between meetings of the Board of Trustees.
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Audit Committee. The Board has an Audit Committee, which is composed of Randall C. Barnes, Roman Friedrich III, Donald A. Chubb, Jerry B. Farley, Maynard F. Oliverius, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an Independent Trustee (as defined herein) and is “independent” as defined by NYSE listing standards. Mr. Karn serves as Chairman of the Audit Committee.
The Audit Committee is generally responsible for certain oversight matters, such as reviewing the Funds’ systems for accounting, financial reporting and internal controls and, as appropriate, the internal controls of certain service providers, overseeing the integrity of the Funds’ financial statements (and the audit thereof), as well as the qualifications, independence and performance of the Funds’ independent registered public accounting firm. The Audit Committee is also responsible for recommending to the Board the appointment, retention and termination of the Funds’ independent registered accounting firm and acting as a liason between the Board and the Funds’ independent registered public accounting firm. Each member of the Audit Committee is an Independent Trustee as defined above and also meets the additional independence requirements for audit committee members as defined by the NYSE listing standards.
The Audit Committee is governed by a written charter (the “Audit Committee Charter”). The Audit Committee Charter is available under “News & Literature” on each Fund’s page at www.guggenheiminvestments.com/products/cef.
The Audit Committee presents the following report on behalf of each Fund:
The Audit Committee has performed the following functions: (i) the Audit Committee reviewed and discussed the audited financial statements of the Fund with management of the Fund, (ii) the Audit Committee discussed with the Fund’s independent registered public accounting firm the matters required to be discussed by the Public Company Accounting Oversight Board’s Auditing Standard No. 16, and (iii) the Audit Committee received the written disclosures and the letter from the Fund’s independent registered public accounting firm as required by Public Company Accounting Oversight Board’s Ethics & Independence Rule 3526 and has discussed with the Fund’s independent registered public accounting firm the independence of the Fund’s independent registered public accounting firm. Based on the Audit Committee’s reviews and discussions referred to above, including its discussion with management and the Fund’s independent registered public accounting firm, the Audit Committee recommended and approved, pursuant to authority delegated by Board of Trustees of the Fund, that the audited financial statements be included in the Fund’s Annual Reports for the past fiscal year.
Nominating and Governance Committee. The Board has a Nominating and Governance Committee, which is composed of Randall C. Barnes, Donald A. Chubb, Jr., Jerry B. Farley, Maynard F. Oliverius, Roman Friedrich III, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an
15
Independent Trustee and is “independent” as defined by NYSE listing standards. Mr. Nyberg serves as Chairman of the Nominating and Governance Committee.
The Nominating and Governance Committee is governed by a written charter (the “Nominating and Governance Committee Charter”). The Nominating and Governance Committee Charter is available under “News & Literature” on each Fund’s page at www.guggenheiminvestments.com/products/cef.
The Nominating and Governance Committee (i) evaluates and recommends all candidates for election or appointment as members of the Board and recommends the appointment of members and chairs of each committee of the Board, (ii) reviews policy matters affecting the operation of the Board and committees of the Board, and (iii) periodically evaluates the effectiveness of the Board and committees of the Board.
In considering Trustee nominee candidates, the Nominating and Governance Committee requires that Trustee candidates have a college degree or equivalent business experience and may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to): availability andcommitment of a candidate to attend meetings and perform the responsibilities of a Trustee, relevant experience, educational background, financial expertise, the candidate’s ability, judgment and expertise and overall diversity of the Board’s composition. The Nominating and Governance Committee may consider candidates recommended by various sources, including (but not limited to): such Fund’s Trustees, officers, investment advisers and shareholders. The Nominating and Governance Committee will not nominate a person for election to the Board as an Independent Trustee in contravention of its Independent Trustee Retirement Policy. The Nominating and Governance Committee may, but is not required to, retain a third party search firm to identify potential candidates.
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 “interested person” of the Funds as such term is defined under the 1940 Act; (ii) be prepared to submit character references and agree to appropriate background checks; and (iii) be prepared to meet with one or more members of the Nominating and Governance Committee at a time and location convenient to those Nominating and Governance Committee members in order to discuss the nominee’s qualifications.
The Nominating and Governance Committee will consider Trustee candidates recommended by shareholders of the Funds. The Nominating and Governance Committee will consider and evaluate Trustee nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources.
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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’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.
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 “Procedures for Shareholders to Submit Nominee Candidates” that are set forth as Appendix B to the Nominating and Governance Committee Charter. Shareholder recommendations must be sent to the Funds’ Secretary, c/o Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.
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.
Contracts Review Committee. The Board has a Contracts Review Committee, which oversees the contract review process, including review of the Funds’ advisory agreements and other contracts with affiliated service providers. The Contracts Review Committee is composed of Donald A. Chubb, Jr., Jerry B. Farley, Maynard F. Oliverius, Randall C. Barnes, Roman Friedrich III, Robert B. Karn III, Ronald A. Nyberg and Ronald E. Toupin, Jr., each of whom is an Independent Trustee. Mr. Friedrich serves as Chairman of the Contracts Review Committee.
Board and Committee Meetings
Information regarding the number of meetings of the Board, Audit Committee, Nominating and Governance Committee and Contracts Review Committee of each Fund during such Fund’s most recently completed fiscal year is set forth in the table below:
Nominating | Contract | ||||
Audit | and | Review | |||
Fiscal Year | Board | Committee | Governance | Committee | |
Fund | End | Meetings | Meetings | Meetings | Meetings |
FMO | 11/30/2015 | 6 | 5 | 4 | 1 |
GBAB | 5/31/2015 | 4 | 5 | 2 | 1 |
GGM | 5/31/2015 | 4 | 5 | 2 | 1 |
GPM | 12/31/2015 | 6 | 4 | 4 | 1 |
GGE | 10/31/2015 | 6 | 5 | 2 | 1 |
GEQ | 12/31/2015 | 6 | 4 | 4 | 1 |
GOF | 5/31/2015 | 4 | 5 | 2 | 1 |
Each Trustee attended at least 75% of the meetings of the Board (and any committee thereof on which he serves) held during each Fund’s fiscal year ended in 2015. It is the Funds’ policy to encourage Trustees to attend annual shareholders’ meetings.
17
Board’s Role in Risk Oversight
Consistent with its responsibility for oversight of the Funds, the Board, among other things, oversees risk management of the Funds’ investment programs and business affairs directly and through the committee structure it has established. The Board has established the Audit Committee, the Nominating and Governance Committee and the Contracts Review Committee to assist in its oversight functions, including its oversight of the risks the Funds face. Each committee reports its activities to the Board on a regular basis. Risks to the Funds include, among others, investment risk, credit risk, liquidity risk, valuation risk, compliance risk and operational risk, as well as the overall business risk relating to the Funds. The Board has adopted, and periodically reviews, policies, procedures and controls designed to address these different types of risks. Under the Board’s supervision, the officers of the Funds, the Adviser, the respective Sub-Adviser and other service providers to the Funds also have implemented a variety of processes, procedures and controls to address various risks. In addition, as part of the Board’s periodic review of the Funds’ advisory, sub-advisory and other service provider agreements,
the Board may consider risk management aspects of the service providers’ operations and the functions for which they are responsible. The Board requires officers of the Funds to report to the Board and its committees on a variety of matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to risk management. The Audit Committee also receives reports from the Funds’ independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Funds’ Chief Compliance Officer, including separate meetings with the Independent Trustees in executive session, to discuss compliance matters and, on at least an annual basis, receives a report from the Chief Compliance Officer regarding the effectiveness of the Funds’ compliance program. The Board, with the assistance of Fund management, reviews investment policies and risks in connection with its review of the Funds’ performance. In addition, the Board receives reports from the Adviser and respective Sub-Adviser on the investments and securities trading of the Funds. With respect to valuation, the Board oversees a pricing committee comprised of Fund officers and Adviser personnel and has approved Fair Valuation procedures applicable to valuing the Funds’ portfolio securities, which the Board and the Audit Committee periodically review. The Board also requires the Adviser to report to the Board on other matters relating to risk management on a regular and as-needed basis.
Trustee Communications
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.
18
Trustee Beneficial Ownership of Securities
The table below indicates the dollar range of equity securities of each Fund and funds in the Fund Complex by the Trustees as of December 31, 2015:
Aggregate | ||||||||
dollar range | ||||||||
of equity | ||||||||
securities in | ||||||||
all funds in | ||||||||
the Fund | ||||||||
Complex | ||||||||
Overseen by | ||||||||
FMO | GBAB | GGM | GPM | GGE | GEQ | GOF | the Trustee | |
Independent Trustees | ||||||||
Barnes | $50,001- | None | Over | $50,001- | $10,001- | None | Over | Over $100,000 |
$100,000 | $100,000 | $100,000 | $50,000 | $100,000 | ||||
Chubb | $1-$10,001 | $1-$10,001 | $1-$10,001 | $1-$10,001 | $1-$10,001 | $10,001- | $10,001- | Over $100,000 |
$50,000 | $50,000 | |||||||
Farley | None | None | None | None | None | None | None | Over $100,000 |
Friedrich | None | None | $10,001- | None | None | None | $10,001- | Over $100,000 |
$50,000 | $50,000 | |||||||
Karn | $10,001- | None | $10,001- | None | None | $10,001- | $10,001- | Over $100,000 |
$50,000 | $50,000 | $50,000 | $50,000 | |||||
Nyberg | $10,001- | $10,001- | $1-$10,001 | $10,001- | $1-$10,000 | $10,001- | $10,001- | Over $100,000 |
$50,000 | $50,000 | $50,000 | $50,000 | $50,000 | ||||
Oliverius | $1-$10,001 | None | None | None | None | $50,001- | Over | Over $100,000 |
$100,000 | $100,000 | |||||||
Toupin | $10,001- | $10,001- | $10,001- | $10,001- | $10,001- | $10,001- | $10,001- | Over $100,000 |
$50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | ||
Interested Trustee | ||||||||
Cacciapaglia | None | None | $10,001- | None | None | None | $50,001- | Over $100,000 |
$50,000 | $100,000 |
The table below indicates the number of Shares of each Fund owned by the Trustees as of December 31, 2015. No officers of the Funds owned shares of any Fund as of December 31, 2015. As of December 31, 2015, each Trustee and the Trustees and officers of the Fund as a group owned less than 1% of the outstanding Shares of each Fund.
FMO | GBAB | GGM | GPM | GGE | GEQ | GOF | |
Independent Trustees | |||||||
Barnes | 11,213 | None | 25,176 | 8,901 | 700 | None | 65,283 |
Chubb | 500 | 200 | 500 | 500 | 200 | 1,000 | 1,000 |
Farley | None | None | None | None | None | None | None |
Friedrich | None | None | 450 | None | None | None | 815 |
Karn | 1,000 | None | 1,000 | None | None | 1,000 | 1,000 |
Nyberg | 1,053 | 505 | 495 | 1,456 | 189 | 792 | 1,015 |
Oliverius | 500 | None | None | None | None | 5500 | 26,280 |
Toupin | 1,028 | 573 | 709 | 1,784 | 878 | 726 | 746 |
Interested Trustee | |||||||
Cacciapaglia | None | None | 2,185 | None | None | None | 5,154 |
Trustee Compensation
The Funds pay an annual retainer and fee per meeting attended to each Trustee who is not affiliated with the Adviser, a Sub-Adviser or their respective affiliates and pays an additional annual fee to the chairman of the Board and of any committee of the Board. The following table sets forth the compensation paid to each Independent Trustee by each Fund during its most recently completed fiscal year and the total compensation paid to each
19
Independent Trustee by the Fund Complex during the most recently completed calendar year ended December 31, 2015.
Pension or | ||||
Retirement | ||||
Benefits | Estimated | Total | ||
Aggregate | Accrued | Annual | Compensation | |
Compensation | as Part | Benefits | From | |
from each | of Fund | Upon | the Fund | |
Trustee | Fund | Expenses(1) | Retirement(1) | Complex(2) |
Randall C. Barnes | † | None | None | $325,000 |
Donald A. Chubb | † | None | None | $234,500 |
Jerry B. Farley | † | None | None | $234,500 |
Roman Friedrich III | † | None | None | $239,000 |
Robert B. Karn III | † | None | None | $239,000 |
Ronald A. Nyberg | † | None | None | $400,500 |
Maynard F. Oliverius | † | None | None | $234,500 |
Ronald E. Toupin, Jr | † | None | None | $355,000 |
_________________
(1) | The Funds do not accrue or pay retirement or pension benefits to Trustees as of the date hereof. |
(2) | 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, 2015. 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. |
† | The amount of aggregate compensation payable by each Fund for the calendar year ended December 31, 2015 is shown in the table below: |
FMO | GBAB | GGM | GPM | GGE | GEQ | GOF | |
Independent Trustees | |||||||
Barnes | $22,504 | $14,350 | $9,431 | $10,021 | $8,279 | $9,671 | $13,398 |
Chubb | $22,661 | $14,447 | $9,495 | $10,090 | $8,336 | $9,737 | $13,489 |
Farley | $22,661 | $14,447 | $9,495 | $10,090 | $8,336 | $9,737 | $13,489 |
Friedrich | $23,085 | $14,720 | $9,674 | $10,279 | $8,492 | $9,920 | $13,743 |
Karn | $23,085 | $14,720 | $9,674 | $10,279 | $8,492 | $9,920 | $13,743 |
Nyberg | $23,085 | $14,720 | $9,674 | $10,279 | $8,492 | $9,920 | $13,743 |
Oliverius | $22,661 | $14,447 | $9,495 | $10,090 | $8,336 | $9,737 | $13,489 |
Toupin | $26,372 | $16,815 | $11,052 | $11,743 | $9,702 | $11,332 | $15,700 |
Shareholder Approval
With respect to FMO, GBAB, GGM, GGE, GEQ and GOF, the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee. With respect to GPM, the affirmative vote of a plurality of the Shares voted is necessary to elect a Trustee nominee. Abstentions will have the same effect as votes against the election of a Trustee nominee for FMO, GBAB, GGM, GGE, GEQ and GOF. “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 have no effect on the outcome of the vote on a Trustee nominee for FMO, GBAB, GGM, GGE, GEQ and GOF. Votes withheld and “broker non-votes” will have no effect on the outcome of the vote on a Trustee nominee for GPM.
20
The holders of the Shares will have equal voting rights (i.e. one vote per Share).
Board Recommendation
The Board unanimously recommends that shareholders vote “FOR” the nominees of the Board of your Fund.
21
Further Information About Voting and the Annual Meeting
Quorum. With respect to FMO, GBAB, GGM, GGE, GEQ and GOF, 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.
With respect to GPM, thirty percent (30%) of the Shares entitled to vote on a Proposal must be present in person or by proxy to have a quorum for GPM to conduct business at the Annual Meeting.
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.
Record Date. The Board has fixed the close of business on February 23, 2016, 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.
Joint 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 his or her Fund’s meeting to a time immediately after the Annual Meeting so that each Fund’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.
How to Vote Your Shares. 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
22
proxy card. The control number is used to match proxy cards with shareholders’ 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.
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. If you sign the proxy card, but don’t fill in a vote, your Shares will be voted in accordance with the Board’s recommendation. If any other business is brought before the Annual Meeting, your Shares will be voted at the proxies’ discretion.
Shareholders who execute proxy cards or record voting instructions via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Funds a written notice of revocation, by delivering (including via telephone or the Internet) a duly executed proxy bearing a later date or by attending the Annual Meeting and voting in person. Merely attending the Annual Meeting, however, will not revoke any previously submitted proxy.
Attending the Annual Meeting. If you wish to attend the Annual Meeting and vote in person, you will be able to do so. If you intend to attend the Annual Meeting in person and you are a record holder of a Fund’s Shares, in order to gain admission you must show photographic identification, such as your driver’s license. If you intend to attend the Annual Meeting in person and you hold your Shares through a bank, broker or other custodian, in order to gain admission you must show photographic identification, such as your driver’s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a recent date. If you hold your Shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the Annual Meeting. You may contact the Funds at (800) 345-7999 to obtain directions to the site of the Annual Meeting.
Additional Information Regarding Voting. Broker-dealer firms holding Shares of a Fund in “street name” 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 “routine” 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’s request for voting instructions. Each Proposal is a “routine” 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’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
23
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.
The Funds will update certain data regarding the Funds, including performance data, on a monthly basis on its website at www.guggenheiminvestments.com/products/cef. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Funds.
Investment Adviser and Investment Sub-Advisers
Guggenheim Funds Investment Advisors, LLC (“Guggenheim Funds” or the "Adviser"), a subsidiary of Guggenheim Partners, LLC (“Guggenheim Partners”), acts as each Fund’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 and exchange-traded funds. Guggenheim Funds is a Delaware limited liability company with principal offices located at 227 West Monroe Street, 7th Floor, Chicago, Illinois 60606.
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 $240 billion of assets as of December 31, 2015. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.
Guggenheim Partners Investment Management, LLC (“GPIM”), an affiliate of Guggenheim Partners, acts as investment sub-adviser to GBAB, GGM, GPM, GGE, GEQ and GOF pursuant to separate sub-advisory agreements among each such Fund, the Adviser and GPIM. GPIM is a Delaware limited liability company, with its principal offices located at 100 Wilshire Boulevard, Santa Monica, California 90401.
Security Investors, LLC (“Security Investors”), an affiliate of Guggenheim Partners, acts as investment sub-adviser to GEQ pursuant to a sub-advisory agreement among GEQ, the Adviser and Security Investors. Security Investors is a Kansas limited liability company, with its principal offices located at 330 Madison Avenue, New York, New York 10017.
Advisory Research, Inc. (“ARI”), a Delaware corporation, acts as investment sub-adviser to FMO pursuant to an investment sub-advisory agreement among FMO, the Adviser and ARI. ARI is a wholly-owned subsidiary of Piper Jaffray Companies. The ARI MLP & Energy Infrastructure Team (“MLP Team”) is located at 8235 Forsyth Boulevard, Saint Louis, Missouri 63105. As of December 31, 2015, the MLP Team at Advisory Research, Inc. managed approximately $3.9
24
billion in MLP and energy infrastructure assets for open and closed end mutual funds, public and corporate pension plans, endowments and foundations and private wealth individuals.
Administrator
Rydex Fund Services, LLC, an affiliate of Guggenheim Funds, GPIM and Security Investors, located at 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850, serves as the Funds’ administrator.
Independent Registered Public Accounting Firm
Ernst & Young LLP (“E&Y”) 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’s Board, including a majority of the Independent Trustees, to audit the accounts of the Funds for and during each Fund’s current fiscal year. The Funds do not know of any direct or indirect financial interest of E&Y in the Funds.
Representatives of E&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.
Audit and Other Fees
Audit Fees. For each Fund’s two most recently completed fiscal years, the aggregate fees billed to each Fund by E&Y for professional services rendered for the audit of such Fund’s annual financial statements are set forth on Annex A.
Audit-Related Fees. For each Fund’s two most recently completed fiscal years, the aggregate fees billed by E&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’s annual financial statements (such fees relate to services rendered, and out of pocket expenses incurred, in connection with the Funds’ registration statements, comfort letters and consents) are set forth on Annex A.
E&Y did not perform any other assurance and related services that were required to be approved by the Funds’ Audit Committees for such fiscal years.
Tax Fees. For each Fund’s two most recently completed fiscal years, the aggregate fees billed by E&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&Y in connection with the Fund’s excise tax calculations and review of the Fund’s tax returns) are set forth on Annex A.
E&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’ Audit Committee for such period.
All Other Fees. For each Fund’s two most recently completed fiscal years, the aggregate fees billed for products and services provided by E&Y, other than the
25
services reported above in Audit Fees, Audit-Related Fees, and Tax Fees are set forth on Annex A.
Aggregate Non-Audit Fees. For each Fund’s two most recently completed fiscal years, the aggregate non-audit fees billed by E&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 Annex A.
Audit Committee’s Pre-Approval Policies and Procedures
As noted above, the Audit Committee is governed by the Audit Committee Charter, which includes Pre-Approval Policies and Procedures in Section IV of such Charter. Specifically, sections V.B.2 and V.B.3 of the Audit Committee Charter contain the Pre-Approval Policies and Procedures and such sections are included below.
V.B.2 | Pre-approve any engagement of the independent auditors to provide any non-prohibited services 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). |
(a) The categories of services to be reviewed and considered for pre-approval include the following (collectively, “Identified Services”):
Audit Services
● | Annual financial statement audits |
● | Seed audits (related to new product filings, as required) |
● | SEC and regulatory filings and consents |
Audit-Related Services
● | Accounting consultations |
● | Fund merger/reorganization support services |
● | Other accounting related matters |
● | Agreed upon procedures reports |
● | Attestation reports |
● | Other internal control reports |
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Tax Services
● | Recurring tax services: | |
o | Preparation of Federal and state income tax returns, including extensions | |
o | Preparation of calculations of taxable income, including fiscal year tax designations | |
o | Preparation of annual Federal excise tax returns (if applicable) | |
o | Preparation of calendar year excise distribution calculations | |
o | Calculation of tax equalization on an as-needed basis | |
o | Preparation of the estimated excise distribution calculations on an as-needed basis | |
o | Preparation of quarterly Federal, state and local and franchise tax estimated tax payments on an as-needed basis | |
o | Preparation of state apportionment calculations to properly allocate Fund taxable income among the states for state tax filing purposes | |
o | Provision of tax compliance services in India for Funds with direct investments in India | |
o | Assistance with management’s identification of passive foreign investment companies (PFICs) for tax purposes | |
● | Permissible non-recurring tax services upon request: | |
o | Assistance with determining ownership changes which impact a Fund’s utilization of loss carryforwards | |
o | Assistance with calendar year shareholder reporting designations on Form 1099 | |
o | Assistance with corporate actions and tax treatment of complex securities and structured products | |
o | Assistance with IRS ruling requests and calculation of deficiency dividends | |
o | Conduct training sessions for the Adviser’s internal tax resources | |
o | Assistance with Federal, state, local and international tax planning and advice regarding the tax consequences of proposed or actual transactions | |
o | Tax services related to amendments to Federal, state and local returns and sales and use tax compliance | |
o | RIC qualification reviews | |
o | Tax distribution analysis and planning | |
o | Tax authority examination services | |
o | Tax appeals support services | |
o | Tax accounting methods studies | |
o | Fund merger, reorganization and liquidation support services | |
o | Tax compliance, planning and advice services and related projects |
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(b) | The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000. |
(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. |
(d) | For Identified Services with estimated fees of $50,000 or more, such services require pre-approval by the Committee. |
(e) | All requests for Identified Services to be provided by the independent auditor that were pre-approved by the Committee shall be submitted to the Chief Accounting Officer (“CAO”) of the Trust by the independent auditor using the pre-approval request form attached as Appendix C to the Audit Committee Charter. The Trust’s CAO will determine whether such services are included within the list of services that have received the general pre-approval of the Committee. |
(f) | The independent auditors or the CAO of the Trust (or an officer of the Trust who reports to the CAO) shall report to the Committee at each of its regular quarterly meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee). The report shall include a general description of the services and projected fees, and the means by which such services were approved by the Committee (including the particular category of Identified Services under which pre-approval was obtained). |
V.B.3 | 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 “control affiliate” 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). |
(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 “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting. |
(b) | For non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust |
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for which the estimated fees are $25,000 or more, such services require pre-approval by the Committee. |
The Audit Committee has pre-approved all audit and non-audit services provided by E&Y to the Funds, and all non-audit services provided by E&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’ two most recently completed fiscal years.
None of the services described above for the Funds’ 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.
Principal Shareholders
As of the Record Date, to the knowledge of each Fund, no person beneficially owned more than 5% of the voting securities of any class of securities of any of the Funds, except as set forth on Annex B.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934, and Section 30(h) of the 1940 Act require each Fund’s officers and Trustees, certain officers of each Fund’s investment adviser, affiliated persons of the investment adviser, and persons who beneficially own more than ten percent of a Fund’s shares to file certain reports of ownership (“Section 16 filings”) with the SEC and the NYSE. Based upon each Fund’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, except as follows: a Form 3 (relating to an initial statement of beneficial ownership of securities for each Fund) for Adam Nelson, an officer of the Funds, was inadvertently delayed.
Privacy Principles of the Funds
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.
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).
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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.
Deadline for Shareholder Proposals
Each Fund’s Amended and Restated By-Laws (the “By-Laws”) 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’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’s principal executive offices. Such notice must include certain information about the proponent and the proposal, or in the case of a nomination, the nominee. A copy of each Fund’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’s By-Laws.
Shareholder proposals intended for inclusion in a Fund’s proxy statement in connection with the 2017 annual meeting of shareholders pursuant to Rule 14a-8 under the Exchange Act must be received by the Fund at the Fund’s principal executive offices by November 5, 2016 in order to be considered for inclusion in the Fund’s proxy statement. Timely submission of a proposal does not necessarily mean that such proposal will be included in the Fund’s proxy statement.
A proposal, other than a proposal submitted pursuant to Rule 14a-8, must be received by the Fund’s Secretary at the Fund’s principal executive offices not earlier than December 7, 2016 and not later than January 6, 2017 (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 “timely” within the meaning of Rule 14a-4(c) under the Exchange Act). If a proposal is not “timely” within the meaning of Rule 14a-4(c), then the persons named as proxies in the proxies solicited by the Board for the 2017 annual meeting of shareholders may exercise discretionary voting power with respect to any such proposal.
Expenses of Proxy Solicitation
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
30
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.
Other Matters
The management of the Funds knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters.
Failure of a quorum to be present at the Annual Meeting may result in an adjournment. The persons named in the enclosed proxy card may also move for an adjournment of any meeting to permit further solicitation of proxies with respect to a Proposal if they determine that adjournment and further solicitation are reasonable and in the best interests of shareholders. Any such adjournment will require the affirmative vote of a majority of the shares of the Fund present in person or by proxy and entitled to vote at the time of the meeting to be adjourned. The chairman of the Annual Meeting may also adjourn the Annual Meeting. Any adjourned meeting or meetings may be held without the necessity of another notice. The persons named in the enclosed proxy card will vote in favor of any such adjournment if they believe the adjournment and additional proxy solicitation are reasonable and in the best interests of each Fund’s shareholders. For purposes of determining the presence of a quorum, abstentions and broker non-votes will be treated as shares that are present at the meeting.
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.
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on April 6, 2016
This Proxy Statement is available on the Internet at www.proxyvote.com.
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Annex A
Audit and Other Fees
Fiscal Year ended 2015
Non-Audit Fees | |||||||
Fiscal | Audit | Audit | Total | ||||
Fund | Year End | Fees | Related | Tax | Other | Non-Audit | Total |
FMO | 11/30 | $47,460 | $24,000 | $116,300 | $0 | $140,300 | $187,760 |
GBAB | 5/31 | $48,398 | $0 | $10,026 | $0 | $10,026 | $58,424 |
GGM | 5/31 | $35,280 | $0 | $10,022 | $0 | $10,022 | $45,302 |
GPM | 12/31 | $24,693 | $0 | $7,957 | $0 | $7,957 | $32,650 |
GGE | 10/31 | $24,693 | $0 | $7,957 | $0 | $7,957 | $32,650 |
GEQ | 12/31 | $29,655 | $0 | $10,026 | $0 | $10,026 | $39,681 |
GOF | 5/31 | $59,974 | $24,000 | $12,610 | $0 | $36,610 | $96,584 |
Fiscal Year ended 2014 | |||||||
Non-Audit Fees | |||||||
Fiscal | Audit | Audit | Total | ||||
Fund | Year End | Fees | Related | Tax | Other | Non-Audit | Total |
FMO | 11/30 | $46,200 | $25,000 | $97,600 | $0 | $122,600 | $168,800 |
GBAB | 5/31 | $47,093 | $0 | $7,725 | $0 | $7,725 | $54,818 |
GGM | 5/31 | $32,000 | $0 | $9,734 | $0 | $9,734 | $41,734 |
GPM | 12/31 | $24,517 | $0 | $7,725 | $0 | $7,725 | $32,242 |
GGE | 10/31 | $24,517 | $0 | $7,725 | $0 | $7,725 | $32,242 |
GEQ | 12/31 | $29,243 | $0 | $9,734 | $0 | $9,734 | $38,977 |
GOF | 5/31 | $58,118 | $24,000 | $9,734 | $0 | $33,734 | $91,852 |
A-1
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Annex B
Principal Shareholders
Shareholder Name | Class | Share | Percentage | |
Fund | and Address | of Shares | Holdings | Owned |
FMO | First Trust Portfolios LP | Common | 2,165,951 | 6.45% |
120 East Liberty Drive, | ||||
Suite 400 | ||||
Wheaton, IL 60187 | ||||
Bank of America Corporation | Common | 1,943,278 | 5.79% | |
1201 Main Street, 9th Floor | ||||
Dallas, TX 75202 | ||||
GBAB | Guggenheim Partners | Common | 1,154,388 | 6.63% |
Investment Management, LLC | ||||
227 West Monroe Street | ||||
Chicago, IL 60606 | ||||
GGM | First Trust Portfolios LP | Common | 1,160,013 | 17.5% |
120 East Liberty Drive, | ||||
Suite 400 | ||||
Wheaton, IL 60187 | ||||
GPM | Advisors Asset | Common | 1,538,409 | 8.06% |
Management, Inc. | ||||
18925 Base Camp Road | ||||
Monument, CO 80132 | ||||
GGE | None | |||
GEQ | First Trust Portfolios LP | Common | 1,460,640 | 16.65% |
120 East Liberty Drive, | ||||
Suite 400 | ||||
Wheaton, IL 60187 | ||||
GOF | None |
_________________
* | The information contained in this table is based on the Funds' review of Schedule 13D, Schedule 13G |
and other regulatory filings made on or before March 3, 2016. |
B-1
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00492-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Fiduciary/Claymore MLP Opportunity Fund
1. To elect Trustees in the following manner:
Class III Nominees: | For | Against | Abstain | |
1a. | Robert B. Karn III | o | o | o |
1b. | Maynard F. Oliverius | o | o | o |
1c. | Ronald E. Toupin, Jr. | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Fiduciary/Claymore MLP Opportunity Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00494-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Build America Bonds Managed Duration Trust
1. To elect Trustees in the following manner:
Class III Nominees: | For | Against | Abstain | |
1a. | Robert B. Karn III | o | o | o |
1b. | Maynard F. Oliverius | o | o | o |
1c. | Ronald E. Toupin, Jr. | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Build America Bonds Managed Duration Trust (the "Trust") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00496-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Enhanced Equity Income Fund
For | Withhold | For All | To withhold authority to vote for any individual | |||
All | All | Except | nominee(s), mark "For All Except" and write the | |||
1. | To elect Trustees in the following manner: | name(s) of the nominee(s) on the line below. | ||||
Class III Nominees: | ||||||
01) Robert B. Karn III | o | o | o | |||
02) Maynard F. Oliverius | ||||||
03) Ronald E. Toupin, Jr. |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
GUGGENHEIM ENHANCED EQUITY INCOME FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Enhanced Equity Income Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00498-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Equal Weight Enhanced Equity Income Fund
1. To elect Trustees in the following manner:
Class III Nominees: | For | Against | Abstain | |
1a. | Robert B. Karn III | o | o | o |
1b. | Maynard F. Oliverius | o | o | o |
1c. | Ronald E. Toupin, Jr. | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
E00499-P73575
Solicited on behalf of the Board of Trustees
GUGGENHEIM EQUAL WEIGHT ENHANCED EQUITY INCOME FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Equal Weight Enhanced Equity Income Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00500-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Enhanced Equity Strategy Fund
1. To elect Trustees in the following manner:
Class III Nominees: | For | Against | Abstain | |
1a. | Robert B. Karn III | o | o | o |
1b. | Maynard F. Oliverius | o | o | o |
1c. | Ronald E. Toupin, Jr. | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
GUGGENHEIM ENHANCED EQUITY STRATEGY FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Enhanced Equity Strategy Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00502-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Credit Allocation Fund
1. To elect Trustees in the following manner:
Class III Nominees: | For | Against | Abstain | |
1a. | Robert B. Karn III | o | o | o |
1b. | Maynard F. Oliverius | o | o | o |
1c. | Ronald E. Toupin, Jr. | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
GUGGENHEIM CREDIT ALLOCATION FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Credit Allocation Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
PROXY TABULATOR | |
P.O. BOX 9112 | To vote by Internet |
FARMINGDALE, NY 11735 | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Go to website www.proxyvote.com | |
3) Follow the instructions provided on the website. | |
To vote by Telephone | |
1) Read the Proxy Statement and have the proxy card below at hand. | |
2) Call 1-800-690-6903 | |
3) Follow the instructions. | |
To vote by Mail | |
1) Read the Proxy Statement. | |
2) Check the appropriate box on the proxy card below. | |
3) Sign and date the proxy card. | |
4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: | ||
E00504-P73575 | KEEP THIS PORTION FOR YOUR RECORDS | |
DETACH AND RETURN THIS PORTION ONLY |
Guggenheim Strategic Opportunities Fund
1. To elect Trustees in the following manner:
Class I Nominees: | For | Against | Abstain | |
1a. | Randall C. Barnes | o | o | o |
1b. | Donald C. Cacciapaglia | o | o | o |
1c. | Donald A. Chubb, Jr. | o | o | o |
1d. | Roman Friedrich III | o | o | o |
2. To transact such other business as may properly come before the Annual Meeting or any adjournments, postponements or delays thereof.
PLEASE COMPLETE, DATE AND SIGN THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE
Please sign here exactly as your name appears in the records of the Fund and date. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee, guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING: THE PROXY STATEMENT IS AVAILABLE AT
www.proxyvote.com
Solicited on behalf of the Board of Trustees
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
Annual Meeting of Shareholders
April 6, 2016
The Annual Meeting of Shareholders of Guggenheim Strategic Opportunities Fund (the "Fund") will be held at the offices of Guggenheim Funds Investment Advisors, LLC, 227 West Monroe Street, 7th Floor, Chicago, IL 60606, on Wednesday, April 6, 2016, at 10:00 a.m. Central Time (the "Annual Meeting"). The undersigned hereby appoints Amy J. Lee, Mark E. Mathiasen and Michael P. Megaris, and each of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares of the undersigned at the Annual Meeting and all adjournments, postponements or delays thereof, with all powers the undersigned would possess if personally present, upon the matters specified on the reverse side.
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.
PLEASE SIGN AND DATE ON THE REVERSE SIDE.