Ronald E. Toupin, Jr.
About Ronald E. Toupin, Jr.
Independent Trustee and Independent Chair of the Board for Guggenheim Strategic Opportunities Fund (GOF); year of birth 1958; has served on the GOF Board since 2007 and currently also chairs the Executive Committee . Background includes portfolio management roles at Nuveen and ongoing industry governance service with the Independent Directors Council (IDC) Governing Council (since 2013) and ICI Board of Governors (since 2018) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nuveen Asset Management | Vice President and Portfolio Manager | 1998–1999 | Portfolio management for UIT/asset management businesses |
| Nuveen Investment Advisory Corp. | Vice President | 1992–1999 | Advisory leadership |
| Nuveen Unit Investment Trusts | Vice President and Manager | 1991–1999 | Oversight of UITs |
| Nuveen Unit Investment Trusts | Assistant Vice President and Portfolio Manager | 1988–1999 | Portfolio management for UITs |
| John Nuveen & Co., Inc. (broker-dealer) | Various roles | 1982–1999 | Financial services experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Independent Directors Council (IDC) | Governing Council Member | 2013–present | Industry governance |
| Investment Company Institute (ICI) | Board of Governors | 2018–present | Industry governance |
| Portfolio Consultant | Consultant | 2010–present | Ongoing consulting |
| Guggenheim Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Variable Funds Trust, Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust | Trustee | Various | Serves on boards across the fund complex |
Board Governance
| Body | Composition/Role | Toupin’s Role | Notes |
|---|---|---|---|
| GOF Board | 7 Trustees; 6 Independent incl. Chair | Independent Chair | Presides, plans meetings, liaison to officers/counsel/Trustees |
| Executive Committee | 2 Independent Trustees | Chair | May act between Board meetings; did not meet in FY ended 5/31/2024 |
| Audit Committee | 6 Independent Trustees | Member | Oversight of accounting, reporting, internal controls; Charter available online |
| Nominating & Governance | 6 Independent Trustees | Member | Reviews Board composition/operations; Charter available online |
| Contracts Review | 6 Independent Trustees | Member | Oversees evaluation of advisory/sub-advisory and other agreements |
| Valuation Oversight | All Trustees (incl. Interested Trustee) | Member | Oversees Adviser as valuation designee under Rule 2a‑5 |
Board and Committee Meetings (FY ended 5/31/2024):
| Fund | Board Meetings | Audit | Nominating & Governance | Contracts Review | Valuation Oversight |
|---|---|---|---|---|---|
| GOF | 6 | 7 | 3 | 2 | 4 |
- Attendance: Each Trustee attended at least 75% of Board and committee meetings held during FY 2024 .
- Independence: Independent Trustees (including Toupin) are not “interested persons” under the 1940 Act and meet NYSE independence requirements .
Fixed Compensation
| Component | Amount/Terms | Period |
|---|---|---|
| Total Compensation from Fund Complex (Independent Trustee) | $477,500 (Toupin) | Calendar year 2024 |
| GOF Aggregate Compensation (Independent Trustee) | $46,025 (Toupin) | Calendar year 2024 |
| Compensation Structure | General annual retainer; additional annual chair retainers; fees for special meetings; expense reimbursement; no pension/retirement accruals | Ongoing; amounts changed effective Jan 1, 2025 |
Performance Compensation
| Performance Metric | Structure | Disclosed Detail |
|---|---|---|
| Performance-linked pay (e.g., TSR, EBITDA, ESG) | Not applicable | Proxy describes cash retainers/chair fees; Board does not have a standing compensation committee; no performance metrics disclosed |
Other Directorships & Interlocks
| Company/Fund | Role | Tenure | Status |
|---|---|---|---|
| Guggenheim Energy & Income Fund | Trustee | 2015–2023 | Former |
| Fiduciary/Claymore Energy Infrastructure Fund | Trustee | 2004–2022 | Former |
| Guggenheim Enhanced Equity Income Fund | Trustee | 2005–2021 | Former |
| Guggenheim Credit Allocation Fund | Trustee | 2013–2021 | Former |
| Western Asset Inflation‑Linked Opportunities & Income Fund | Trustee | 2004–2020 | Former |
| Western Asset Inflation‑Linked Income Fund | Trustee | 2003–2020 | Former |
- As of Dec 31, 2024, none of the Independent Trustees nor their immediate family members had any interest in the Adviser (Guggenheim Funds) or Sub‑Adviser (GPIM), or their controlled entities (reduces related‑party exposure) .
Expertise & Qualifications
- Independent Chair experience, extensive fund governance, and industry leadership via IDC Governing Council and ICI Board of Governors .
- Prior portfolio management and advisory roles at Nuveen provide financial, regulatory, governance, and investment expertise .
- Familiarity with funds’ advisers, service providers, and regulatory requirements through long Board tenure across the Fund Complex .
Equity Ownership
Beneficial Ownership (as of Dec 31, 2024):
| Trustee | Dollar Range in GOF | Dollar Range in GBAB | Dollar Range in GUG | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| Ronald E. Toupin, Jr. | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
Insider Trades (recent):
| Date | Security | Transaction | Shares | Price | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|---|
| 2025‑10‑30 | GOF Common | Open-market purchase (P) | 1,580 | $13.02 | 1,580 (direct) |
Group Ownership:
- Trustees and officers as a group owned less than 1% of outstanding shares of each Fund as of Dec 31, 2024 (GOF shares outstanding: 162,405,961 as of record date) .
Governance Assessment
- Independent Chair and supermajority Independent Board: Positive for oversight and investor confidence; independent legal counsel supports robust governance .
- Broad committee participation (Audit, Nominating & Governance, Contracts Review, Valuation) and chairing of Executive Committee: Indicates deep engagement in financial reporting, risk, valuation, and advisor contract oversight .
- Attendance and meeting cadence: Board met 6 times; Audit 7; other committees active; Toupin met the ≥75% threshold, supporting engagement .
- Alignment: Toupin reports “Over $100,000” dollar range in GOF and other funds; recent open‑market purchase adds incremental alignment, though overall Trustee group ownership remains <1%—typical for registered funds but limits direct equity exposure .
- Conflicts/related‑party exposure: No interests in Adviser/Sub‑Adviser for Independent Trustees or immediate family members as of Dec 31, 2024, mitigating direct conflicts .
- Compensation: Cash retainer structure with chair uplifts; no pension; Board does not have a standing compensation committee; no performance pay disclosed—consistent with fund governance norms .
Additional Reference Facts
- Election cycle: Toupin is a Class II Trustee nominee for GOF, to serve until the 2027 annual meeting if elected .
- Years of service on GOF Board: Since 2007 .
- Board charters (Audit, Nominating & Governance) available under “News & Literature” on fund website—enhancing transparency .